CML DeFi AMA Recap

CML DeFi AMA Recap

CryptoDiffer team

Hello, everyone!😁

We are glad to meet here 

Sulim Malook (Founder of CML DeFi)

Dr. Nick Almond (Advisor at CML DeFi) 

Advisor at CML DeFi, Dr. Nick Almond

Hi all

Founder of CML DeFi, Sulim Malook

Hi everyone

CryptoDiffer team

Q1: Can you introduce yourself to our community?

Advisor at CML DeFi, Dr. Nick Almond

I’ve been an academic for nearly 20 years (I’m a physicist PhD by background) and I’m now full time crypto. I’m CEO of finance.vote a new blockchain voting and DeFi governance system, which has just closed its token sale. I’ve been designing and researching token economics systems for the last 4-5 years. CML DeFi is a token system that I’ve been working with Sulim on for about a year and half.

Founder of CML DeFi, Sulim Malook

I am the CEO of Crypto Millions Lotto and CML DeFi. My background before I moved into lottery was as a professional trader for 20 years in futures and options. Lottery is just as much fun! So, today, we already run a Bitcoin lottery and our project now is to create the world’s biggest lottery syndicate.

CryptoDiffer team

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

Founder of CML DeFi, Sulim Malook

CML DeFi is an extension of Crypto Millions Lotto. Instead of players registering on our site, depositing Bitcoin and picking their own numbers, they can play in a syndicate simply by staking CML Tokens. Syndicates are very common and popular in lottery play since they give players a much greater chance of winning. 

This is how it works. The syndicate enters free tickets (the amount of which is determined by the size of the syndicate) into the twice weekly draws via a smart contract, picking random numbers. All winnings are pooled and shared by the syndicate, which is the yield from token ownership. 

The only difference between our syndicate and others is that it is open to anyone who buys tokens, and is unlimited by size. 

In short, we are tokenising syndicate lottery play.

CryptoDiffer team

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

Founder of CML DeFi, Sulim Malook

Perhaps are greatest milestone is that we are already live and operational.

Right now, we are adding many more lotteries and games to our site, which will be live in October. The smart contract work to enable syndicate play is scheduled to be completed in November. We have our token sale starting on Sunday and then we have plans to list CML Token on other exchanges.

The biggest news story will be in the coming days, a major partnership we’re announcing. Sadly, I cannot disclose it right now!

Advisor at CML DeFi, Dr. Nick Almond

Yes, it’s been great to watch this project develop over last 18 months or more. Sulim has been building all the way through the bear market. There’s some very exciting announcements coming up. 

CryptoDiffer team

Awesome, a lot of updates to come out!

Thank you for great answers!

I think it is time to start community questions round!

Cryptodiffer Community

I’m not good at winning lotteries that’s why I don’t attempt anything that has to do with lottery. How does playing lottery works on Crypto millions lotto? What’s the chances of winning assuming I play the lottery with a single one-off ticket?

Founder of CML DeFi, Sulim Malook

Our lottery is based on the German National Lottery which is played every week since 1955. The odds of winning the jackpot are approx. 138million/1 yet it is won on average every three and a half weeks. You can significantly shorten these odds by playing in a syndicate.

Advisor at CML DeFi, Dr. Nick Almond

Regarding gas prices. Unlike some of the yield farming products we’re not using nested contracts and we don’t expect users to engage with the contract very often. It’s a stake and forget product. So they aren’t much of a problem for us at all. It should less than a Uniswap Tx.

Cryptodiffer Community

What is your background and how did you come to the idea to create your project?

 What is the business model of CML? How CML project generates revenue for project development?

Founder of CML DeFi, Sulim Malook

My background is in one of the questions further up. Our project is just an extension of an exisiting business where you play lottery with bitcoin. With CML DeFi you play with a token in a syndicate.

Cryptodiffer Community

Does cmldefi reward HODLers for not selling tokens long term? And will CML token holders benefit from any revenue stream of cmldefi?

Founder of CML DeFi, Sulim Malook

Yes. If you hold tokens, you share winnings in the twice-weekly draws. If you do not stake them or you sell them, you will forego a share of winnings every week (no yield).

Cryptodiffer Community

 What’s the most played games in your platform? If ever I will register in your platfom, what’s the easiest game you can recommend for those who are not a gamer like me?

Why should I invest in your token (CML)? do you guarantee I’ll be profitable?

Founder of CML DeFi, Sulim Malook

Lottery is played by over a billion people. It is probably the easiest game to play on the planet. I can’t guarantee you’ll be profitable but I can guarantee you will earn yield from every draw, every week.

Cryptodiffer Community

How does Lottery Take place? & When?

What are the benfits for Users who holds greater Tokens?

Founder of CML DeFi, Sulim Malook

Twice-weekly every Wednesday and Saturday. It is televised. The greater amount of tokens you hold, the greater your share of the winnings.

Cryptodiffer Community

Will most of the CML token supply be locked for staking? How will the rest of the supply be used and what is the share allocated to team members?

Advisor at CML DeFi, Dr. Nick Almond

The main utility outside of trading will be generated from staking, so it makes rational sense for holders to stake, so we expect to break records on staking lock up. The team take 5%, which is smaller that pretty much everywhere else I’ve seend.

How is the efficiency in the pool system determined and what are the criteria for creating a continuous flow of Bitcoin outside of the number of participants in the pool?   The bitcoin is shared by the LP tokens, so there is a constant reward pool being generated. Depends what you mean by efficiency, but every single token will impact have a ticket value.

Cryptodiffer Community

There are so many DeFi projects now. What separates Cmldefi from the rest and makes you innovative? 

Is your platform live and what functions will it provide?

Founder of CML DeFi, Sulim Malook

Sustainable yield. So long as there is lottery, and it has been around for centuries, there will be yield on CML tokens.

Cryptodiffer Community

How will You bring More users to the platform to get more adoption?

Can You share the Idea?

What roles does #Speculators play in Ecosystem?

Founder of CML DeFi, Sulim Malook

We will spend heavily on advertising and marketing to attract lottery players and token buyers and cross-sell to each. Speculators will play a part which we have described on the homepage at www.cmldefi.com.

Cryptodiffer Community

Projects that are not traded on major exchanges remain unnoticed. What do you think about listing the token on the leading exchanges?

Advisor at CML DeFi, Dr. Nick Almond

There is a really interesting potential for a CeDeFi play with this project. Centralised exchanges will be able to stream bitcoin from the winnings pool directly to their users bitcoin wallets. It could also mean that exchanges become part the synidcate on behalf of their users.

Cryptodiffer Community

Each project has interesting stories before it is created. So can you tell people about the story that gave you the motivation to build and develop a great project like your?

Founder of CML DeFi, Sulim Malook

Lottery has borders. People from one country are often blocked from playing the lottery in another country. We have made our lottery entirely borderless by allowing players to play only with bitcoin. The CML token is similar insofar as it breaks down borders. By doing this, you have a truly global lottery product.

Cryptodiffer Community

Right now issuing a token is a rather simple process. However, building the system and ecosystem is the most difficult part. My question is, How will the demand of the token will increase and how will this token use within the  ecosystem?

Advisor at CML DeFi, Dr. Nick Almond

Yes issuing a token is easy, but building token system that accrues in value is hard. Largely it’s about creating sustainable demand, the CML token has a real utility floor generated by the tickets. This isn’t complex validator token economics, it’s an understandable use case that the whole world will inderstand. Holding some of our tokens means a lottery ticket forever. That’s where demand comes from. Understandability!

Cryptodiffer Community

Q1. I have seen many casino/gambling platforms related with blockchain. Which new and long term use is brought to this field by CML?

Q2. Raising in this competitive enviroment can be quite difficult, good allies can for sure make a difference and save some time. Which partnerships are on the roadmap of CML DeFi?

Founder of CML DeFi, Sulim Malook

A1: We are strictly lottery and we only make use of blockchain for payments and tokens, not as a random number generator nor through provably fair or through parimutuel pool confirmation.

A2: We has a major announcement days away. It might well be released during our sale, if not, very soon afterwards.

Cryptodiffer Community

Can you explain a little bit About the relationship Between CML DeFi and Wolverhampton F.C?

Can you share us or explain the CML Defi’s Tokenomic plans? How % Will be locked? Also do you have any Deflationary strategy?

Founder of CML DeFi, Sulim Malook

A1: CML DeFi is an extension of Crypto Millions Lotto, which is a partner of Wolves FC.

A2: Tokenomic plans will be shared imminently in our telegram channels.

Cryptodiffer Community

Can you give an overview of $CML Token tokenomics?

Will the design of the token rise and fall with the success of the platform, does it include any scarce paths, such as equity, storage or burning?

Advisor at CML DeFi, Dr. Nick Almond

The CML token is basically tokenised lottery tickets. If you hold about 200k of them you’re guarenteed a lottery ticket for life. If you add them to the pool you get bonus tokens based on the size of the pool, via a bonding curve. This means they get more valuable the more people play. When the lottery tickets win, bitcoin is sent directly to the pool as wrapped Bitcoin. Users can withdraw their winnings and leave the tokens staked, or sell them whenver they want. Supply will decrease radically as users stake them.

Cryptodiffer Community

You’re also a ceo crypto million lotto,

Then how does this other organization compliment CML DEFI ?

Do they have anything in common ?

Founder of CML DeFi, Sulim Malook

Yes. CML is playing lottery with bitcoin as an individual and CML DeFi is playing the same lottery with tokens in a syndicate. They are completely related.

Cryptodiffer Community

What is probabilistic performance and how can token holders benefit from that? Thank you!

Founder of CML DeFi, Sulim Malook

This is extremely well detailed in a spreadsheet available in our last Medium post. See here: https://medium.com/@DeFiCML/cml-defi-probabilistic-yield-2c8c9746f6dc

Cryptodiffer Community

I’m not good at winning lotteries that’s why I don’t attempt anything that has to do with lottery. How does playing lottery works on Crypto millions lotto? What’s the chances of winning assuming I play the lottery with a single one-off ticket?

Advisor at CML DeFi, Dr. Nick Almond

The great thing about this system, is that everything happens automatically. You buy a stake in the tokens send them to the synidacte contract and it does all the lottery playing for you. It’s a buy and forget system, you get a share of the pool winnings every draw. No interaction necessary. And the fact there’s a pool makes the odds a lot better!

Cryptodiffer Community

•  What exactly is the support of CML DeFi tokens? I understand that it is a “future promise” but how exactly does that work and the lottery tickets

•  Why did you decide to use the German lottery and not another country’s? What is it about this lottery that other lotteries don’t have? Is it the most reliable to integrate the results in the blockchain?

Founder of CML DeFi, Sulim Malook

The German National Lottery is played by tens of millions every week. It is televised, it has been operational since 1955, it has many rollovers so the jackpot increases frequently, and it is GMT+1 so that anyone in Asia or in North America can view it.

Advisor at CML DeFi, Dr. Nick Almond

So the DeFi space is permissionless, so we won’t be able to stop other DeFi farming projects accepting the CML LP tokens as collatoral in any of the other products out there. In fact, they’ll be very desirable since they will be much stronger collatoral than most of the other tokens out there, which have very little implicit value. We have some conversations on going with some of the big platforms, but we think the token will take on a life of it’s own soon after launch.

Cryptodiffer Community

Can you list 1 or 2  deadly features that make #your project stand out from its competitors? What competitive advantage does your platform have that make you feel the most confident in yourself?

Founder of CML DeFi, Sulim Malook

Our business is live. This is just an extension. It is not an MVP. The token earns bitcoin rather than more tokens. Yield is sustainable and in perpetuity.

Cryptodiffer Community

Can you list 1 or 2  deadly features that make #your project stand out from its competitors? What competitive advantage does your platform have that make you feel the most confident in yourself?

Founder of CML DeFi, Sulim Malook

Our business is live. This is just an extension. It is not an MVP. The token earns bitcoin rather than more tokens. Yield is sustainable and in perpetuity.

Cryptodiffer Community

What marketing strategy does CML DEFI plan to use to make itself known in the community and on social networks? How much of your funds do you expect to devote to this?

Founder of CML DeFi, Sulim Malook

90% of all funds raised now and in the future will be spent on advertising and marketing. It is crucial in order to build a huge bitcoin and token-playing community.

Cryptodiffer Community

As I know CML has been around for a while as a bitcoin lottery. What strategy will be implemented to make mass adoption? is lottery the Best way to do it

Founder of CML DeFi, Sulim Malook

Mass adoption comes through mass advertising and marketing. Including viral marketing – see www.lottosharers.com, our sister site. We also have an on-ramp being intergrated into our site right now. It will be the best way to buy bitcoin anywhere.

Cryptodiffer Community

Tell us about your plans for 2020, what are you currently working on, and are you going to expand the list of big exchanges?

Founder of CML DeFi, Sulim Malook

New lotteries and games are being added right now, on-ramp widget on site and syndicate play via token (after this token sale).

Cryptodiffer Community

CML DeFI seems to be a family venture – three Malooks on your website. 🙂 Are you fans of lotteries? How did you end up with creating CML DeFi?

Apart from Germany national lottery, you intend to expand and start with American Power Ball. How will you be doing this? Will another smart contract be needed?

Founder of CML DeFi, Sulim Malook

We have experience in operating lotteries and although it seems like a family business, there are many stakeholders.

Cryptodiffer Community

Can you tell us a little about the degree of decentralization and governance commodity of this protocol? How to trust the project?

Advisor at CML DeFi, Dr. Nick Almond

This is an interesting question. I design governance systems for a living and I think there is huge potential for this with CML DeFi. To start with the yield generated from the lottery tickets will be provided from crypto millions lotto and there is a degree of trust there. However, we will progressively decentralised this out over time and integrate governance mechanics into the system. We’ve got some exciting ideas with that.

Cryptodiffer Community

How you manage to audit your smart contract? What are the mechanism/processes?

Founder of CML DeFi, Sulim Malook

We employ a company to carry out an audit. The major use case is to play lottery without buying tickets, increase your chances of winning by joining a syndicate and earn yield by way of a share of the winnings from each draw. Anyone that can buy a token can participate, it’s easy.

Cryptodiffer Community

What is the team’s orientation and development plan for 2020 in the Defi region, why do you think Defi, this immature term, has a future? What results do you expect to achieve?

Advisor at CML DeFi, Dr. Nick Almond

DeFi is early for sure. We think the next phase will all be able building sustainable systems rather than ones that burn out in weeks by inflating their token supply for quick gain. I’m convinced that DeFi will change the world, but we need to show that we’re more than just meme tokens and can do things that can’t be done in the centralised world. I think CML DeFi is pushing us in the right direction.

Advisor at CML DeFi, Dr. Nick Almond

Yes, thanks all!

Co-founder of Crust Network, Leo Wang

We’ll try and get back to questions we didn’t answer as soon as we can. Apologies if we didn’t get to answer your question.

🖥 Website: https://cmldefi.com/
🖊 Telegram community: https://t.me/DeFiCML
🖥 Litepaper: https://cmldefi.com/litepaper
🖊 Twitter: https://twitter.com/deficml
🗞 Announcement channel: https://t.me/deficmlnews

The first-ever Pre-Sale of $CML tokens will happen this Sunday (27.09) at 7:00 PM CET on Bounce.finance.

Cryptodiffer TEAM

Thank you

For your time;)

Appreciate all the insights and great answers

Thank you everyone who joined us today!

Great questions

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