Thursday September, 16th 2020, Co-Founder CryptoLocally Jae Chung join a live Ask Me Anything session in Forum Crypto Moonlight Indonesia.
MOD: Welcome to our community @jaechung
Mr. Jae Chung: Hello! Excited to behere 🙂
MOD: Are you ready to start AMA?
Mr. Jae Chung: Yes, let’s do it!
SESSION INTRODUCTION PROJECTS
MOD: Q1: Can you tell us a little bit about your background and what your role is in CryptoLocally $GIV?
Mr. Jae Chung: Hi, 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.
I am co-founder of CryptoLocally, and I built most of the blockchain/backend side of the platform.
MOD: Wow what a very interesting experience
MOD: Next Question
MOD: Q2. Please tell to our community what is CryptoLocally – $ GIV?
Mr. Jae Chung: CryptoLocally is a non-custodial, smart contract escrow based P2P cryptocurrency trading platform and gateway to DeFi. We are making crypto and DeFi accessible to everyone. Our goal is to empower all people with the tools to take control of their financial future.
By eliminating the middleman, CryptoLocally enables people to bypass the onerous fees, interest rates, and other restrictions traditional financial institutions impose.
CryptoLocally is already a trusted provider of a peer-to-peer (P2P) digital asset marketplace with no middle-man; it offers out-of-band payment methods and a revolutionary smart contract escrow.
People can meet in person, send a bank transfer, or use KakaoPay, AliPay, WeChat Pay, Venmo and more – all in a currency the buyer and the seller decide to use. All the while, their digital assets will be secured in an escrow that is safer than a traditional bank account.
MOD: Last question from segment 1
MOD: Q3. Can you explain to us what features are contained in CryptoLocally – $ GIV? And tell me how it works.
Mr. Jae Chung: That’s a great question.
The most recent one is a DeFi feature called the “Finance Wallet”. Currently you can use it to earn interest on $GIV, $ETH, $DAI, $USDT, and $USDC, but we plan to offer more tokens in the near future. To start using the Finance Wallet you just need to set it up in a few simple steps, send funds or buy directly on Cryptolocally and then simply toggle the earn interest button to start earning. That’s it.
Our core feature is still the P2P marketplace where a lot of different coins and tokens are available for trading (ETH, BNB, BTC, WAX, TRX, EOS and more). Trading on cryptolocally is a simple 5 step process, and an escrow smart contract ensures that the transaction is completed securely and successfully. Our platform was built to be easy to use, and new traders can start trading immediately because there is no KYC.
It’s also important to mention that we are non-Custodial, there are no middle-men and no deposit needed before trading. Our escrows are powered by revolutionary smart contracts. You’re keeping full ownership of your keys and funds.
Last but not least, $GIV is CryptoLocally’s native token, you can earn $GIV while trading and gain interest on your holdings on our Finance wallet. A very small portion of the circulating supply (1%) is tradable on Binance Dex and CryptoLocally but the public sale is coming very soon. Stay tuned 🙂
SESSION QUESTION FROM TWITTER
MOD: Q1. From @NumanEffair
Security and anonymity are always prioritized by BlockChain projects in the development of project platforms and technologies. So, does you have any technological solutions or plans to enhance user trust in these issues?
Mr. Jae Chung: CryptoLocally is non-custodial, meaning that we are never in control of your funds. Instead, the selected crypto is sent directly to the smart contract on-chain and is secured by the escrow until the end of the trade. This provides an enhanced layer of security to our platform. We don’t require KYC to start trading on our platform, so users can maintain their anonymity.
MOD: Next Question
MOD: Q2. From @dmsaly14
DeFi is one of the hottest topic in the blockchain space right now. Can you share your opinion about DeFi with us? Do you think that DeFi will disrupt the existing financial system? What is CryptoLocally approach towards the DeFi sector?
Mr. Jae Chung: At CryptoLocally, we absolutely believe that DeFi is a transformational technology. We also believe that it has the potential to disrupt the existing financial system by providing a viable way for the world’s unbanked citizens to gain access to financial services. The problem has been that there isn’t a simple and easy to use solution in decentralized finance, which has been a barrier to mass adoption of DeFi and financial inclusion.
Our new DeFi feature, the Finance Wallet, allows you to earn interest on your cryptocurrency and this feature has been seamlessly integrated with our trading platform. It presents the easiest way to enter the DeFi space and will make mass adoption and financial inclusion possible.
MOD: Q3. From @AAA4466L
Is the CryptoLocally platform focused on professional traders or is it also focused on beginners? Do you find it easy for beginners to understand and use the CryptoLocally platform?
Mr. Jae Chung: 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.
MOD: Q4. From @furkancenderlio
Is your aim, to become the number one (leader) in the Cryptocurrency Trading platform? And if so what will you say is your biggest strength to achieve it?
Mr. Jae Chung: We hope that our users consider us to be a leading trading platform already, but we do know that our presence as a leader will continue to strengthen as we gain more and more users. Our biggest strength is the fact that our platform is the fastest, cheapest, and easiest way to buy and sell crypto in your local currency. We have bridged the gap between fiat and crypto and the fact that our platform is so easy to use means that mass adoption of cryptocurrencies is now a real possibility. Beyond that, our DeFi feature has already set us apart from other P2P trading platforms that have not integrated DeFi into their platforms yet.
MOD: Last Question from Twitter
MOD: Q5. From @_rhythms29
It’s amazing how you easily integrated #DeFi into the platform. Will there be any chance to have #NFT’s be integrated too perhaps in the near future?
Mr. Jae Chung: As briefly mentioned before, yes we are working on NFTs too, we believe that we are at the very beginning of this type of digital asset and non-fungible token ecosystem.
Cryptolocally supports $WAX on our P2P marketplace, it is a token specifically designed for the NFT ecosystem. Our smart contract escrows are perfect for NFT trading and we are planning to integrate NFTs into our P2P marketplace across multiple blockchain protocols in the near future, which will allow seamless NFT trades and swaps through different chains.
SESSION FREE ASKING
Q1 From @julioceazar: How do users stay up to date on the project? Are there channels, including local communities where users can get the latest updates about the project?
Q2 From @rogerass: What is the value you want to receive from the community and how will it help you improve
CryptoLocally in the future?
Mr. Jae Chung: We value our community at CryptoLocally.
As outlined in our roadmap (which can be found here: https://cryptolocally.com/en/blog/giv-whitepaper), GIV will be a governance token. The token holder community will be able to vote for token burns, staking rewards, listings, and so on — this will allow the community to manage and govern the whole platform through GIVernance.
Q3 From @Kathdm: What are the benefits of staking $GIV on Crypto Locally users? How many VIP levels are there?
Mr. Jae Chung: You can already start lending your crypto to earn interest on CryptoLocally’s Finance Wallet here: https://cryptolocally.com/en/defi
- GIV staking rewards
- Earn interest on ETH, USDT, DAI, and USDC
- Simple integration with P2P trading
In the future, we will provide more staking rewards in GIV, and will build yield opportunities cross-chain through CryptoLocally Vaults (CLVs). You can find more information on the roadmap section on our White Paper: https://cryptolocally.com/en/blog/giv-whitepaper/
Staking GIV also gives you discounts and additional rewards based on your tier (bronze, silver, and gold). More information can be found on https://cryptolocally.com/en/giv
Q4 From @andrewcoady: What are the major milestones You achieved so far & what are in future pipeline?
Mr. Jae Chung: November 2019: Launched Beta (EOSLocally) with only EOS markets
March 2020: Launched CryptoLocally with cross-chain EOSIO smart contracts and multiple trading pairs (WAX, TLOS, EOSDT, BOS)
April 2020: Integrated Binance Chain and listed BNB, BUSD, and BTC (BEP-2)
May 2020: Integrated Tron and listed TRX, USDT (TRC-20), JST, and USDJ
July 2020: Integrated Ethereum and listed ETH, USDT (ERC-20), and DAI
Aug 2020: Listed USDC, added support for credit/debit card payments
September, 2020: Finance Wallet v1
- Direct gateway from fiat to DeFi
- One-step access (no Metamask or any third party wallet needed)
- GIV staking rewards
- Earn interest on ETH, USDT, DAI, and USDC
- Simple integration with P2P trading
GIV public sale
October, 2020: Finance Wallet v2: CryptoLocally Vaults (CLVs)
November, 2020: GIV tokenomics v2: GIVernance
Finance Wallet v3: Cross-chain CLVs
Q1 2021: Cross-chain marketplace for NFTs
Q5 From @DiegoRME: How many payment methods does CryptoLocally have and how flexible is it to unconventional methods such as paypal, giftcard etc?
Who is the CryptoLocally target market? Can inexperienced users make use of the platform? Also, how profitable is it to sell or buy cryptos through this platform?
Mr. Jae Chung: CryptoLocally enables online and offline transactions in locations and currencies ignored by the traditional banking industry. A wide range of payment methods is supported to empower all types of users and give them a chance to play their part in the crypto economic revolution.
Finally, unlike centralized crypto exchanges, CryptoLocally enables users to trade directly between one another. This makes the transaction simple and fast, doesn’t require any trading skills and removes the need of centralised corporate intermediaries.
Essentially, it is extremely easy to use your preferred payment method on CryptoLocally. PayPal, gift cards, WeChat Pay, etc are all supported. We support local payment methods around the world.
A lot of new-to-crypto users come to CryptoLocally to buy their first cryptos. They usually get better prices than they would elsewhere. Sellers on CryptoLocally can make profits by trading a lot on CryptoLocally through GIV rewards and trading margins.
Useful Link :
- Website : https://cryptolocally.com/
- Whitepaper : https://cryptolocally.com/en/blog/giv-whitepaper
- Medium : https://medium.com/@cryptolocally
- Twitter : https://twitter.com/cryptolocally
- Telegram Group : https://t.me/cryptolocally
- Telegram Channel : https://t.me/givannouncements