Community AMA Transcript

Walletreum hosted an AMA with CEO Ting Xu on 11th of October.

Below is the AMA recap:

Q1: I want to ask the question I have a concern about US taxes and Algon again. Will trades made by Algon be documented for tax purposes for United States traders?

ANS: No, right now, we don’t have any regulations or restrictions regarding US customers. US users have to follow their Laws about the TAX purpose. Our legal team is working on it to manage these legal issues for US customers.

Q2: Can you tell me who in your team has been or is still responsible for programming the AI? From the professional background of the team, it is not clear for me who has the skills.

ANS: From the first day, we have our technical core team that developed the complete AlGON AI. We haven’t mentioned their names on our web; our leading developers who prototyped and developed ALGON AI are Chinese. We haven’t mentioned their names on our Website because they were unwilling to go public and respect their decision. But we are adding more senior developers and enhancing development power. We currently have 16–20 technical staff in which we have CTO, Solution Architect/Technical Lead, Project Manager, Front end developers, backend developers, DB developers, Test engineers, Security specialists, and designers.

Q3: Is it possible to release a spreadsheet on how Algon has proven its functionality/efficiency in live market situations/scenarios(bull/bear) over a specific period?

ANS: ALGON is a pure code that works in the backend. You will see it in action when you use the Walletreum Platform. We plan to make ALGON public soon and create public API and custom modules in which traders can edit their scripts and manage the strategies as per their trading requirements.

Q4: Adoption is one of the essential factors that all projects need to focus on to become more attractive to investors. So, what is WALT’s plan to adopt more Adoption?

ANS: We are entirely focused on delivering what we have in the pipeline. Our first and high priorities in our roadmap are to launch the platform with complete security and transparency, along with the performance of ALGON. Then we will implement the FIAT gateway. We will get a fiat gateway license very soon in Hongkong Money Service Operator (MSO) license to the fiat funds in Hong Kong. We can open the gateway for many currencies HKUSD, USD, EURO, JPY, and many more with that license.

Q5: Hi, what drew me to this project was ALGON, in particular. I genuinely think it’s a game-changer. How long did it take you to develop ALGON and the team’s background that developed it, anybody involved in automatic trading in any legacy markets, data science experts, etc.? How much backtesting have you done to be sure it can give the returns stated in the white paper? Have you tested it out with real funds? How come X1, X2, X3 give different rates of returns? Are the algorithms different? When would it be ready to be released on the platform?

ANS: The team is continuously working on the ALGON is an AI written in over 50,000 lines of code that learns with the time (Deep Learning) and is scalable in trading volume and measures performance. ALGON will play the role of a fund manager. Every next module of ALGON is better and more efficient than the previous one in terms of risk management. ALGON X3 works on the full capacity to minimize the losses. We have tested it many times on real funds. We have worked with many professional and seasoned traders and data science experts to maximize the performance of ALGON. We will only introduce those returns which are more secure in terms of ALGON performance, so it might be possible that in the bull market, the APY will cross the 200–300% yearly, and in the regular market, the APY could be lower than 3% per month we will provide the Algon packages which can secure the user’s funds.

Q6: What is the background of the $WALT project?

ANS: The idea behind the walletreum was to build such a platform that secures users’ funds in a bear market. Then we started research & development on ALGON and started our journey towards Walletreum. Walletreum is an innovative and efficient crypto-asset management tool for a real-world application with Lending, Borrowing (Safe Credit), WALT Farming, OFF-Chain swapping with Zero fee (Inter-platform), and solution to price depreciation for both lenders and borrowers in a bear market with the help of “ALGON” developed by Walletreum. Buy, sell, store, and pay with cryptocurrency whenever you want in banks or your non-custodial wallets. We want to ensure that people can conveniently use their digital assets for financial freedom in any part of the world.

Q7: When will be the latest date for the fully working platform(open deposit to all)?

ANS: Right now, we are solving bugs reported by users; in 7–15 days, we will launch the complete platform with all features and enable the deposits and withdrawals.

Q8: What is $WALT in 2020? What goals do you want to achieve?

Ans: First, we will try to complete the features listed on our roadmap as soon as possible. After that, we will keep implementing new features along the way while ensuring our platform’s maximum performance.

Q9: During the presale, you did a fantastic job of marketing. Many groups were talking about $walt, and that’s why the presales filled out so fast! I understand that a targeted marketing campaign will come only after the platform is out, which is the correct decision because you have a product to market. Once it’s out, what will be your marketing strategy?

ANS: Just a short overview of marketing strategy, local exposure through media, strategic partnerships, global advertisement reach outwards, PRs, videos advertisement, and so on.

Q10: Can we see the team’s videos working together or maybe an introduction video for the team and its members?

ANS: Yes, we can create a video with few team members and share the thoughts on future perspectives but cannot showcase the technical staff because this is our platform’s privacy, and we don’t want to showcase the faces of technical staff.

Q11: What is the addition that Walt will add to the world of DEFI and digital currencies?

ANS: We have our vision currently; there is a lot of HYIP in the DEFI world, but there is no extent of defi in a bear market. Our primary solution is to the problem of depreciation of assets in a bear market, which we believe is the main reason for small investors losing their funds. We are trying to make it easy for the general public to earn returns without much fear of losses securely. Defi platforms should be as safe as they are profitable. We are working on WALT farming development and Integration.

Q12: Do you have further plans after platform release in the future? (New/more features at Website) If yes, what/when exactly?

ANS: In a lot of features, the Walletreum team is working on and have planned for the overtime. Such as WALT farming, decentralized apps, walletreum fiat gateway, and payment card; we have a complete line up of the features that you can see in our roadmap on our Website. Although these are the only planned features, while there are many ideas we have that we will keep researching.

Q13: Which company do you see as direct competitors, and how do you stand out from them? What do you do better?

ANS: We have believed in Growth and the Germination of the Crypto world. If some other projects are doing a great job, then we will appreciate them. We are entirely focused on our vision. We can provide a better solution to the crypto community in which we can provide a stable, transparent, secure, and satisfactorily established platform. For us, this is not a competition; instead, we all should be working together for the mainstream AdoptionAdoption of digital currencies.

Q14: What plans do you have to bring more funds and users to the walletereum platform?

ANS: First, we will bring up the platform’s affiliate system and different partnerships, marketing, advertisements, and approaches to local investors and globally. We build a system by keeping in a longer-term vision. We will be creating awareness through mass marketing, advertising on mainstream news platforms, and We will start partnering up with like-minded projects for more GrowthGrowth. There’s also an affiliate program in place.

Q15: WALT total supply is 50 million, Is there any plan for a buyback program or token burn on WALT in the near future to increase the value of a token?

Ans: Currently, we have no plans to buy back or burn the supply because we are pretty much optimistic about our marketing strategies. Still, there can be a decision about burning or buying back in the future if we find it necessary.

Q16: Zeroswap is the big thing here, but there could be a problem with the liquidity of swapping currencies at high volumes. The trading currencies in Zeroswap?You will probably incur exchange fees at the third-party provider. How are you going to provide enough liquidity in all

ANS: First: Users will be able to add liquidity as zeroswap evolves. Users will be incentivized from walletreum’s internal revenue.

Second: We have multiple strategies set up for managing liquidity. We could aggregate liquidity or use a 3rd party for liquidity. But initially, we will use Walletreum’s funds for the liquidity of zeroswap. On the initial stage, we will allow the limited daily volume for the zeroswap, but it will increase within the time.

Q17: What guarantees make you a currency that is a long-term project, and not a seasonal currency that aims to collect ether?

Ans: If we were one of those projects, we should have been out of the market by now as we had raised enough ether. Even at the sales time, people had such concerns, but you can see we are still working on the project. There are only a few days left for the project launch, and we believe when you see our final product, your perception will completely change as we believe we are bringing one of a kind project into the market.

Q18: Besides the staking, this entire project is centralized; any plans to make it decentralized in the future? If yes, how do you plan to do so? Will it impact your zeroswap and Algon fund manager aspects of the platform?

Ans: Currently, we have no such plans. Our first target is to launch a performant bug-free platform. After that, we will move towards the next steps. In any case, we will take any step that affects the performance of ALGON as it is the main feature of our project.

Q19: Any timeframe for App Release(Android/Apple) An app combined with the credit card you want to release would be very important as an advantage to other competitors like aave.

ANS: Yes, as we mentioned above, that our legal team is working on getting the fiat license. Once we get the fiat license, the users can easily lend and borrow cryptocurrency through fiat currencies. Also, the APPS will be released in the Q1-Q2, but hopefully before that.

Q20: Are u going to combine the fully working platform release with a big marketing campaign(twitter/youtube influencer)? In combination, that has shown a significant rise in awareness for new followers and, on the other hand, increased price. (other projects have done so)

ANS: We have the same plan for our platform’s awareness with a working AI and lending functionalities. We have already been in discussion with different influencers who are watching our platform and its progress very closely.

Q21: What makes WALT a better project then all the other lending platforms out there?

ANS: Walletreum has connected the lenders and borrowers with ALGON to maximize the benefit in any market scenario in an automated way. Lenders lend the money to ALGON, and ALGON will return the lent amount with interest. On the other hand, the borrower takes the loan from the ALGON, pays interest to ALGON, and ALGON will repay the crypto-asset minus interest. ALGON will play the role of fund manager for both lenders and borrowers and secure the crypto assets of both price depreciation in bear markets.

Q22: Decentralization is one of the essential aspects of the next bull run. When will Walt be fully decentralized in the future?) If it gets decentralized the way, uni swap has done, at all. (is it possible that way)

ANS: The research team is working on it. Exact information is not released yet, and when we get a specific vision about how we can decentralize the system. We can share it with the community and announce the exact information and planning.

Q23: How can you assure the stable credit rate for lending via Algon, as shown so far in the test platform?

ANS: Walletreum has connected the lenders and borrowers with ALGON to maximize the benefit in any market scenario in an automated way. ALGON will work on the set conditions so there would be no manipulations whatsoever.

Q24: How many algorithms do you use to train AI? and which ones?

Ans: ALGON is an algorithm itself that has been put to the test under various live market conditions and has provided the best results so far. Deep Learning and Data Science were used to train the ALGON about all the historical market conditions.

Q25: How long have you been training your AI?

ANS: Walletreum team has been optimizing and using ALGON from May 2019 and has a track record of 4% to 6 % per month return even in a bear market. We are continuously working on it and optimizing it for better performance. That’s why we are launching the platform in different phases so we can assure that the user’s funds are safe, so currently, we have a complete focus on AI’s performance.

Q26: In the crowded Defi space, with Metamask releasing its own token swap feature and other defi platforms like $Kadena (backed by JP Morgan) and Cofix dex (backed by Huobi and Coinbase ventures) being released soon, how would you draw attention to Walletreum’s USPs (Being ALGON and ZEROSWAP) and keep customers to become a longstanding company? Where do you see yourself in the crypto space in the next three years?

Ans: Indeed, there are many giants in the market, but there are many small projects that turned out to be game-changers. We are not here to compete with anyone, but if we provide an easy to use Defi platform that people can make good returns from without much fear of losses, we believe we can stand out. In the next three years, we want to see ourselves as a stable and feature-rich platform that people keep coming back to.

Q27: Which data sources do you use to feed your AI with information?

ANS: Multiple data sources and historical charts from exchanges and other sources were used to train ALGON.

Q28: How well can ALGON Maximise returns by preventing losses in the bear market? Do we have any past track record in preventing PF losses in bear markets?

ANS: Walletreum team has been optimizing and using ALGON from May 2019 and has a track record of 4% to 6 % per month return even in a bear market. So in a bull market, 10% per month is not a big problem.

Q29: Since walletreum also serves as a wallet where we can store our crypto, what is the guarantee that our funds are safe on your platform, seeing that even top exchange Kucoin was hacked recently despite their security?

ANS: We have seven-layer security within the server, and We use a combination of Hot and Cold wallet to maximize user funds’ security. We have very complex hot and cold wallet connections where funds cannot stay longer on hot wallets, and the maximum funds are stored on cold wallets. For each withdrawal, there are many layers of approval.

Q30: How far are you at the upcoming tier 1 listing? Any timeframe? November maybe? (so after platform launch)?

ANS: Our Legal team is currently working on the frameworks, criteria which need to be required to fulfill for the get listed on tier 1 exchange. We were almost in the middle of listing on kucoin, but we have to step back from it because of the recent hack. Now the legal team is revised on legal terms to get listed at top tier exchange. Once this assessment is done, then we can announce any expected date.

Q31: Could classify the most interesting aspects of WALLETREUM according to the following characteristics:

1. More attractive?

Algon Lending

2. More abstract?

Safe Credit

3. More innovative?

Zeroswap

Q32: The most significant barrier for Defi is that of interoperability, providing cross-chain interactions and multiple blockchains. How does your Unique Solution solve this

ANS: All the swapping will happen in the internal pools of the platform with virtual asset-backed tokens. Swapping will be against WALT token only. Users can keep swapping their assets inside the platform based on the current prices that Walletreum fetches from multiple oracles. However, when you go back On-Chain, you will have to pay the blockchain network costs as usual. Walletreum saves tons of gas fees for a high number of swaps.

Q33: How do I know if I staked my WALT token in your platform?

ANS: Walt Staking is outside the platform, and its defi in partnership with the Ferrum for staking. You don’t need to have an account on the platform; you can visit the staking page and follow the instructions from there. It will show you how many tokens you have put on stake in the staking dashboard.

Q34: How will you perform good marketing stuff if people look at Walt, they will see a low volume (12k$)? We have seen many unique projects focusing only on tech and lost everything because no one was giving a chance to the project due to low volume. Vitalik himself said you could have the best tech if you have a bad reputation or no one to go with it, you will die.

Ans: I already mentioned the marketing strategy; and for liquidity all our liquidity is locked in the USDT/WALT. We have added the email many times to the coingecko for adding our USDT pair, and hopefully, it will be added to the coingecko. Also, we are looking to find the solution to add more liquidity on the ETH pair, but again we are many more things coming like CEX listing, so we have to provide the liquidity there as well