Recap of #AMASeries20: Crypto OLALA x Crypto Locally and Mr.Jae Chung.
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On September 15th 2020, Crypto Locally team and Crypto OLALA group organize an AMA to make the community members know more about Crypto Locally and what is its application? Here is recap of it:
Segment 1: Introduce and Question Warm-up:
Đạt Châu:
Please introduce yourself briefly and CRYPTO LOCALLY so everyone can know @jaechung
Jae Chung | HKEOS | bloks.io | RocketBC:
Hey, sure!
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
CryptoLocally is creating the easiest and most accessible fiat gateway to DeFi and its tools for 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.
Đạt Châu:
Okay, Thank you very much for a brief introduction to CRYPTO LOCALLY and Mr.Jae Chung himself.
Here the group has 2 questions prepared to ask you.
Question 1: What milestones do you have coming up that the community should be excited about?
Jae Chung | HKEOS | bloks.io | RocketBC:
We recently released our Finance Wallet, which provide a one-step fiat gateway to DeFi for everyone on CryptoLocally. The Finance Wallet will evolve into CryptoLocally Vaults (maximized yield cross-chain through smart contract investment algorithms). We are also building out a way for users to govern and manage the platform by voting with $GIV when we launch GIVernance.
The public sale is also coming soon, so please tune in for announcements related to the sale!
Đạt Châu:
Question 2: How does the Finance Wallet work? What do people need to do in order to get started?
Jae Chung | HKEOS | bloks.io | RocketBC:
The Finance Wallet lets you earn interest on cryptocurrencies like ETH, DAI, GIV, USDT and USDC in the easiest and fastest way possible, right from CryptoLocally!
What do you need to do in order to get started? Create a password to set up your Finance wallet, deposit ETH, DAI… to your finance wallet and then simply toggle the button under “earn interest” to passively earn interest from your digital assets. There is no minimum lockup period and you can stop whenever you want by toggling the button to “Off”. That’s all you need to do to start/stop earning interest on your cryptocurrencies :)
Đạt Châu:
Now we will move on to part 2 of the program
Segment 2: Question Selected from the Twitter:
Đạt Châu:
We received a lot of questions from Olala Crypto members during the collection of questions from the Form
Now, we start with 5 questions selected
Question 1: How is Crypto Locally development going? Can you describe in detail current development efforts, market expansion plans, expected applications, and when will they become commercially available?
Jae Chung | HKEOS | bloks.io | RocketBC:
You can find past and current developments on the roadmap section of our White Paper: https://cryptolocally.com/en/blog/giv-whitepaper/
Here is what we are working towards in the next few months for your convenience!
Đạt Châu:
Question 2: Do you offer some staking or mining or lending features in your blockchain? What is the competitive advantage of Crypto Locally that can make traders stick to it for a long time?
Jae Chung | HKEOS | bloks.io | RocketBC:
Yes. You can stake GIV and other cryptocurrencies in your Finance Wallet on cryptolocally.com and immediately start earning interest. There are several things that differentiate CryptoLocally from other exchanges.
CryptoLocally shares revenue from trading fees with its users through the referral system cryptolocally.com/en/earn, and gives $GIV to users that trade on the platform.
It is non-custodial and trustless since it uses a smart contract escrow. It offers several altcoins (20+), which no other P2P exchange has managed to do. Finally, it provides a direct fiat gateway to DeFi for everyone.
Đạt Châu:
Question 3: Is there any KYC required to using services of CRYPTO LOCALLY Exchange or Crypto Cards If yes, then is there any country Restrictions on using LOCALLY Cards?
Jae Chung | HKEOS | bloks.io | RocketBC:
There is no country/location restrictions or KYC verification if you’re looking to trade P2P on our platform or use our DeFi feature. If you want to instantly purchase crypto using your credit/debit card, in this case, a KYC verification will be needed, we also have a list of unsupported countries for this feature (here https://cryptolocally.com/en/blog/unsupported-countries-credit-card-instant-buy).
Đạt Châu:
Question 4 : What are the current limitations of LOCALLY Crypto Cards on spending / withdrawal? If Yes, can you explain the limitations?
Jae Chung | HKEOS | bloks.io | RocketBC:
There is no maximum amount that you can buy or sell on CryptoLocally P2P, the minimum amount of crypto that you can buy or sell depends on the cryptocurrency. Example: The minimum for ETH is 0.2ETH but the minimum for EOS is only 1EOS.
If you want to purchase instantly using your Credit/Debit card, like I said earlier, a KYC verification will be needed to complete the transaction, also, unfortunately not all the countries are supported at the moment (list here https://cryptolocally.com/en/blog/unsupported-countries-credit-card-instant-buy)
You can spend 15k USD in a single transaction, and in multiple transactions we allow 20k usd per day and 50k USD per month. After that — additional KYC information might be requested (source of funds and etc).
The minimum amount that you can spend is 60 USD
Đạt Châu:
And here is the final question of part 2
Question 5: What technology is used to protect users’ data from hacking ? Have you ever been exposed to a hacking? I think the security is the most important thing what about you?( What is the most important thing you are focus on ?
Jae Chung | HKEOS | bloks.io | RocketBC:
No, we have not been hacked. We do not take custody of our users’ cryptocurrencies. They are sent directly to the smart contract escrow, which keeps it secure during the trade until the seller authorizes it to be released to the buyer.
Đạt Châu:
yes thanks to @jaechung answers in part 2 of the show, and here we will continue to part 3 of tonight’s AMA.
Segment 3: Free Q & A between the community and Crypto Locally.
Question 1: It’s quite unfortunate that many projects have infiltrated the market with just white papers without having any genuine use cases. What are the main utilities of your coin?
Jae Chung | HKEOS | bloks.io | RocketBC:
You can already use $GIV on cryptolocally.com in order to boost offers and get discounts on fees. You can stake $GIV to earn interest and get additional rewards at different tiers (bronze, silver, gold). $GIV will allow tokenholders to vote on CryptoLocally and manage the platform through GIVernance in the future.
CryptoLocally has been around for almost a year and it has 15K+ users, and have a great reputation in the space.
Question 2: I am a regular Binancep2p trader, is there any incentive for us to migrate to Cryptolocally or to keep our profile in some way?
Jae Chung | HKEOS | bloks.io | RocketBC:
Sure! CryptoLocally has a referral system where you earn at least 10% of the revenue generated on users that you refer. CryptoLocally also rewards users with $GIV for trading. In order to make adoption easier for traders on other platfors, we are building a feature where you can easily “import reputation”. This is already available for users coming to CryptoLocally from LocalBitcoins, but we could build the same thing for Binance P2P users in the future.
Question 3: Regulation is very important. Projects are closed in many countries for failing to use proper regulations and permits. To be worldwide; how do you handle this problem?
Jae Chung | HKEOS | bloks.io | RocketBC:
We are building a decentralized, non-custodial P2P trading platform that will soon be managed and governed by the $GIV community through GIVernance. There is no custody of anybody’s funds (cash and crypto), and no trusted third part is needed.
Question 4: Currently, How many Cryptocurrencies supported by CryptoLocally? Do you want to incorporate more in the future?
Jae Chung | HKEOS | bloks.io | RocketBC:
We have over 20 cryptocurrencies listed on CryptoLocally. More will be integrated in the future. Through GIVernance, users may be able to vote for cryptos to be listed on CryptoLocally with their $GIV.
Question 5: What is your background and how did you come to the idea to create your project?
Jae Chung | HKEOS | bloks.io | RocketBC:
Over the last few years we have traded a lot of cryptos, but we always noticed the difficulty to move in and out of crypto with FIAT. Even if we knew the industry pretty well we always bumped into problems. I had been using LocalBitcoins for OTC transactions for a couple years but it was becoming a real pain, depositing BTC on the platform is very slow and I remember anxiously waiting for a transaction to complete while hoping the price doesn’t tank before it arrives.
We kind of got the idea of building CryptoLocally out of necessity, we wanted a quick way to get in and out of crypto, while minimising the risk of losing value along the way and also keep ownership of our assets.
By that time, I already had a strong knowledge about smart contracts and it became obvious we could build something that would fit our needs and potentially help a lot of people.
We started by building the product on the EOS blockchain because it was the ecosystem we knew the best, after a couple months we decided to open up to other blockchains and we kept adding new protocols regularly since then, Binance Chain, Tron, Ethereum, and now we have even integrating DeFi smart contracts into the platform.
AMA is ended.
