Timechain x Satoshi Club AMA Recap from 24th of September
Hello, Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Timechain and our guests were @timechain1, and @dubwiserenzo — representative of Timechain. The AMA took place on the 24th of September.
The total reward pool was 500$ and has been split into 3 parts.
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Website
Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with Timechain! Welcome to Satoshi Club
Gold Rocket | Satoshi Club:
Today our guests are @timechain1 @dubwiserenzo
Dubwise Renzo Ξ:
Hi Guys, glad to be here! @timechain1 will lead the AMA ^^
Gold Rocket | Satoshi Club:
Hello and welcome to Satoshi Club, @timechain1 @dubwiserenzo
How are you doing
Louis @TC:
Hello! Happy to be here today.
Mary | Satoshi Club:
Hello! Happy to see you here
Gold Rocket | Satoshi Club:
Nice to e-meet you guys
Mary | Satoshi Club:
So, let’s start our AMA
Could you please introduce yourself and tell us more about Timechain
Gold Rocket | Satoshi Club:
Introduce yourself, please. How did you get to be involved in crypto & Timechain @timechain1 @dubwiserenzo
Tell us please about your position in Timechain.
Louis @TC:
I’m a serial FinTech entrepreneur with more than 10 years of experience, including launching a successful mobile app with over 1 million downloads. I have worked across different disciplines including corporate development, product development, business operations, and strategy–so you could say I’ve been around the block a couple of times. I have also been involved in the process of recognizing Bitcoin to not be security in Canada. Many actors in the industry wrote letters to the regulators to give them arguments against making it security.
Prior to starting Timechain, I was the CEO of a search engine optimization (SEO) marketing firm. Nevertheless, I am a humanitarian with a vision: to empower everyone to manage themselves and their assets. That is where my drive for Timechain originates.
And big fan of FTM
Dubwise Renzo Ξ:
Hey, I’m an advisor and Community Manager at Timechain. Got into crypto in the 2017 hype, went through the rabbit hole on Telegram and Reddit, got to know about ETH DeFi through the Yam hype and now we here helping out projects growing their community and finding great strategic partnerships.
Mary | Satoshi Club:
Yes, you have good taste
2017 brought us a lot of brilliant users
What is Timechain and it’s main goals?
Louis @TC:
Timechain is all about democratizing and humanizing global finance. We build products that provide access to the best platforms for crypto and fiat. TCS eliminates the need for crypto users to be active on multiple DEX platforms and monitoring liquidity by bringing some of the most liquid markets (FTM, BSC, ETH) together on a single platform. Our main offering is https://TimechainSwap.com, an all-inclusive DEX ecosystem. We will be introducing additional features as well, which will be announced in the next few weeks, but as of right now, when swapping on
TimechainSwap you can expect :
No Transaction Fees
No Slippage
100% Your Gain
100% Our Satisfaction
Which translates to the best price possible for our users
Gold Rocket | Satoshi Club:
Btw great background
@timechain1 @dubwiserenzo
Mary | Satoshi Club:
Are you first swap on Fantom?
Gold Rocket | Satoshi Club:
Sounds really ambitious
Louis @TC:
We are not the only swap on FTM but we want to be the one offering the price for the users. We can say that we were the first efficient SWAP on FTM
Dubwise Renzo Ξ:
Fantom has a bunch of DEX’s like Spookyswap and Spiritswap but we make a difference by being a DEX aggregator. We aim to provide the fastest, most affordable transactions by routing transactions through multiple DEX’s. Fantom is a perfect case of liquidity all over the place which gives us the opportunity to offer the best return on the entire network right now.
Spiritiswap, Spookyswap, Paintswap, Sushiswap, Curve, Waka Finance, Hyperjump, and Elk Finance are among the prominent DEXs on the Fantom Opera Network that Timechainswap currently aggregates.
Mary | Satoshi Club:
Gotcha
who is developing Timechain with you? How big is your team?
Gold Rocket | Satoshi Club:
Tell us about the benefits of Timechain. How is it different from others?
Louis @TC:
You can see our team on timechain.com. We are 26 in total right now and we are aiming to grow +10 by the end of the year. We have team of PhD and Master engineers from one of the top university in Canada
Dubwise Renzo Ξ:
This is where things get very interesting. TCS is all about saving money — so much so that we took a three-pronged approached to guarantee those savings:
The Routing Algorithm
Juggling multiple DEXs is not a straightforward process. Let’s assume we want to swap some USDT for some BUSD. Using Figure 1 as a reference: is it better to swap USDT directly into BUSD or is it better to swap it to DAI and then to USDT? Which DEX should be used for each transaction? This is the kind of optimization problem that the routing algorithm solves automatically.
The Distribution Algorithm
Moving large amounts of crypto can be costly due to how they impact liquidity pools (LPs). Rather than moving them in a single lump, it is cheaper to split larger sums so multiple LPs can be used. However, managing these splits and their subsequent routing requires additional logic on top of our Routing Algorithm, which is where the Distribution Algorithm steps in.
The Optimus Gas Reduction Modules
We all know it: when it comes to crypto, transaction fees are as awful as they are unavoidable. They can, however, be significantly reduced whenever transactions are handled in batches, which is precisely what Optimus does. Think of it as a type of “X for the price of 1” discount.
Gold Rocket | Satoshi Club:
Great dream team
Mary | Satoshi Club:
Cool intro, guys! Now i am really excited to see your answers for the questions from our community
we choose 6 for the first part
ready?
Louis @TC:
Ready!
Dubwise Renzo Ξ:
Awesome, come at us!
Q1 from Telegram User @yellowchamp
As you stated in your website that you have to get notified minutes before your app launches by being one of the first 10,000 fully registered users. So, can you tell us what are the bonuses or privileges awaits for your first 10,000 fully registered users? What are the advantages to be part of the first 10,000 fully registered users in your incoming application? How to register in your app? Can you share some links? As you launch your mobile application, can you share with us in advance the great features and highlights of your Timechain application? Is this mobile app will be available on both Android and iOS devices? Thank you.
Louis @TC:
Hi there, @Yellowchamp You will receive TCS tokens if you are one of the first 10,000 users that registered on the app. If you haven’t already you can register in the link below!
https://mailchi.mp/timechain/pre-registration
In terms of the app, all users will receive a link via SMS and email that will direct them to the App Store/Play Store to download it.
Here’s a quick rundown of the app’s features:
1 Universal Wallet: All of your information is in one place. An easy-to-understand breakdown of your transactions is available. For each currency type, you can view your transaction history. Connect your wallet to other cryptocurrency wallets and Canadian financial institutions. Keep your crypto and fiat money in the same place.
2 Money Transfers — Canadians Only
Sending money can be social. To e-transfer funds to a friend or pay a supplier, you no longer need to ask for the “security question and password.” Simply take your Canadian dollars out of your Timechain wallet, enter the amount, and press send. This feature is similar to the American app “Venmo”.
3 Messaging Feature: Easily communicate and send money. You have the ability to request and accept payments. Payment Requests can also be accepted or declined. Directly from the app, send e-mail and SMS messages to your synchronised contacts. Without leaving your conversation, request and accept payments in the same simple way.
Make use of the resources we provide to get where you want to go.
Keep an eye out for updates on our website, which is currently undergoing a major makeover and will provide you with all the information you need next week!
P.S. Our app will be available on both Android and iOS.
Louis @TC:
Mary | Satoshi Club:
Do you already have 10000 registered users?
Louis @TC:
We still got space! Feel free to register!
Mary | Satoshi Club:
Oh, it’s nice! Satoshiclubbers, you need to join
Gold Rocket | Satoshi Club:
Thanks for your answers
Ready to proceed to the next question?
Louis @TC:
Q2 from Telegram User @Ajpaa
TimechainSwap IDO Platform will provides a robust and fair environment for IDOs to take place, with an interesting reward scheme for TCS holders. In addition to TCS IDO unique whitelisting method you went on to integrate Chainlink’s VRF (Verifiable Random Function). What are the uniqueness that your IDO platform offer? What are the importance of integrating Chainlink’s VRF and how will it impact your launchpad? Lastly what is the difference between Coin-Age Processing Model and Multi-Level Offering System and what opportunities do they offer for IDO participants?
Louis @TC:
The TCS IDO platform initially developed a unique method by integrating Chainlink’s VRF, which is a fair, unbiased, tamper-proof, and cost-effective source of on-chain randomness.
Advantages
- Enhanced liquidity through liquidity pools
- Immediate trading
- Lower cost vs. listing on centralized exchange
- Open, fair and decentralized fundraising
Features
- Fair and decentralized platform for the distribution of newly launched tokens
- On-Chain RNG powered by Chainlink VRF to cut market manipulation
- A wide range of available liquidity pools over the BSC, ETH and FTM networks
- Transparent vesting thanks to our locking and TimeLock smart contract
- Smart Contract Auditing by our team
Participation
IDO projects will involve a dynamic minimum requirement for staking based on the amount of tokens and the TCS token live price. To participate in an IDO on the TCS platform, it is a prerequisite to stake TCS tokens equalling to a set number of tokens. Combined with a tiered offering system, the probability of winning in an IDO is thus increased by holding a longer/higher number of TCS tokens. The maximum number of tokens earned will be equal to a multiple of the current TCS token price.
If any other readers are interested in the technical details of our solution, you can find our whitepaper at : https://docsend.com/view/z9vx27j3jif5didp
Mary | Satoshi Club:
When you will launch IDO platform?
Louis @TC:
This year!
Dubwise Renzo Ξ:
Yes Q4
Mary | Satoshi Club:
Also, how you will choose projects for your IDO platform?
Gold Rocket | Satoshi Club:
So soon
Mary | Satoshi Club:
Do you have special requirements?
Dubwise Renzo Ξ:
They will be vetted through whitelist forms and audit companies
Louis @TC:
We will announce the details in the coming months, but I can say that the process will be fair and we will have a DD process to ensure the quality of the projects
Mary | Satoshi Club:
Super! Sure everything will be transparent!
Thank you for your answers! Ready to go to the next question?
Dubwise Renzo Ξ:
Always
Q3 from Telegram User @Pavel_Jarosh
Hello Timechain! As I’m also from Montreal, a customer of Royal Bank, and I see I can connect my banking account directly to Timechain application. Does it mean that the details of my banking account will now be available to see through Timechain? Or I can only access them in case I trade through Timechain?
Louis @TC:
Hey!!! @Pavel_Jarosh, a fellow Montrealer It’s wonderful to see some Montrealers here!!!!
Go Habs Go!
So, in essence, the Timechain wallet is a universal wallet that allows you to withdraw and deposit cryptocurrency as well as Canadian dollars from your personal checking account. When you create your account and complete the KYC (Know Your Customer) verification process, you will be given the option to link your checking account. The goal is to make the process of buying crypto and sending money as simple as possible. We do it all. Timechain is a one-stop-shop for all things related to cryptocurrency and financial accessibility.
We appreciate your support and are excited to have you as a member of the community. Here’s a sneak peek at the wallet so you’ll know what to expect!
Louis @TC:
Mary | Satoshi Club:
All users will need to complete KYC?
Dubwise Renzo Ξ:
If you wanna use the fiat on-ramp features, yes.
Louis @TC:
All FIAT features will require KYC — For Canadians Only
Mary | Satoshi Club:
Oh, that’s nice! I like this!
Thank you for your answers! Ready to jump to the next question?
Gold Rocket | Satoshi Club:
Thanks for detailed information.
Louis @TC:
Let’s go!
Q4 from Telegram user @Cheriemike
On Monday 20th September 2021,the $TCS token will have an Allocation Mining Event with Launchpool.Can you tell us the activities that will be done in the event?What is the allocation size and price token for the event?Is the event open for everyone or is just for Launchpool community members?If it’s opened for everyone to participate,how can we then participate in it?Due to regulatory reasons,are there any countries that are restricted in participating in the Allocation Mining Event? Thanks
Dubwise Renzo Ξ:
Find all the relevant Launchpool — @launchpoolxyz AME info here they have additional KYC and country restrictions: https://launchpool.medium.com/timechain-ame-details-7da0d31c6919
We have no additional KYC for the @TosDis IDO on the 27th of September.
Mary | Satoshi Club:
Even North Korea can join?
But i think Launchpool will restrict them
Dubwise Renzo Ξ:
For the Launchpool AME make sure to check details on their end!
For the TosDis IDO we have no additional KYC, anyone can join. Find more details here https://twitter.com/TosdisFinance/status/1438595362319749122
Louis @TC:
They are restricted for obvious reasons but check the link above for more details
Mary | Satoshi Club:
You will have first and last events of such type or maybe you are planning more events in the future?
Sure
Louis @TC:
Yes, more to come, @dubwiserenzo is working hard to get us more exposure!
Mary | Satoshi Club:
Please, when you have news, don’t forget to share with us!
Dubwise Renzo Ξ:
No more IDOs or AMEs, listing is a day after IDO.
Mary | Satoshi Club:
Thank you for your answers! Ready for the next question?
Gold Rocket | Satoshi Club:
By the way, you have a great discord channel
Q5 from Telegram user @Ajpaa
Timechain is said to be a DEX aggregator built on the Fantom Network. Considering the fact that there are other popular and well-established Networks like BSC, Ethereum, etc. What are the reasons why you choose to build on Fantom Network? What advantages/benefits does Fantom Network offer the ecosystem that makes you build on it? What are your future plans to integrate/build on BSC or Ethereum?
Louis @TC:
All the credit to @dubwiserenzo
Dubwise Renzo Ξ:
Thanks! For anyone that didn’t join yet, make sure to have a look! Fantom communities are mostly based in Discord and we’re doing a lot of giveaways in there! discord.gg/fUKFzBVHXz
Louis @TC:
Fantom was attractive because:
The network is expanding rapidly, the TVL has tripled in the past month https://defillama.com/chain/Fantom
It has low and fast transaction fees, which often results in more transactions overall. More transactions = more business for DEX’s and DEX aggregators like ours.
The Fantom community is very vibrant, we have some community leaders deeply rooted in the Fantom ecosystem with connections everywhere. The community has been very supportive of our project since its early phases. In 11 days we have a live interview scheduled with the biggest Fantom community to give an example https://www.youtube.com/watch?v=LMTjAE7f_ZM
Regarding other networks, we already plan to expand to BSC and Ethereum close after launch, with many more networks we’re currently exploring. We want to bridge together as many different networks as possible so our users don’t have to shop around for whatever token they are interested in ever again with the end goal to make it all interoperable and cross-chain in the future!
Mary | Satoshi Club:
So, cross-chain DEX?
Louis @TC:
Yes, Multi-Chain Dex Aggregator
Mary | Satoshi Club:
That’s nice! Can’t wait to try it! We really need more freedom in this space
Gold Rocket | Satoshi Club:
Thanks for your answers and clarification
Mary | Satoshi Club:
Thank you for your answers! Ready for the 6th and last question from this part?
Louis @TC:
Looking forward to it!
Q6 from Telegram user @victorogb
From available information on Timechain’s aggregator function, it is stated that TCS will help users seamlessly access better Swap prices with reduced gas fees by getting the best result from connected DEXs and DEX aggregators. Can you briefly explain how the Protocol will efficiently perform this task, and what DEXs and aggregators will Timechain source its price feeds from? Also, it is stated that Timechain will create a launchpad for projects and also launch a bridge model for easy token conversion within your supported chains of BSC, ETH, and FTM. Can you briefly talk about these important features, when should we expect their full integration and use?
Louis @TC:
We have several modules to help our users reduce gas fees and get better exchange rates. One of our modules finds the best path for the transaction to take, even if it involves using more DEX’s, because it automatically spots opportunities for arbitrage and reduces slippage. Another module will calculate how to split (route) the sum transacted in the most efficient way to reduce the impact that the transaction has on the involved liquidity pools.
As for what DEX’s we cover out of the box: we already include Spiritiswap, Spookyswap, Paintswap, Sushiswap, Curve, Waka Finance, Hyperjump, and Elk Finance into all our routing. Obviously, we want to include even more DEX’s across all networks because having a wider pool of options gets our users the best prices.
Regarding the bridge functionality, a common problem that crypto users face is transferring their crypto assets from one network to another. Conducting that kind of operation is very tedious and error-prone at the moment, regardless of what platform and tools you may use. Our bridge module aims to facilitate that process. Whenever our users want to move their assets from one blockchain network to another, it automatically takes care of all the busywork and leverages our transaction efficiency modules to not only avoid errors, but to make the transaction as cheap as possible.
Mary | Satoshi Club:
Did you already test this functionality? Or you’re in the process of developing?
I mean bridge
Dubwise Renzo Ξ:
Dex aggreagtor is live at https://timechainswap.com/
Bridge module is currently being tested internally and will be ready to launch after our TGE
Louis @TC:
Yes, the bridge is in security audit right now
Gold Rocket | Satoshi Club:
Sounds great. Safety first
Mary | Satoshi Club:
Wow! Which audits do you currently have?
Louis @TC:
TimeChainSwap-Gordian-AuditDownload
Part 2 — live questions from the Telegram community
Q1 from Telegram user @highpee
With regards to your BRIDGE, you said it will revert bridge requests when TRANSACTIONS fail to reach the destination network after two attempts. What could cause this type of failure and will the revert include a full refund of all the assets involved?
Louis @TC:
Yes, ”full refund” since it was not sent anyway.
Q2 from Telegram user @Rinhere
Why did You decide to Build a DEX aggregator on Fantom Network,
what benefits does it add to the Platform?
Louis @TC:
FTM is
and has a growing community that has a lot of potential. An aggregator was missing in the ecosystem that why we decided to start with FTM.
Q3 from Telegram user @iam12312
When do You plan to launch Android/ios Application?
Can You share about its Function & Features that it will have?
Louis @TC:
You can go to on timechain.com to have more details about our upcoming mobile app. Get on the list!
Q4 from Telegram user @Rinkus987
Is Your Project name ” TIMECHAIN” is derived from Blockchain Or It signifies Something else? Why did you set this name?
Louis @TC:
When I started learning about Bitcoin and Satoshi. I went deep into the rabbit hole. I discovered that Timechain might be bridge between the Metaverse and reality. We want to provide an efficient bridge between the two worlds.
Dubwise Renzo Ξ:
@timechain1 ones told me it was used by Satoshi back in the days when Bitcoin technology was still an idea. He referred to Timechain as the word we all know these days as Blockchain. He wanted to revive the name Timechain ^^ https://cryptoinsider.media/timechain-satoshis-original-vision-blockchain-bitcoin/
Q5 from Telegram user @mobilejii
Even a popular Dex like pancakeswap has suffered hacking in past. How strong are your security measures and safe from hacking? Do you have a good Audit report?
Louis @TC:
Yes, as previously posted. We did several audit reports and external audits with SecOPS to ensure security. We will continue to invest in security throughout our journey!
Q6 from Telegram user @tatarrama
Most projects place too much emphasis on User experience. Can you tell us about what the Timechain team is doing to provide the best user experience, especially for new and inexperienced users?
Louis @TC:
We spent a lot of time and resources perfecting the UI/UX. BTW our DEX has a new UI
We will continue to update the UI and be ready to see our new website timechain.com next week!
Q7 from Telegram user @messilolz
Does TimeChain have any tutorial guide? How easy is it to use your platform? do you have any videos to learn for beginners?
Louis @TC:
We are working on a guide book similar to PancakeSWAP to help users on the DEX and Mobile app.
Q8 from Telegram user @Tahsinahmett
Time Chain has established trust by giving staking, yield farming, trading, and multi-action features that can make the $TCS token valuable. Every project tries to do these. Can you explain why Time Chain’s $TCS is better than other tokens? What is your difference?
Louis @TC:
FTM still need a lot of features to help grow the community. I agree that ETH and BSC has similar feature, but FTM is still lacking most ”common” features like these. The other aspect is that we are actively building for the ecosystem. We will be ready for the next big thing in 2022+.
Q9 from Telegram user @coinerman
Interoperability is becoming one of the most important issues for the future of blockchains. With so many layers 1, it is becoming more and more important to have a seamless bridge between chains. In this new plane, what will be the advantage of Timechain over existing cross-chains?
Louis @TC:
Excellent questions! We need to increase the TPS and reduce the gas fees without reducing security which is the hardest part. Layers 2 are becoming mainstream but still need more time to be more secure. Having a multi-chain routing system help accelerating the whole ecosystem of Layer 1.
Q10 from Telegram user @captainprice111
Do you have a license to operate in Canada? Do you have an audit for AML procedures, and who are you audited by? Will TimeChain be able to manage and keep up with massive traffic across massive cross-chains?
Louis @TC:
Yes, we have an MSB license to operate in Canada. We worked with Outlier and Fasken to build our KYC, AML, and Data policies.
Part 3 — Quiz Results
In the final part, we tested your knowledge in terms of Timechain. They’ve prepared 4 questions for this part. The total reward pool for the quiz was 300$.
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