AMA RECAP : CRYPTO CHALLENGERS x BANKSOCIAL
Venue : CryptoChallengersD
Date : 18th June 2021
Time : 3 PM UTC
Guest : John Wingate , CEO
Just Do It ✓ | CRYPTO CHALLENGERS
Hello chat, welcome to special AMA session with BANKSOCIAL.
Les welcome PresidentHODL from BANKSOCIAL.
PresidentHODL | BANKSOCIAL
Good morning! Thank you for having us!
SEGMENT 1 — INTRODUCTION SEGMENT
Just Do It ✓ | CRYPTO CHALLENGERS
Q1. Could you please provide a quick self-introduction for the community?
PresidentHODL | BANKSOCIAL
I’m John Wingate, the CEO of BankSocial.
I am a serial entrepreneur who focuses on disruptive technologies. My background spans technology, e-commerce, marketing, and various financial sectors. Additionally, on our Core Team is my brother Eric Wingate, our Chief Technology Officer, and Jon Shield, our Chief Marketing Officer, and Travis Lubinsky, Chief Strategy Officer. All these guys are amazing at what they do. We’ve also brought on a team of advisors that are assisting us with marketing, strategic partnerships, and expansion into developing markets. Our advisors are some of the best in the business and we can’t wait to share what they’ve been cooking up. And, in my personal opinion, one of the coolest things about our project are our volunteers. More than 30 individuals from around the globe are volunteering their time to help us moderate our various platforms and spread the word about BankSocial across various communities. Our volunteers are some of our best brand ambassadors and we’re so thankful to have them.
Just Do It ✓ | CRYPTO CHALLENGERS
Q2. Can you briefly introduce the project BANKSOCIAL . What are some of utilities of $BSOCIAL? How do you think you stand out amoung the competitors if there are any?
PresidentHODL | BANKSOCIAL
BankSocial™ is a first-of-its-kind Decentralized Finance (“DeFi”) peer-to-peer lending platform built on the blockchain. Our mission is to create a financial system that is run by the people, for the people. When we start issuing asset-backed loans, $BSOCIAL token holders will have the opportunity to stake their tokens and receive a proportion of the interest collected from each loan. Essentially, the community will both fund loans and equally share in the profits from doing so.To advance outdated lending ideologies, we’re also in the process of developing our proprietary BLOCKSCORE(™) social credit scoring system that will help determine borrower creditworthiness. We’re the first in the space to be doing this and are super excited to be sharing this with your community!Right now, if you’re interested in joining the BankSocial community, you can purchase $BSOCIAL tokens on decentralized exchanges such as Uniswap and 1inch or on a centralized exchange such as Bilaxy, Bibox, Digifinex, or Hotbit. In fact, we just started trading on Digifinex today, so there’s some great trading competitions going on if anybody wants to check them out https://www.digifinex.com/en-ww/trade/USDT/BSOCIAL.Also, our team is working on incorporating the Binance Smart Chain into the $BSOCIAL ecosystem which will further expand global access to the BankSocial community.Regarding how we stand out against the competition, we’re the first to be doing this. While other projects may be “lending” where you can borrow crypto, we’re going to be the first lending real world dollars for things such as homes, cars, businesses, and solar panels.
Just Do It ✓ | CRYPTO CHALLENGERS
Q3. Can you share the achievements the team has made so far? Wha are the major achievement target BANKSOCIAL is yet to achieve.If possible also share your roadmap.
PresidentHODL | BANKSOCIAL
Our current Roadmap is broken up into 3 phases that were intended to carry us through the end of 2021…but we’re smashing through our goals in record time! Our Roadmap includes key milestones that bring us closer to being able to issue loans while providing value for our community members. The community can view our full roadmap at banksocial.io . For example, releasing our own BankSocial wallet application is something we intended to complete in Phase 3 of our Roadmap, but we’re actually putting the final touches on it now and anticipate releasing it to the community in the coming weeks. The wallet will allow for direct fiat to $BSOCIAL conversions and will allow users to track their passive growth for holding $BSOCIAL. The wallet will also allow users to hold other ERC20 Ethereum based tokens, and cross-chain tokens in future iterations. Less than a month old and we’ve already built a community of more than 8K on Telegram, have more than 7,500 wallet holders, and have launched our own Support Portal and News Channel. While we didn’t anticipate issuing loans until 2022, we may actually be in a position to do so in just a few months. Again, we’re really at the forefront of De-Fi lending and borrowing.
Just Do It ✓ | CRYPTO CHALLENGERS
Q4. Could you share a bit about security and also benefits you provide to incentives users choosing your platform?
PresidentHODL | BANKSOCIAL
Our Smart Contract was fully audited prior to our launch and the community can view that if they are interested in doing so. Regarding incentives, the primary thing I want your community to know is that this is a real, long-term avenue to stake value that will continue to grow for years to come. Each member of the core team, and many of our largest stakers (whales) have already locked a good portion of their tokens in Unicrypt for up to 9 months. This is a commitment to the community that the core team and key stakers are in this for the long-run. We’re here to build a successful, first-of-its-kind project and we know that doing that requires the trust of our whole community. Our 3% redistribution and passive growth opportunity is also a major incentive, but I think we’ll be talking about Tokenomics here soon.
Just Do It ✓ | CRYPTO CHALLENGERS
Q5. What is the total supply of the token? Could you share a detailed tokenomics of mainnet token’s supply distribution?
PresidentHODL | BANKSOCIAL
A total of 10 trillion tokens were minted prior to our 100% fair launch on May 21st, and we’ve already burned more than 15% of these tokens into a forever locked/untouchable wallet. We’ll strategically burn tokens in the future as voted on by our community.Regarding Tokenomic, our unique taxing system is helping us build our social liquidity pool that is ultimately going to fund our loans while passively rewarding token holders. Each time tokens are bought or sold, it brings us one step closer to lending and creates value for our members.Each purchase/sale of $BSOCIAL tokens is taxed 7%.. 4% of each purchase/sale is deposited into our liquidity pool. Each day the pool grows and increases the funds we’ll have available for when lending begins. 3% of each purchase/sale is redistributed to $BSOCIAL wallet holders. This means that you’re constantly rewarded for simply holding $BSOCIAL in your wallet.Additionally, I want to quickly mention that most of the centralized exchanges that we’re trading on have agreed to implement our tokenomics!And before we take any questions from the community, I want to share some helpful links!
📲Official Website: https://banksocial.io
🤑Contract: https://bit.ly/2TiJII5
✅Contract Audit: https://bit.ly/3cqUylO
🔒Liquidity Lock trans: https://bit.ly/2SkBGOm
❓KnowledgeBase Support Portal https://support.banksocial.io
📺Official News: https://t.me/banksocialnews
🐤Twitter: https://twitter.com/banksocialio
👤Facebook (Page): https://bit.ly/3ffSL4K
👥Facebook (Group): https://bit.ly/3fEs74J
📸Instagram: https://www.instagram.com/banksocial.io/
📮Reddit: https://www.reddit.com/r/BankSocial/
📝Telegram: https://t.me/banksocial (Main)
▶️ Youtube: https://youtube.com/channel/UCxa8BBiQcQIGyeqpLLYHgMw
SEGMENT 2 — LIVE Q & A
Q1. From @xpioler
What factors will influence the future demand for ‘BankSocial’? or What steps would you take to boost demand? Could you please tell me how you intend to attract more business partners to your project?
How ‘BankSocial’ platform create awareness about their project with NON-CRYPTO users too?
PresidentHODL | BANKSOCIAL
We already have several partnerships lined up that we will be annoucing very soon. Including some lending partners and a very big sidechain partner where we intend to do our staking and lending.
Q2. From @Mehedi00123
Does your project support staking program??if yes. how is your stake system work, what is the requirement for user if they want to stake in your platform?
PresidentHODL | BANKSOCIAL
Yes it will include a staking program. All BSOCIAL token holders will be able to stake into the staking rewards system to earn interest on loans as they are paid back by people who take those loans. Those loans will be asset backed and we will not just be giving people loans directly, all loans will be asset backed. Meaning they will be secured by a house, a car, or a solar panel, as an example of the types of loans we will be given. If anyone decides not to pay, we have the asset.
Q3. From @neymar0012
Revenue is a very important, aspect for all projects, to survive and maintain the project / company. What is the way to generate profit / revenue of token????,”
What is the income model?
PresidentHODL | BANKSOCIAL
Revenue is generated from the fees we charge to people who take the loans. Everytime someone takes a loan, there is a processing fee associated with that loan. That is our revenue model. Additionally BSOCIAL token holders will only pay the fees associated with staking and removing your tokens from the chain as with any other ETH, BCS and sidechain fee.
Q4. From @Lovely_DC
BankSocial has a BLOCKSCORE social credit scoring system. With this, does the system work like transfers between bank accounts? Then, is there a minimum or maximum in BLOCKSCORE Credits? Can you explain to us the details?
PresidentHODL | BANKSOCIAL
The blockscore is our Trademarked social credit scoring system. It will be an AI that will utilize several oracles in determinig a persons credit worthiness. We are currently working on a v1 version of our blockscore and will continue to improve it as we get closer to lending.
Q5. From @Iswea1
During the 2020 I got scammed a few times, rugs, exit scams etc. — how can we investors be sure that this will not be similar, are your contracts public & somewhere to be seen??????
PresidentHODL | BANKSOCIAL
All of our contracts are public and our teams are fully DOXXED. We cannot control open markets and the pricing, but what we can control is that liquidity and a high portion of DEV and Whale wallets are LOCKED for a good period of time. Just as Mark Cuban was rugged anyone can be rugged with a project that is not real. Our project has survived the initial spike that all tokens have and now we continue building a long term project for the future. Its the only way to ensure that the project can never be rugged.
— AMA CONCLUDED —
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