SokuSwap x Im Community AMA Recap
đ TELEGRAM AMA: Im Community & SokuSwap đ
â° AMA Timing : 18 April 2021 l 02:00 PM UTC l 21:00 GMT+7
Venue For AMA : https://t.me/imcommunityitw
đ Reward Pool 100USDT
Bà Tân | : Welcome everyone. Today Im Community will host AMA with SokuSwap.
Bà Tân | : Today our guest is: @MrW919 from SokuSwap .
Bà Tân | : Please introduce yourself a bit: @MrW919
R W : Ok sure.
My nameâs Ryan White, and Iâm the CEO of Soku Swap
Iâm here to tell you guys a little bit about what and who we are, and answer any questions you might have.
đJĹhn Lđ : nice!
R W : Let me tell you first a little about what the exchange
Soku Swap is a Decentralized Exchange living on the Ethereum and Binance Smart Chain. Weâre the first exchange to make customer service our priority. Exchanges can be difficult to use, especially when you are new, so weâve decided to change that.
We will have live chat tools to communicate with a customer service rep anytime you may have a question or issue with the platform. There will be step by step guides to help new users making their first trades. From understanding how to connect the correct wallet, to making trades, providing liquidity, and using yield farms. Our focus is to make sure people get the help they need, right there on the page. No need to go to social groups to try to get answers anymore.
Since our focus is on educating new users to trade, we have decided to build out a full educational suite. You can pick from hundreds of short videos and articles, answer a few questions, instantly get rewarded with SOKU, our governance token. We will also provide referral links that users can send to friends and family too, to educate them in a fun way. Both referrer and user will get rewarded.
Weekly Rewards are a new feature that Soku Swap is introducing to the world of decentralized exchanges. Users will receive rewards in our native token (SOKU) when they fulfil the weekly requirements (stake liquidity and make 3 trades per week). The rewards are .01% of the 7-day trading volume divided among all qualifiers.
đJĹhn Lđ : @MrW919 Please say âDoneâ when you have finished the answer, thank you.
Done
Bà Tân | : Thanks for the introduction @MrW919
BĂ Tân | : Todayâs AMA will have 3 sessions
Sessions 1: The chat will be muted & the team will introduce themselves then we will ask some introduction questions to the team SokuSwap
Sessions 2: We will pick 5 Best Question from our members on Our Tweet (https://twitter.com/IM_Communityitw/status/1383238856195985413).
Sessions 3: The conversation will open to the community questions and the 5 best questions will be selected.
BĂ Tân | : Rules to follow AMA : ⤾ď¸
âŤď¸ Join : Telegram group SokuSwap (https://t.me/sokuswap) , SokuSwap Announcements (https://t.me/SokuSwapAnn) and IM Community (https://t.me/imcommunityitw) , Channel Im community (https://t.me/imcommunityit)
âŤď¸Follow: Twitter Soku Swap (https://twitter.com/SokuSwap) and IM Community (https://twitter.com/IM_Communityitw)
Web & Community:
đhttps://www.sokuswap.finance/
Bà Tân | : Start session 1 AMA @MrW919
Bà Tân | : Question1. You can recommend Introduction about SokuSwap to my community? @MrW919
R W : Ok, well actually I already gave you most of the information about the Soku Swap just above, I apologize, that was my misunderstanding.
But I guess let tell you about myself now.
My father worked with computers when I was young. He actually built the Cray-2, âBubblesâ, the fastest super computer in the world from 1985â1989. He was working on building the fastest home PC in 1991 when he passed away. I went on to live with my Uncle, who was also into computers. He used to support NASA computer systems and make sure everything was safe when they would launch a spaceship. So since they were both in the computer industry, it was only right that when I got old enough to work, I got into Construction. Yes construction. I wanted nothing to do with computers when I was young. I actually spent over 15 years running construction projects and was the go to guy for many top companies like Apple, Amazon, Microsoft Store, etc. Iâm known for building crews, excellent management skills, attention to detail, and always making sure my finished product is absolutely perfect. My ex wife would say thatâs because Iâm a Virgo lol.
But after many years I fell in love with this new thing called blockchain and cryptocurrency. I see a way to really use crypto to change the world. The exchange is just step 1, itâs a necessary step for our long term plans. But as I do in my fashion, Iâm going to make sure this is the most perfect exchange youâve ever used. And I can guarantee that.
BĂ Tân | : Question2. Security is one of the most important things. How does SokuSwap protect userâs asset? @MrW919
R W : Security is a major concern when it comes to Financial Software. We watched as PancakeSwap and Cream recently experienced a DNS attack. Things like this happen when security protocols are not in place. Our site will be hosted by one of the most trusted and secure platforms available at the current moment. The computer used to communicate with servers, will never be used for any other purpose and will only be accessible by an assigned person. Weâve taken steps to mitigate risk of DNS, Brute Force, Phishing and DDoS Attacks.
In terms of in-house cybersecurity, weâre bringing on a senior engineer with High Level Security Clearances, whoâs worked with NASA, major financial institutions and healthcare providers. He brings over 20 yearsâ experience in systems architecture and cybersecurity.
Weâre also evaluating a handful of cybersecurity firms that can operate a Security Operations Center (SOC), that will evaluate potential threats and launch immediate actions to stop the threat before it has a chance to affect our users.
We want to make sure our users know that theyâre 100% safe when they use Soku Swap.
Done
Bà Tân | : Question3. What are the products that SokuSwap focus on developing? @MrW919
R W : Weâve mentioned some of the products above. But we havenât mentioned all of them. Flash Loans will be available on site, with an easy-to-use UX. It will allow users to perform arbitrage on Ethereum or the Binance Smart Chain, with sites like Uniswap, Sushiswap, Pancakeswap, etc. As well as introducing an AI tool that will help see potential opportunities in advance.
Thatâs the last feature we can announce as of now. There will be some more in the future, but due to the amount time before we release them, we need to keep them private.
Done
Bà Tân | : Question4. What is the development roadmap of SokuSwap in 2021? @MrW919
R W : Soku Swap will be launching within the next couple weeks. Swaps, Liquidity, Farms and Rewards will be operational at time of launch.
By the end of the second quarter of 2021, weâll be introducing our Flash Loans system.
Quarter 3 of 2021, weâll be launching our educational platforms and have all chat features and walkthrough guides live. Our educational platform will be live and updated consistently to educate users on new promising projects and how they work.
Quarter 4 of 2021, Soku Swap will be launching a non-pegged stable coin. More details near the end of the year.
Done
Bà Tân | : End of session 1
Bà Tân | : We will move on to session 2
Sessions 2: We will pick 5 Best Question from our members on Our Tweet (https://twitter.com/IM_Communityitw/status/1383238856195985413).
BĂ Tân | : Rules to follow AMA : ⤾ď¸
âŤď¸ Join : Telegram group SokuSwap (https://t.me/sokuswap) , SokuSwap Announcements (https://t.me/SokuSwapAnn) and IM Community (https://t.me/imcommunityitw) , Channel Im community (https://t.me/imcommunityit)
âŤď¸Follow: Twitter Soku Swap (https://twitter.com/SokuSwap) and IM Community (https://twitter.com/IM_Communityitw)
Web & Community:
đhttps://www.sokuswap.finance/
Bà Tân | : Question1. @EbrahimKholil42 (https://twitter.com/EbrahimKholil42)
As an individual user, what ways can I contribute to project growth? Do you have an ambassador program and what are its benefits?
R W : Great question!! Weâre always looking for people to join our community, help spread the word, and teach people about what weâre doing. We donât have an ambassador program, but we do have a Bounty Program starting tomorrow morning. So Iâd make sure to join our community page so youâll get the update as soon as we launch. Weâll be launching Monday 4/19 early morning UTC time.
Done
Bà Tân | : Question2.@elliekingcash (https://twitter.com/elliekingcash)
As we know, every successful project has a few stories behind the scenes, whatâs the story behind Soku success? What was that vision when it first emerged as an idea? Are there any special prototypes or upcoming Soku updates that you want to show/share with us?
đJĹhn Lđ : @MrW919 Are you here now
R W : Thanks @elliekingcash. Well. Most people donât know that this is actually my second time building an exchange. Number 1 was Cryptessa in 2017. You can google it, thereâs still info out there on the big wide web. It was a huge learning lesson for me. At the time I was running a construction company, with a very nice salary, living a happy life. I had an ecommerce business as well. One day I asked the developer that I had working for me if he thinks he could build an arbitrage crypto exchange. He looked into and told me he could build it in a couple months. At the time Coinbase had just introduced their third coin, Litecoin. I saw the future and saw what needed to be built. An exchange with an easy to use UI/UX, with more coin options, news articles and education portal. Have you seen what Coinbase is now?? Itâs what we were building in 2017. Long story short, I bootstrapped it myself, worked day and night for 9 months, but I made the mistake by trusting a single developer and not building a team. After 9 months the exchange was finally functional and we were about to go to testing. I found out my developer became untrustworthy, and I didnât want to take a chance releasing software he built, especially when it would hold peoples money. This is a huge responsibility, and if you canât do it perfect, throw the software away start over. I needed a break for a while after the stress from that. But Iâve been working, building a network of trusted individuals and a rock solid advisory team over the past 3 years. We saw the time to start was now with the invent of the AMM. So here we are. Again we waited til we were just about finished before we started doing any marketing. We wanted to make sure everything was perfect. And weâre just about there.
Done
Bà Tân | : Question3. @Niloy37474210 (https://twitter.com/Niloy37474210)
Many investors hit and run in the sell and sell session after listing on the first exchange, How did your project prevent early investors from selling their tokens and what benefits you would give them?
R W : Sorry that was a longer answer so it took a little longer
đJĹhn Lđ : no problem đđ
R W : Good question @niloy37474210. Weâre holding team tokens for 90 days, and then they get vested gradually, just like stock from a company.
Early investors will have to hold their tokens for either 30 days, 60 days, or 90 days, depending on the size of their investment. We donât want to allow anyone from the team to sell off too quick, and we donât want early investors, affecting the price with large sell offs either. We also made sure to not offer the coin at multiple tiered pricing. This increases the chances of having people sell off early. Weâre interested in people that see our vision and want to invest. Not people looking for a quick dollar.
Done
Bà Tân | : Question4. @lucky_mbu (https://twitter.com/lucky_mbu)
Are you currently in need of community managers, ambassadors or running a bug bounty we (I) can assist in?
R W : Thanks for the question @lucky_mbu. Yes we are always looking for people to help with our community. Like I mentioned earlier, we are launching a Bounty Campaign for Marketing tomorrow morning. Weâll be doing a bug bounty as well, in the near future. Make sure to join our community https://t.me/sokuswap so you can always find out whatâs going on.
Sorry, had to correct a link on there
Done
Bà Tân | : Question5.@VNur7238 (https://twitter.com/VNur7238)
How important is the community to you? and how can we collaborate or help you for the development of the project?
R W : Great question @VNur7238. Community is everything. Where would we be without a community? This whole thing is being built for you guys. If you have development skills, contact us and we can talk. If you have the skills to help make Soku Swap better, easier to use, or more safe, weâre always going to have an open ear for you. Our job is to build the best exchange we can for the people, and how would we do that, without listening to the people. Again, our community is everything and we hope we make you guys proud to be a part of it.
Done
Bà Tân | : End of session 2
BĂ Tân | : Weâll move on to session 3
Sessions 3: The conversation will open to the community questions and the best questions will be selected.
BĂ Tân | : Those who havenât joined @sokuswap group will not be eligible for AMA rewards, make sure you did.
đJĹhn Lđ : Go go
Bà Tân | : Countdown for session 3
3
2
1
đJĹhn : Wow
đJĹhn : FAST AND FURIOUS
Bà Tân | : @MrW919 Pick the 5 best questions and answer it for session 3.
R W : What just happened lol
đJĹhn : So crazy guys haha
Ferdinand Smith : I think people like how honest and real you are they just want you to keep talking lol
Q1. As you say Sokuswap the new client is the top priority and that is only true for a period of time or will it be forever, the second problem is the language barrier, how do you deal with online support ?? @MrW919
R W : Thank you @MrDollar0608. Our clients new and old are always our top priority. We want to make sure our users love our site and feel like theyâre part of the community, not just a âuserâ. Weâre not robots here. Weâre people and we deserve to be treated like it. I once had a problem on Coinbase in 2017 and submitted a ticket. It took them 3 months to email me to say that they were really behind on support tickets and they would get back to me. Itâs 2021 and I still havenât heard back!!
Our customer support will be in all major languages and operate 24/7. You will never wait months to try to resolve an issue with us.
Q2. What is your most ambitious goal of your project? We would appreciate it if you could share with us any Upcoming Updates?
R W : I saw this question and wasnât sure if I wanted to answer, but I will. @polora0 this is a really good question, and we donât talk about this right now. But Iâll do it once here, and then probably not talk about it for another 6 months or so til weâre closer. Our most ambitious goal is to change the Credit Systems that are currently in place. The exchange is just step 1. Itâs a necessary tool for the greater goal. But weâre going to change credit systems to evaluate people on a new better scale, versus current standards. Using new algorithms and AI technology, weâre going to lower interest rates, and rate credit by new standards.
Q3. Non-crypto user is very important for mainstream adoption. How you are planning to attract non-crypto users towards your project? Is there any upcoming partnership that will brings non-crypto user and real-use case?
R W : Hi @Jessey721. This is 100% true, this is why we have walkthrough guides, chat tools, and an educational platform where users get rewarded to learn. Approximately 1.3% of the world uses cryptocurrency at the moment. Their will be a massive influx of new users in 2021 as the major banks will start advertising to customers that they can buy and save their Bitcoin in the branch. We all know that this is not the way. But new users donât. Itâs our job to educate people to learn how to setup their own wallets and store their crypto themselves. To make trades on decentralized exchanges. And to get away from the financial system that has grown to be the monster it is. We are here and setting up as the Go To Dex for new users and education.
Q4. DeFi is great. But for DeFi, the gas fee is crazy high on Ethereum. So, any plan to move on BSC or other layer-2 solution?
R W : Hi @Mallika0. So gas fees are high on Ethereum right now. They may be going down soon, but weâll see what happens. Like I mentioned before, we operate on the Ethereum Blockchain as well as the Binance Smart Chain. You can make trades on either. Weâre currently working on our own bridge as well. And as any new prominent chains come around, they will be added to the Soku Swap exchange too.
Q5. Trust and security is very important in any business , what makes investors , customer and users safe secure when working with your project?
R W : Hi @shoharose, thank you for your question. I agree 100% and transparency is everything. We want people to see what weâre building, why itâs going to be as great as it will be and why they can trust it. Working for myself for almost 20 years, people have come to know that they could trust me. If I said something, they knew it would get done. My father told me before he passed, the only thing a man really has in this world is his Word. Not sure if this translates well. But it means when you tell someone something, it better be 100% true. Otherwise your âwordâ is no good, and no one will ever trust you. We have a team of developers that are building a great software. We have an advisor thatâs a Ph.D at the University of Washington, that reviews and checks code. We have an advisor that has raised millions of dollars and built multiple companies from scratch, that makes sure weâre always making the right choices when it comes to fund raising. Heâs currently working with Jennifer Lopez, Mario Lopez and handful of other famous latin entertainers to create a new audio bible in spanish. Heâll be assisting in bringing in a celebrity spokesperson by the end of the year. And Katie, sheâs our other advisor. She was a VP at Oaktree Capital, a company that managed over $100B in investments. Sheâs now a PMO at Kayne Capital who manages over $70B, and is in charge of building teams around the world. Sheâs currently helping me build my team. And I will say we have some amazing people trying to come and work for us. One of the top marketing employees for one of the top social media companies in the world, just applied for our CMO position. Weâre working on building a great team, cause weâve already built a great software.
Bà Tân | : Thanks for the useful information from @MrW919
đJĹhn Lđ : Nice
R W : Thank you for allowing me to share with your community
đJĹhn Lđ : Thank for coming here today @MrW919
Bà Tân | : End of session 3
R W : I really appreciate it
Bà Tân | : For questions that have not been answered today, you can send them to @sokuswap for answers.
Allright, I declare the Im Community AMA with SokuSwap has ended.
Thanks to @MrW919 | SokuSwap joined us and provided us with SokuSwap information, we hope that this knowledge makes us understand more about https://www.sokuswap.finance/
To the members, thank you for following this event to the end. winners will be announced soon.
BĂ Tân | : Todayâs AMA winners please PM @quocnguyen1234 to provide reward information. Thanks everyone .
R W : Thank you to the whole Im Community for being a part of this. I appreciate you taking the time away from your day to learn about Soku Swap.
