Thanks all for participating in our CryptoLocally AMA. We really appreciate all your support. There were really good and thoughtful questions that were asked. For those who missed our AMA, this blog post is for you .
Mayank – Hello @jaechung @hgkam welcome to CryptoNationIN 🥳 Glad to have you here with CryptoNationIN.
Hugo – Hi everyone, thanks for having us!
Jae – Hi everyone!
Mayank – Before we start, I request you to tell about yourself to the community.
Hugo – Sure thing, I’ve been working in tech teams since 8 years now, started my professional life at UBS and AXA, then left the corporate world for an online gaming company in Berlin, helped startups as a UI/UX consultant in Paris and finally moved to Hong Kong where I leaded product teams for a couple years. This is where I met Jae and we decided to start a business together. We started a block producer team (HKEOS) on the EOS blockchain and built bloks.io; now the most used block explorer for EOS.IO chains.
Jae – 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.
Mayank – Amazing 😉 Could you please tell the community about CryptoLocally.
Jae – 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.
Mayank – Great 👍🏻 How have you got the idea of introducing CryptoLocally?
Hugo – 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, Jae 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 integrated DeFi smart contracts into the platform.
Mayank – Wow that’s good to know 👏🏻
Q1. As a community driven project; how can I contribute my quota to your project success? Do you have a Global ambassadorial Program or Referral Reward System?
Hugo – We do have a referral program, with which you can earn 10% of CryptoLocally’s fee for every successful trade your referrals make, and earn 20% of CryptoLocally’s fee if the seller and buyer of a successful trade have signed up with your referral code. On top of that, you will also earn 1% in GIV of the value (in USD) of each successful trade your referrals make! Example: When someone you referred successfully trades 1,000USDT, you will then earn 10 GIV.
Once you’ve signed up and you are logged in on Cryptolocally, on this page: https://cryptolocally.com/en/earn you can find your referral link, monitor how many users have signed up with your referral code, how many referred trades have been completed, the total referred trade volume per crypto and the total referrals’ revenue that you can claim. You can transfer your referral earnings whenever you want and instantly to your personal wallet.
Q2. Is there a dispute mechanism in case one of the parties does not comply with the transaction? How would you handle a case where fiat money is sent and the other person does not release the funds?
Jae – Yes, we have a dispute system. Once the buyer confirms that he/she sent the payment, both parties will reach the last step of the trade “Release Escrow”, on this step, the seller has to confirm the payment reception and release the escrow. If the buyer doesn’t pay or the seller doesn’t want to release the escrow each of them can easily open a dispute by clicking on the button “Open dispute”. In this case, the smart contract (Escrow) will be locked automatically and our support team will promptly contact each party to obtain evidence to substantiate the claim. After reviewing each side’s evidence, the support team will release the escrow if the payment has indeed been made. If the payment hasn’t been made, the funds will be returned to the seller.
Q3. Does CryptoLocally have its own token? if so, what is it called, what are its uses and where can we get it?
Jae – Yes we do, it’s called $GIV, and for now you can can find it on Binance DEX (https://explorer.binance.org/asset/GIV-94E) and of course on CryptoLocally (https://cryptolocally.com/en/giv/buy). Please note that the volume is extremely low at the moment because the circulating supply is only 1%. We just closed the private sale round for $GIV and the public sale will start soon. We will make announcements about it in the near future, stay tuned ;).
A bit more about $GIV; you can earn $GIV while trading on CryptoLocally, through our referral system and also earn interest on it directly on the DeFi wallet. There’s a couple more cool features like boosting your offers or buy fees rebates with your $GIV.
Q4. 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?
Hugo – It is becoming clear to us that the main application of blockchain technology will be in decentralized finance (DeFi).
DeFi opens doors to a globally interconnected alternative to every financial service you use today — savings, loans, trading, insurance and more — accessible to anyone in the world with a smartphone and internet connection.
We recently released a DeFi wallet on CryptoLocally, you can earn interest on GIV, ETH, DAI, USDT and USDC directly on our platform. Our aim is to create the easiest and most accessible fiat gateway to DeFi and its tools for everyone, we want to empower all people with the tools to take control of their financial future.
Q5. Despite having a tight and secured platforms, security will always be a topmost concern for users. What can CryptoLocally platform guarantee or promise when it comes to security and privacy of its users?
Jae – At CryptoLocally we upgraded traditional escrow systems (used on other P2P platforms) by using smart contracts. This feature completely removes the third party from a trade while keeping a tight security layer throughout the trading process.
Smart contract escrows enable users to trade among themselves without having to deposit their funds on an exchange wallet. The assets are directly sent to the smart contract address and released only when the seller confirms the payment reception. CryptoLocally doesn’t hold custody of users funds.
As for the finance wallet, we never have access to your actual private key. Only the users themselves ever get access to their own keys. We are working with third party auditors to audit our platform as well as our smart contracts.
In terms of privacy, there is no KYC verification needed to use CryptoLocally. You only need an email address to sign up on our platform and start trading P2P. The only time you need to complete a KYC verification is when you want to purchase crypto instantly with your credit/debit card.
Q6. Can you please tell How Escrow Works With CryptoLocally?
Jae – Here is a diagram that illustrates how the escrow works on CryptoLocally. The smart contract gets funded by the seller, and only releases the crypto to the buyer when the seller authorizes it after receiving payment. Each trade has a multi-index table ID on the smart contract which can be tracked by anyone on-chain if they wanted to.
Q7. In what ways is your #CryptoLocally partnership with Binance and Tron?
Hugo – We are part of Binance fellowship program and we have multiple ex-Binance advisors. Binance and Tron are helping us with PR and marketing when we list their tokens on our platform, we are also working closely together to see how we can integrate them in our new DeFi features.
Q8. What can you tell us about operations? Is KYC a requirement? If so, are there restrictions for certain countries?
Hugo – There is no country restriction nor KYC needed on the P2P side, the only thing you need to sign-up is an email and a password.
For credit card payments there is a KYC step and here are the restrictionst: https://cryptolocally.com/en/blog/unsupported-countries-credit-card-instant-buy
Q9. As You know, Many people judge a Project By the Token price, What do you have to Say to investors? What’s the plan to increase the Token Demand?
Jae – GIV can already be used on the platform to purchase discount coupons and boosts for trade adverts. GIV used in this manner will be burned in intervals, decreasing supply for GIV.
Soon, we will launch GIVernance, which will allow tokenholders to vote on staking rewards, token burns, and so on, allowing the community to govern and manage these aspects of the platform.
We also plan to increase staking rewards for GIV on the platform. Users will be able to earn more interest on GIV and liquidity providers on exchanges will also earn rewards.
Finally, holding more GIV gives additional rewards and statuses based on a tier system.
Q10. Can you explain some of the outstanding Features of cryptolocally Platform that are very unique & different than most of other similar platforms?
Hugo – These are all of the features that CryptoLocally supports compared to most CEXs, DEXs, and P2P exchanges. On top of this, we reward the trading fees in GIV to our users. Also no KYC and no location restriction, everyone can join and trade right away. Last but not least, we have a lot of different coins/tokens available for trading.
Q11. While watching the CryptoLocally, I thought it was cool. If the price of exchange A is 100 and the price of exchange B is 150, it seems that it can be purchased on exchange A and sold on exchange B. Is this true?
Jae – Yes, great question. CryptoLocally can be used for arbitrage. We have many users who trade above or below market prices on the platform.
Q12. What exact problem is CRYPTO Locally trying to solve in the industry ?
Jae – We want to make crypto, DeFi, and its tools accessible to everyone in the world. 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.
Q13. Is Cryptolocally a GLOBAL PROJECT ? Can all communities take part in this project ? Is Cryptolocally a GLOBAL PROJECT ? Can all communities take part in this project ?
Jae – Yes, anyone can trade on CryptoLocally. You can find trade offers from all over the world right now when you go on cryptolocally.com. A large portion of CryptoLocally’s users come from Nigeria, India, Philippines, and Indonesia.
Q14. Can you introduce to us your ROADMAP in Q3 and 4 in 2020?
Hugo – You can find the detailed roadmap on our white paper: https://cryptolocally.com/en/blog/giv-whitepaper.
Q15. What about Staking and Lending plans?
Jae – 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/.
Thank you to Jae Chung and Hugo Campanella, and Community for participating in the AMA. Have a nice day