WISE PROTOCOL AMA recap with Crypto Society
3rd December 2020
Bilo 2000
Hi @Wise_Staking It’s our pleasure to have you with us today. I would like to welcome you here on behalf of our entire community.
Peter | WiseStaking.com
Thank you!
Bilo 2000
Could we begin with a brief history of yourself and your team, and your roles at Wise Protocol and what you were doing before this?
Peter | WiseStaking.com
Yes (and you can see our bios and LinkedIn profiles on our home page as well). I come from a military background and previously was a competitive gamer. I have 2 developers on my team as well, a mathematician, and a designer. These 5 comprise our core team, and we also have a dozen people who have influenced the creation of our tokenomics in the beginning.
Bilo 2000,
Nice to know. Thanks for that. How and where did you first encounter crypto?
Peter | WiseStaking.com,
I stumbled across my first crypto video on YouTube back in 2017. Unfortunately it turned out to be a big scam, but I walked away with a huge fascination for blockchain technology, and I have been dedicated to learning everything I can about cryptocurrency and blockchain tech ever since.
Bilo 2000
Sounds like many of us. We all have unfortunately experienced this.
Can you tell us about why you thought Wise protocol needed to be built and what problem it solves?
Peter | WiseStaking.com
Yes, WISE needed to be built because of these scams and poorly designed projects. I had been looking for a specific model for years and finally decided to build it myself. WISE is asset backed crypto. The value is protected with a huge pot of ETH (that’s our ownerless Uniswap liquidity pool). This technology gives WISE a price floor. The problem it solves is that most of the times in other cryptos, your investment is not backed by any assets. WISE is backed by a massive pool of Ethereum.
Bilo 2000,
Thanks that’s really interesting. How did Wise protocol start?
Peter | WiseStaking.com
Pretty much as soon as I discovered Uniswap.io I knew I had to build it. That was the missing piece of technology. For the first time ever, anyone can create cryptos that are backed by assets simply by creating a liquidity pool made with the ETH people sent in to by the tokens, then burning the Uni LP tokens (keys). By creating an unremovable pot of ETH tied to your crypto (in our case the ETH/WISE pair on Uniswap) it creates proof of value and a price floor for that crypto.
Bilo 2000
It’s a brilliant idea. Im glad you thought about it and implemented it!😀
Peter | WiseStaking.com
We are of course betting on the price of ETH, but as long as ETH is valuable, WISE will be valuable.
Thanks!
Bilo 2000
You’ve set Wise up as a foundation, a non-profit organisation, can you explain why this is important to you.
Peter | WiseStaking.com
Any long term crypto project HAS to be non-profit. Look at BTC…it doesn’t cost a premium to Satoshi to buy. Look at ETH…it doesn’t cost anything to make a smart contract (programmable money) in the Ethereum network. These are the #1 and #2 market cap crypto’s and other projects should have taken the hint by now. You can’t charge greedy premiums and expect other people to want to build things in your system. Profit sucking, fees, and paying yourself a percentage of the supply are big no-no’s if you want to survive in crypto. WISE is an ecosystem anyone would want to enhance and build things in because it’s fair.
Bilo 2000,
I love the reasoning behind the answer! many of today’s serious projects that we are interested in have the same vision.
How would you describe Wise protocol if you were talking to someone unfamiliar with digital assets?
Peter | WiseStaking.com
It’s an asset backed investment tool that is programmed to earn interest by locking it up over periods of time (similar to a bond).
Bilo 2000
Thanks — that’s very concise and easy to relate to.
What is the Wise token used for? Can you describe the Tokenomics?
Peter | WiseStaking.com
WISE itself is currency for the WISE DeFi ecosystem. You need WISE in order to do anything within the system. Our second layer protocols deal with insurance, lending, and staking stable coins (DAI). You wouldn’t be able to use many of the services offered without WISE.
Peter | WiseStaking.com
And since WISE is backed by ETH, the heart of that question is “what is the use of Ethereum?”
Bilo 2000
Hahaha — you’re right!
On your website, you offer to refund 70% of the gas fees for the first 20,000 ETH sent to the contract. This is pleasantly unusual.. Why did you decide to do this?
Peter | WiseStaking.com
Because WISE was made not just for big whales, but for the person investing $100 or less. Gas fees in the current ETH network have been high, and it was important to us to mitigate this issue. Please note that the reimbursement was only available for the first 20,000 ETH that came into the contract, and that goal was hit on Nov 21.
Peter | WiseStaking.com
Luckily gas is back down to like $2 a transaction now.
Bilo 2000
That’s very noble and I’m sure quite appreciated by all. It also shows that you are thinking of your supporters and reinforces your belief in your own project. Congratulations on that!
Peter | WiseStaking.com
Thank you! It was successful as well. Many investors have invested 1 ETH or less total.
Bilo 2000
You’re token ‘sale’ is pretty different from the usual models, with daily token reservations currently ongoing over 50 days. Please explain the thinking behind it and the best way for a potential investor to navigate — is it better to add ones investment on a single day or spread it?
Peter | WiseStaking.com
The safest way is definitely to spread it out over all days and this is the intention. Other auction type token sales have created massive price differences between the auction days, and this is not healthy for the project. WISE successfully flattened the curve so to speak. It’s a very fair launch.
Bilo 2000
This again is quite innovative and kin to Dollar cost averaging which is something we recommend all the time
Also some of these days are not fixed allocations and in fact lotteries within a given range. I understand that this is managed by the Provable Oracle API — please tell us more about this element.
Peter | WiseStaking.com
Absolutely! And it’s very hard to DCA when all the days aren’t open to invest. We have a button to easily DCA over all remaining days.
Peter | WiseStaking.com
Sure! you can see a link to Provable API on our home page to learn deeper as well. Basically that service provides provable randomness delivered on chain. That’s the only way to do it since anything else in the code could be manipulated and taken advantage of by the people who understand it.
Peter | WiseStaking.com
Random days are truly random.
Bilo 2000
You’ve already raised nearly 30,000 ETH, which is an amazing amount around half-way through the reservation period. Did you have any preconceived target for this and is it surpassing expectations so far?
Peter | WiseStaking.com
[I always had 50,000 ETH in mind. Looks like we will probably hit that which would put us at the #6 or 7 largest pool on Uniswap to start off. Of course I think we will raise to #1 after that since all future buys happen on Uniswap and increase the value of the ETH pool.
Peter | WiseStaking.com
That’s pretty good considering the top 5 spots are stable coin pairs and BTC!
Bilo 2000
it is very impressive and a very encouraging sign for anyone contemplating investment
Can you tell us a little about the Axion launch and What has the Wise dev team learned from it and how you intend on preventing such exploits in the wise staking platform when it is launched on Dec 31st.
Peter | WiseStaking.com
It’s actually Axion who should have learned from us😂! Axion outsourced their dev team and got their audits on code that was not yet deployed to the network, allowing a malicious actor to slip something in before deploying. WISE dev’s are in house, and our code is already deployed for all to see. In addition to tests and a formal audit, we are running a bug bounty program for all with a 100 ETH bounty for all critical errors found and 1 ETH minimum for small errors. I’ll link the video here for how to participate.
Peter | WiseStaking.com
Bilo 2000
Good to know. That’s a great way to incentiviseThe WISE Liquidity Transformer will be able to accept six tokens (Bat, Maker DAO, Dai, Ox, Loopring and Kyber network) and convert them through Uniswap into ETH for WISE reservations. Why did you specifically choose these tokens?
Peter | WiseStaking.com
Just popularity. Any ERC 20 token will work, but if it’s not one of the 6 then you have to interact directly with Etherscan. Also please note that Tether is not compatible this way and has been removed. You would have to swap USDT for ETH first if you want to invest that way.
Bilo 2000
I understand. Yes thanks.
Are there any additional steps (aside from the 70% refund) you are taking to ensure the gas fees are kept minimal for both staking and withdrawal as that is the major concern in eth platform
Peter | WiseStaking.com
Our entire contract was developed with gas efficiency in mind. For investing on one day it has been around $2 lately, and if you combine multiple days at once you will save over 50% in total fees (should expect about $30 if you spread across all days).
Peter | WiseStaking.com
Of course we all can’t wait for ETH 2.0 hehe
Bilo 2000
I’m glad you have kept this in mind as is evident with the 70% refund on gas fees you offer your investors
Bilo 2000
Hahaha we all can’t wait!
Can you explain a little more about how the staking mechanism will work and what kind of yields potential investors can expect?
Peter | WiseStaking.com
Yes, the system is programmed to generate between 10% — 30% interest annually for investors (this is you earning more WISE. Actual ROI could be 100x on top of that depending on how the price of ETH and the price of WISE perform).
Investors may choose to stake their WISE for any period of time between 1 day and 15,330 days. During that time their WISE principal is locked (burned actually). Once their stake is over, investors can mint their original WISE back plus their interest. If investors must end a stake early, there are penalties to principal which get 100% distributed to remaining stakers in the system.
Bilo 2000
I and I’m sure all interested parties really appreciate the clarity and simplicity in the methodology. Cheers
Peter | WiseStaking.com
Simple is better 🙌
Bilo 2000
Aside from what we discussed so far, Are there other matters you are currently working on and can you describe your future roadmap?
Peter | WiseStaking.com
Yes, I briefly mentioned WISE insurance and WISE lending. These are additional 2nd layer contracts being built on top of WISE. Insurance is a way to create stakes that can be ended at any time without massive penalties like regular stakes have if you choose to end early. Lending is a staking contract that allows you to use your current active stakes as collateral to get a loan in DAI stable coins. (Ex if you have a $10,000 value WISE stake in the system you might be able to borrow $4000 worth of DAI using the stake as collateral. Pay your loan payments on time and all is good. Small penalties if you are late, and if you completely default then the contract forecloses on your stake. This contract also allows us to offer an additional form of staking since investors can stake DAI for a set APY that blows away the current competition.
These are just the first 2 things in our pipeline.
Bilo 2000
Insurance is going to be huge in this ecosystem. I’m glad you thought about incorporating it. Congratulations once again for your foresight!Are you working on other crypto projects or perhaps some partnerships?
Peter | WiseStaking.com
Yes. One of my favourite ones is an exchange project that will create more ways to on-board users into WISE. Q1 2021 we should have this incorporated on our website so that you can swap BTC, TRON, and 200 of the top coins directly from your wallet into your Metamask wallet on the ETH network as WISE within 30 minutes.
Bilo 2000
So you will deploy your very own DEX?
Peter | WiseStaking.com
No, it’s a partnership, so we will incorporate the front end into our website (probably right next to the Uniswap WISE/ETH pair which will also have the front end incorporated into our website.)
Also, not a DEX. It basically is a service provider that monitors 9 different centralized exchanges to find you the best rate in swapping your coins into WISE. The reason someone might want to use it is to avoid the hassle of sending their coins to an exchange, setting up the orders themselves, then doing whatever conversions are necessary to get it into WISE. You just plug in your wallet A address and say for example convert .3 BTC and then plug in your B address of your MetaMask wallet. In 5–30 mins your WISE will arrive.
Bilo 2000
Ok I understand now. Thanks for clarifying. Great ideas!
We all know that privacy is important. What does privacy mean to you? And How can Wise protocol help people who are concerned with privacy? And why would they look towards your project with interest?
Peter | WiseStaking.com
Well everything is transparent on blockchain, but if no one knows your ETH address, then you are private. WISE requires no KYC or anything like that. Privacy is very important, but we are not trying to be a privacy project like Cardano or something. Decentralization, security, and control is what WISE focuses on. Privacy is just natural since you can create a new MetaMask wallet without anyone knowing who you are. Just be aware that all transactions are transparent on blockchain and anyone can follow the money if you give yourself away.
Bilo 2000
Finally, one of the key concepts of Wise is referrals… Can you please explain how people are rewarded (both referrers & referees) from this and how the rewards are generated?
Peter | WiseStaking.com
Yes, WISE has a direct referral system that functions like a referral link to an Amazon product. If anyone buys WISE through your link, you get rewards.
For users who use a referral link: They get 10% more WISE when investing and 10% more interest earning power when staking. (Does not matter which link you use)
For referrers trying to make money by promoting their link: They need to refer 50 ETH or more to the contract and then they get 10% commissions paid to them in WISE on Dec 31. So for instance if you referred 80 ETH you would get 8 ETH worth of WISE that you could immediately stake or swap for 8 ETH on Uniswap immediately.
After Dec 31st the program changes. Instead of rewarding WISE purchases from the contract it rewards STAKING for 365 days or longer.
Bilo 2000
It’s a bit cheeky but we have a Crypto Society referral link and since those using it benefit, would you be happy if we shared it?! 😁
Peter | WiseStaking.com
Yes please do! Everyone should use a link 👍
Bilo 2000
https://wisetoken.net/?w=0x55F96d219e1fa92163D90EbCAA2111F3c520A83B
Do you wish to let us know anything else that was not covered in the questions above?
Peter | WiseStaking.com,
Yes, WISE has an economically decentralized supply, meaning nobody got any WISE for free (as is the usual in other projects). I have to buy WISE from the auctions just like any other investor. 1/2 the supply is auctioned (happening now) and the other 1/2 is locked onto Uniswap for future investors to buy. This is all part of the fair, non-profit system that makes up the base layer of our ecosystem. I do not make any money on the base layer system, and my incentive is from my own investment into the auctions and from referrals. Of course everything I’m building on top of WISE is for profit, but the key difference is that anyone can compete with me fairly because the base layer system is pure.
This is the way crypto should be and I believe this is the main reason WISE is doing so well. People are hungry for a fair DeFi banking system.
Bilo 2000
At risk of repeating myself, I am very impressed with the simplicity and openness of your project!!!
Bilo 2000
Thank you for your time in answering our questions here today. We are all very appreciative of your time and of the answers you have provided
With this, we will open up the chat for those who wish to personally thank you for your time with us here today.
Peter | WiseStaking.com
Awesome! Thank you very much for hosting!
Referral Link:
https://wisetoken.net/?w=0x55F96d219e1fa92163D90EbCAA2111F3c520A83B
