AMA With VERUM|| FEB-04–2021
Verum team has taken AMA in Crypto Avengers TG Channel and helped us to know about Verum. you can check full session details below.
CryptoAvengers: Can you tell us something about the team?
Verum: Hello I am Tomas. I am the CTO of the project.
The team presently consists of 6 members. 3 of us are working with a Fortune 500 Firm based in US. Basically all of us have technical backgrounds in blockchain development and cloud services.
The 4th guy is our main developer and coder, who is Ex Wanchain and has been working freelance for the last 3 years for several blockchain projects. He specializes in development and management of dexs and has keen interest in Substrate web application and dapps.
The remaining 2 team members work in backend errands, community management and others.
CryptoAvengers: Wow that sounds great. So you guys are ex wanchain.. Good
Verum: Yes
CryptoAvengers: Can we get to know why team is Anonymous?
Verum: this will require a bit of explaination..let me explain.
The team prefers to stay anonymous considering the following:
1. legal environment of the state of residence of the team.
2. Verum is essentially a community oriented project, the team will play only a supportive role in the project once contracts deployed and project is listed; we would want to see the community take this forward.
3. Centralized nature of a coin is always considered a point of failure.
4. The team would not want to be liable for any legal/tax/penalty or any other sort of implications that may develop in future due to involvement in the project.
5. The beauty of crypto is decentralization and anonymity and the same needs to be respected and promoted.
CryptoAvengers: That’s good to know,However anonymity has been compared to rug pull often in crypto…
Doesn’t that concern you?
Verum: Yes ofcourse.. it does concern… however this project is going to be essentially a community project and in due course of time the team will have a minimal supportive role to play
CryptoAvengers: It sounds good and looks like Legitimate Anonymity is being promoted by Verum.
Verum: and as explained once we have our smart contract running and liquidity locked , i dont think that it will be some thing that investors or community has to worry about, moreover there are a number of anonymous projects that have done extremely well.
CryptoAvengers: This already answers my next question 😀
My next question was will liquidity be locked in uniswap? How soon.
Verum: Locking of liquidity will be done in the first 1 hour of Uniswap listing for a period not less than 12 months. Further re-lock will be decided after community voting. hope that clears your question better😊
CryptoAvengers: Nice.. So next liquidity lock will be decided by community? So basically you and your team ia focusing on maximum governance given to community.?
Verum: exactly… reiterating what i said above, we intent the project to be a community driven project in due course of time.
CryptoAvengers: Good thinking. Nice to hear that, My next question is We have seen many deflationary tokens till date.
How Verum Protocol is different than those?
Verum: Verum protocol is the first true deflationary token that will go live on the Polkadot ecosystem/Moonbeam once it goes online in Q2 2021. The present concern about the ridiculous ETH gas fee is one of the reasons why many a project are not successful after being launched on the ETH network and the same makes sense. The exorbitant fees along with the deflationary model of the token creates a large loss to token holders when they sell. So despite the token gaining in value, the investor tends to lose a chunk of his money while selling. A lot of investors in the crypto-space are small investors and cannot afford the exorbitant fees and still make gains trading. Verum intends to solve the same.
CryptoAvengers: That’s good…
Deflationary tokens haven’t solved much until now.. And of course token velocity also matters a lot in the success of any project. Just my opinion
Verum: yes I agree to the token velocity issue.. and as i mentioned, the fees issue is a big hinderance to what is happening atm
CryptoAvengers: Makes sense.,My next question is your code audited? As many of projects fails due to bug & loopholes in code.
Verum: The Code has been audited by our team of of in house developers and we are 100% sure that is the best. The smart contract will be open to anyone to check once it is deployed.
Smart contract formal audit will be done by Certik by the end of Feb/early march.
We will update the details of the same in due course of time.
CryptoAvengers: Can you shed some light on Tokenomics & team allocation.
Since it’s community driven project, does Tokenomics says that?
Verum: tokenomics
Total tokens: 125,000 100%
Sale: 50,625 40.5%
Uniswap Liquidity: 15,000 12%
Team Tokens: 12,500 10%
Marketing: 5000 04%
Ecosystem rewards: 33,750 27%
Parachain development: 8125 6.5%
regarding the team token allocation.
The team is allocated with 10% of the total supply and the same is locked for a period of 12 months
following which it will be released 1/3rd quarterly
CryptoAvengers: Can you share details about your sale & tentative date of sale / TGE?
Verum: TOKEN SALE CAP
Soft cap: 150 ETH
Hardcap: 225 ETH
225 VRM PER ETH
Individual cap: 1 ETH
33.3% of the liquidity raised will be used to create the uniswap liquidity pool , and liquidity will be locked for a period of 12 months. After 12 months, further lockup will be decided on the basis of community vote.
The token sale is tentatively kept between 12–16th of February and the same will be announced time in advance.
i think the link got deleted.. doesn't matter.. its our announcement channel tg link… same was shared otherwise also..
CryptoAvengers:Okay. Thats all from my side Tom. It was pleasure having you in Avengers.
All the best.
Verum: pleasure is all mine …
Community: Do you think communities are important to projects? Does your team have plans to include more local communities in the Verum Protocol?
Verum: 100% . the success of this project depends a lot on the community and we are committed and striving to develop better communitites. we will be working more locally to develop communities especially in south east asia and MENA region where the blockchain and related projects are getting good recognition .
Community: 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?
Verum: We are in talks and signed few collabrations and partnerships with existing successful projects, and will also be utilizing their expertise and guidance for betterment of our projects.
there are a few annoncements in the pipe line and will be announcing in the near future..
i am however unable to disclose any at the moment.
Community: How do you deal with pump and dump investors who just buy and sell regardless of the technology behind it? In other words: how do you plan to gain the trust of all kinds of investors?
Verum: as i have already explained the pump and dump situation will to some extent be tackled by our tokenomics and our per head token allocations, removing the possibility of whale accumulation and dumping .
also liquidity locks and team token lock for 1 year should ensure that this is not a pump and dump scenario.
Community: How do you plan to promote about your project in different countries? where English is not spoken very well. Do you have a local community so they can understand your project?
Verum: ok… this is a nice one.
see the project is funded by team and there are no VCs or major investors who are supporting us , for that same reason we are not doing mass marketing — ideally a community oriented project is not expected to do the same.
however we have made arrangements with few reputed local cummunities in the Southeast asia and MENA region who will promote and spread awareness about us.
we have limited marketing fund and would be remunerating them out of the same.
hope that explains.
Community: About information about the auditors themselves. just like to ask:
1. What made you choose the auditors that you did?
2. Do you have any links that point to other work completed by the auditors or just some extra information?
Verum: Certik will be doing our audit.. and rest assured they are one of the reputed in the field.
Kindly check out their website..they have been auditing some of the best and reputed projects in the industry..
Community: Your first strategy to be implemented will be regarding Ethereum 2.0 How would put this strategy in practice since ETH 2.0 blockchain is not fully functional yet?
Verum: to keep it simple..ETH 2.0 though it plans to have multiple homogenous sharding techniques , the DOT heterogeneous parachain infrastructure will be better.
we are still unsure how good eth 2.0 is goin to be..
we may be wrong but thats what our team thinks.
the scaling and fee issues need to be solved anyways
CryptoAvengers: Well done community. Thank you all for participating & asking questions.
⭐️Verum Social Links:
Website: www.verumprotocol.com
Twitter: https://twitter.com/verumprotocol
Telegram Channel: https://t.me/verumprotocol
⭐️CryptoAvengers Channel Links:
Discussion Channel: https://t.me/ImCryptoAvenger
Announcement Channel: https://t.me/HiCryptoAvengers
