Recap AMA Steady State x Vietnam Coin Market Community

16 min readJun 16, 2021

Mr Hubert: Hello everyone,

Only 5 minutes left and the AMA event of Steady State will be started

The representative for Vietnam Coin Market (VCM) is Admin Owner @taitan296 who will run AMA and Steady State project’s representative is @jonathanLibby.

Translator: @nguyetvcm

Vietnam Coin Market Group (VCM) will be locked to make the event convenient.

After Segment 3 of the Vietnam Coin Market group will be opened a chat so that the community can ask the project.

How’s everything going?

Again, it’s been my greatest pleasure to announce today’s special AMA session

“Steady State”

Today’s AMA session is composed of 4 parts:

✔️ Part 1 — Welcome

✔️ Part 2 — Q&A

✔️ Part 3 — Questions on Twitter — Guest will choose the 5 best questions from this Tweet: https://twitter.com/chocoin_VN/status/1402716239550689282?s=20

and https://twitter.com/chocoin_VN/status/1404837899233763330?s=20

🏆 Reward: $10 USDT / 1 winner.

✔️ Part 4 — Free — asking: the guests will choose about 5 good questions to answer.

🏆 Reward: $10 USDT / 1 winner

Craving for the question rain ahead after I unmute the group.

Anyway, let’s get the curtain roll-up and welcome @jonathanLibby.

Mr Jonathan: Hey guys, would love the link to join.

Mr Hubert: Hello sir! It’s a pleasure to all of you who participated in the AMA today.

Could you briefly introduce about yourselves as well as your project?

Mr Jonathan: Hey guys, my name is Jonathan, I’m the founder of Steady State. I have a lot of passion for DEFI and how it can transform finance around the globe.

Steady State is insurance for defi protocols and we want to turn it into a financial market for us to stake tokens to cover protocols and get paid a premium for doing it.

Mr Hubert: How wonderful, sir. The VCM audience is also eager to study the Steady State project.

Let’s get to the first question we’d like to know from you.

What makes the Steady State project stand out more than the projects in the same direction at the moment?

Mr Jonathan: We are one of the first projects focused on Business insurance in the crypto space. We want to build this insurance on automated smart contract insurance and take this insurance and mirror a bond market system where protocols will post coverage with a premium and we can stake our tokens to receive their premium.

Mr Hubert: Thank you, we could give some mins for our audiences to read more about the comment.

We will come to the next question:

Who are some business partners/clients for Steady State?

Mr Jonathan: We are partners with Yield.App, we will be announcing a lot partnerships very soon.

Mr Hubert: I covered this news before the AMA. People are also very interested in it.

Can’t wait any longer. I think the audience is wanting to learn more about the project:

What are the memorable milestones of Steady State in the research and development process?

Mr Jonathan: We are building a comprehensive database to understand risk in defi right now and can’t wait to share it with everyone in crypto.

We are architecting the solution of the automated smart contracts.

We are also developing a lot of great partners we can’t wait to show and have them help build this alongside us.

Mr Hubert: Team VCM has supported many projects. But this project is the most different project. I think it will be successful and people will love it.

We to the last question of the Q-A segment:

What does Steady State plan to do to attract more users in the upcoming time?

Mr Jonathan: We want to build a thriving community because our long-term goal is to have a DAO.

Get involved by following our twitter and telegram. Would love to build a vietnamese community too soon. We want people who want to contribute and be apart of our DAO long-term and take this project to the next level.

Mr Hubert: How wonderful, sir. VCM will make a small contribution to the project support. Nice to do this. 😊

The last question is already done. Thank you @jonathanLibby for bringing the above useful information.

We’ll move on to segment 3: Questions on Twitter.

The first question, it’s quite interesting, sir.

#1 Insurance is a sensitive topic, it requires personal data to adequately track what needs to be insured, as we know blockchain is about anonymity and hold decentralization on a high standard. How will our data be stored and protected from hackers and other smart contract exploits?

of https://twitter.com/Greyhair_08/status/1405061198316556290?s=20

Mr Jonathan: Steady State is currently architecting a database that shows all previous hacks in industry DeFi for future reference. Protocols information and data will be stored. You are insuring protocols which means they have to provide many of the requirements for insurance. You don’t have to provide that data. You will be able to stake capital and cover the protocol. There are currently no KYC requirements for stakers which will allow capital providers to remain anonymous.

We will not need to store your data, only the data of protocols.

Mr Hubert: Thanks for sharing; we come to question #2:

As Steady State is building an automated, smart contract based insurance system for DeFi and the cryptocurrency ecosystem that will protect platforms against systemic risks while rewarding users. So,how does this insurance system works and at the same time how it reward users?

of https://twitter.com/mylhe/status/1405026324020748295?s=20

Mr Jonathan: Our insurance will be governed by our native token, RISQ. The protection itself is layered with index pools, liquidity pools, mining pools, a market maker pool and governance reserves treasury as a final layer. Individual coverage pools are collateralized together into index pools to mitigate risk. Further graphic explanation can be seen on our website https://www.steadystate.finance. For individuals holding a specific token and staking a percentage if their funds to insure the said protocol, if no hack/exploit, will receive a premium end the end duration of their policy on top of the principal they chose to stake. This is generated by our market maker and liquidity mining pools.

Mr Hubert: Thanks for sharing; we come to question #3:

Do you have links we can use to stay updated with this project ? Are there channels, or probably local communities where users can get the latest information

of https://twitter.com/drstrange202/status/1404628471624654855?s=20

Mr Jonathan: https://t.me/SteadyStateProtocol

https://t.me/SteadyStateNews

https://linktr.ee/SteadyState.Finance

https://twitter.com/SteadyStateDeFi

Mr Hubert: We’ll come to the next interesting question, question #4:

Your foundation idea is very new, so it takes a lot of formula and takes a long time to develop. This must have a tricky point for you? Do you agree that the strength of the community will lead your project to grow globally?

of https://twitter.com/Loc55369225/status/1402823741734678528?s=20

Mr Jonathan: Timelines could change, but this product is needed and I believe we have the best solution to fix it. If done right, Steady State could transform how we understand risk in crypto. We will take as much time as needed to make this project a success.

Global community is everything. Our long term goal is to make Steady State a decentralized autonomous organization. The community and interactivity of our members worldwide will be a key factor in growing Steady State globally. After months of vigorous research and planning, we are confident our message can spread internationally to support and revolutionize the future of decentralized finance.

Mr Hubert: Thanks for sharing, we’ll come to question #5:

What are the benefits of holding your token as long term investment? Can you tell us about the motivation and benefits for investors to keep the your token in the long run?

of https://twitter.com/Niqabna/status/1405041549667303425?s=20

Mr Jonathan: Holders of RISQ will be exposed to a range of utilities. Holders will be able to purchase insurance policies, vote on the direction of the steady state protocol, and decide outcomes of claims that fall through the automated claims system.

We look forward to adding more utilities as the community sees fit!

Mr Hubert: The last question is already done. Thank you @jonathanLibby for bringing the above useful information.

Next, the Vietnam Coin Market Community will open a chat for the community to ask questions to the project. We will have 120s to ask. The Steady State project will then choose 5 questions to answer.

Let’s go!

Now!

Let’s give some mins for @jonathanLibby to choose 5 questions to answer.

Question 1. There are a lot of crypto enthusiasts who don’t understand the English language enough and don’t speak it well. So, is Steady State planning to use the local community to raise more awareness of Steady State’s project among these people in different countries

Yes that is our long-term plan. When the community managers are ready, we will expand

Question 2. Almost 80% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term?

I want to change the narrative from price of token to total tokens accumulated. If you stake 100 USDC your payment will be a payment of 100 tokens within an index pool to accumulate.

Question 3. Can you list 1–2 killer features of thpis project that makes it ahead of its competitors? What is the competitive advantage your project has that you feel most confident about?

The index pool will blow your mind and will show you how powerful our project really is. The Steady Swap Exchange will be the first of it’s kind crypto bond market trading system

Question 4. Many projects rug pulled and exit scam recently. Why should investors trust your project not to do the same?

I haven’t hid my face. I am not anonmyous, when we announce partners you will see this project is very serious and we are serious about building this project as much as possible.

Question 5. In how many ways or what are the ways your project generate revenue? What is the revenue model? How it can be beneficial for both investors and for project itself?

Transactions made within the the system and participation by out internal Steady State fund. We will make money on our own system.

Question 6. There are a lot of crypto enthusiasts who don’t understand the English language enough and don’t speak it well. So, is Steady State planning to use the local community to raise more awareness of Steady State’s project among these people in different countries

YES WE ARE! :D

Question 7. Where is mask road map now? Are all targets in accordance with the current road map? and what are the next steps that will be taken in the future?

Things will change if we need more time to make this project successful.

Question 8. The platform connects smart contracts with data in a fast and secure way. What kind of system/technology is used to make it fast and how is the data secure?

Oracle nodes, Machine Learning, AI is out plan to connect the whole system with the automated smart contract.

Question 9. Can you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team?

We locked in very big partners so are changing the distribution. We want most to be gained through mining and particpation in ths sytem.

Question 10. Binance smart Chain blockchain is having high transaction speed and cheap gas fees, Are you planning to launch your mainet or switch to other blockchains in the future?

We will start with Ethereum/Polygon and move from there.

Question 11. A big problem for a lot of Defi projects seems to be that when farming starts, the price goes down because people unload to put liquidity into the farm. Will there be an incentive to hold and not just farm and dump?

Yes, HODL is KEY!.

Question 12. Community support is one of the biggest aspects of a project’s success. Most projects have programs that interact with their users. Does you have any special plans to attract and expand the community and improve the user experience?

Yes we do, community engagement and transparency is very important.

Question 13. Could you please provide some info about your Roadmap and how Market is progressing so far?

Our roadmap and marketing have been split between organic and paid growth. We want to build a sustainable and transparent business model that allows each member of our community to have a voice. Growth tactics have been an emphasis while preparing for IDO launch.

Question 14. Vast majority of Crypto projects are built just for the sole purpose of amassing wealth for themselves. So, I want to know the value you aim to add to crypto industry that will bring greater abundance to the industry?

Business insurance, if you insure a protocol, you naturally protect the community.

Question 15. Now, the token launch process is easy, but to develop the ecosystem, stabilize prices, expand the market is a challenge in every project? So what are your team first steps towards solving this problem? what is your plan to maintain token price & supply in the market?

Strong market making, and making sure investors agree for a long lockup and slow emmission to control dumping.

Question 16. Your changes are commendable, how can you survive the bear market and keep building and growing as many projects have died this time around?

Bear and bull markets are a popular topic. Think of it like the housing market. Whether housing is in bear/bull, home owners are still inclined to use home insurance. Take that logic to decentralized currencies. Regardless of a boom or a slump, we want to defend your funds from malicious activity.

Question 17. Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is it like this? If not can u tell us, What makes it different from other projects?Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is it like this? If not can u tell us, What makes it different from other projects?

It’s a risk you take on man. It’s important to trust the team and know what their goals are and their goals to build a better crypto future.

Question 18. What is your most ambitious goal of your project? We would appreciate it if you could share with us any Upcoming Updates?

INDEX POOL and Steady Swap is our most ambitious goals.

Question 19. The goal of the DeFi is to create a new financial system that eliminates subjectivity, bias, and inefficiency by relying on programmable terms. Does your project support this vision and how does it participate in the DEFI space?

Sure does! We want to follow that trend with a long term goal of making Steady State a DAO and using our native token RISQ as governance utility for the project. Emphasizing automated claim systems and smart contract, Steady State will be a trustless system and in the hands of the community to support and have each other’s backs.

Question 20. NFT is really trending topic now in the market. So, how do Your project plan to onboard the development of NFTs and how do Your project plan to combine it with DeFi?

We will start with Defi and begin from there. NFT’s have been in the conversation often.

Question 21. “STAKING” is one of the STRATEGIES to ATTRACT USERS and HOLD Them long term.Does your GREAT PROJECT have plan about Staking?

YES WE DO

Question 22. Which area are you focusing on at the moment? (DeFi, Stake,Dapps..Yield Farming,,NFTs,,Gameing) and what is your goals in this year ?

Defi risk such as exploits and stablecoin depegging

Question 23. Only getting users, holders etc is not everything. In my opinion, a project needs to deal with solving a real world issue or problem What is the problem that your project primarily focuses on?

The problem we are solving is: currently in DeFi…if the protocol of the currency you hold gets attacked by a hacker, there is little/no way to get your funds back.

Question 24. Collaborations and partnerships are some of the most important cornerstones to help improve adoption. Can you tell us about your current partners, plans for partnerships and what everybody stands to gain from these partnerships?Collaborations and partnerships are some of the most important cornerstones to help improve adoption. Can you tell us about your current partners, plans for partnerships and what everybody stands to gain from these partnerships?

We will announce soon.

Question 25. What is your strategy for building a strong community? Do you agree that the power of community will lead your project to develop globally? What services do you provide to the community?

Community is everything, we plan to be global

Question 26. What is the structure of this project, is it decentralised or a open sourced protocol where everybody can contribute? If so, how does the governance plan on being handled?

Governance will be a full DAO.

Question 27. As a Project that is just starting out on an awesome exploration into the Crypto ecosystem, do you think the presence of whales is necessary at this early stage or you intend to focus on smaller investors?

We are limiting whales as much as possible. Are average early investors are very low amounts.

Question 28. I’m new to crypto, and I trust a project. I ended up investing my hard-earned money; and some of them turned out to be SCAMMED, what guarantees will you give to a lay investor like me. that you won’t SCAMD? IS your project AUDITED?

Project has not been audited because we are still laying a foundation. Scammers are typically anonymous people trying to trick you. Our team is totally public and want to form relationships with each of our community members. We want to build trust and transparency within our ecosystem. It’s humans that drive this industry, we in no way want to scam people. We are simply offering protection from the bad guys.

Question 29. There are 3 major issues dominant in crypto and blockchain:

Security, Interoperability, and Scalability. so

How does Your Project plan to overcome and solve these issues?

We need a really good cyber security team, We plan to multichain, Are system naturally improves as it scales. We built it that way on purpose.

Question 30. How has the experience and background of your team been effective in the success of your project so far and how do you aim to revolutionize the field of blockchain and NFT?

We are always improving, their background has been essential and important.

Question 31. Many new projects develop well at first, but then fail to achieve good results. How will you manage and develop your project to gain a position in the market and become a good project in the blockchain industry?

A sound business model, sustainable infrastructure, blue chip partners and an undeniable tool to help DeFi are factors we believe will help gain a position in the market and become a home run project 🚀

Question 32. Apart of offer your services in decentralized Finance, are you able to do the same of CeFi or centralized platforms?

We will help Cefi with their exposure to Defi.

Question 33. Ambassadors play a very important role in every project, Do you have an ambassador program? If yes, how can I be one ?Can you expand our knowledge about Your Roadmap this year and the future and any Updates on your Research and development progress?

No we will make one, DM if interested.

Question 34. How important is the community to you? and how can we collaborate or help you for the development of the project?

1000000% critical to make Steady State a DAO. YOU can help by sharing the word of steady state, being active in our community chat, and holding RISQ to vote on the future direction of our protocol!

Question 35. Only getting users, holders etc is not everything. In my opinion, a project needs to deal with solving a real world issue or problem What is the problem that your project primarily focuses on?

We are insurance for protocols which will protect communities.

Question 36. Many new projects develop well at first, but then fail to achieve good results. How will you manage and develop your project to gain a position in the market and become a good project in the blockchain industry?

We are built to scale longterm.

Question 37. Token burning is beneficial to any project because it can control the number of tokens in circulation and provide investors with greater incentives. Does your great project have a plan for token burning?

No plan yet.

Question 38. Almost 80% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term?

Price drives people attention, of course. What differentiates us from other tokens/protocols is our token provides concrete value and utility that not only helps protect YOU (the individual) but the ecosystem you are supporting and the DeFi industry as a whole.

Question 39. Do you have a Global ambassador Program or any Reward System? Does I get any benefit from holding this token for long term?

Yes we plan to.

Question 40. Can you give me some characteristics that distinguish your project from other projects and how to convince whales to invest in your currency?

DAO, automated smart contracts, incentive based insurance, governance utility, 100% open team and interactive community members.

Question 41. Do you have any plans for ambassador programme role for your project growth and awareness? If yes how may I apply?What is the speed of the transactions on your platform comparing it with the normal Ethereum blockchain speeds?

PM me.

Question 42. Many projects start but get stuck along the way, could you tell me if you plan to stay active and offer projects and opportunities to the community in the long term?

ABSOLUTELY! DAO RUN LONG-TERM BABY!😎😎😎

Question 43. I’m a developer, and I’m interested in contributing to your project alongsides earning, Do you have any Bug Bounty to check for vulnerabilities ?

dm me

Question 44. Community support is one of the biggest aspects of a project’s success. Most projects have programs that interact with their users. Does you have any special plans to attract and expand the community and improve the user experience?

Community is everything.

Mr Hubert: Thank you @jonathanLibby, @nickscavuzzo for replying to the community.

So the AMA Steady State at Vietnam Coin Market (VCM) is also coming to an end. Hopefully in this direct exchange, the community has a basic understanding of the Steady State project. I am the moderator today. Congratulations to the Steady State.

Thanks @jonathanLibby for joining AMA with the VCM community today. Wish you much health and success.

Again, don’t forget to join the Steady State community for further assistance. Thanks everyone.

Link: https://linktr.ee/SteadyState.Finance

VIETNAM COIN MARKET COMMUNITY INFORMATION:

Website: http://vcmcommunity.online

Medium: https://chocoin-vn.medium.com

Youtube VCM: https://www.youtube.com/c/vietnamcoinmarket

Youtube AI: https://www.youtube.com/c/angelinvestorcommunity

Twitter VCM: http://twitter.com/chocoin_VN

Twitter AI: https://www.youtube.com/c/angelinvestorcommunity

Facebook: https://www.facebook.com/vietnamcoinmarket

and group: https://www.facebook.com/groups/vietnamcoinmarket