Vybe AMA Summary with Decentralized Club ✔️
Dear, Community,
Welcome to the recap of our AMA with Vybe.
Our vibrant and enthusiastic community had a lot of questions to ask. To those who want to know quickly what Vybe is about, we are sure this recap is gonna help you. So without further ado, continue reading 😉
✔️Introduction with Vybe :👉
BILLY | Decentralized Club:
Q1. Can you please introduce yourself and also tell us a bit about Vybe? @schenkty
Ty:
Hello, I’m Ty Schenk, the founder of Vybe. I’m an experienced software engineer with several years of experience developing unique solutions for the cryptocurrency industry. Most recently, I was the CEO of Brainblocks, a non-custodial payment processor for the cryptocurrency Nano.
Vybe is an open, decentralized finance protocol with a focus on being modular and upgradable. We built Vybe from the ground up with upgradability in mind, which uniquely positions Vybe for flexibility in the future.
BILLY | Decentralized Club:
Yes as it is built from scratch. The integrations of new modules will be more flexible
Q2. What is so exciting about Vybe that we should know about? @schenkty
Ty:
Vybe is entirely decentralized, which uniquely enables Vybe the ability to support every decentralized application imaginable. While there are efforts led by a team, anyone can develop for Vybe and submit their work for a decentralized vote through a DAO proposal.
BILLY | Decentralized Club:
So its a kind of master platform for all. Sweet
Ty:
Yes
BILLY | Decentralized Club:
@schenkty Q3. Which are the most important achievements in 2020 for Vybe?
Ty:
Vybe has had an incredible amount of development given our small team and market cap. With our most recent Voting Portal, Litepaper, and Roadmap releases, we have built a comprehensive platform foundation focusing on future growth — one of our most significant achievements being our DAO proposal fund’s magnitude. We currently have over 650,000 Vybe available for DAO proposals, with an additional 650,000 Vybe available in 2021.
BILLY | Decentralized Club:
So 2020 has been great for building Vybe I see
Q4. Finally, any sneak peek into 2021 plans for Vybe?
Ty:
Moving forward into 2021, Vybe is uniquely positioned to achieve new horizons following the forthcoming Staking 2.0 launch. We are excited to further demonstrate Vybe’s modular structure in 2021, focusing on new decentralized applications and utility modules. One of our upcoming dApps will be an intuitive no-loss Ethereum lottery system.
BILLY | Decentralized Club:
Can u elaborate a bit on the ‘no loss’ ?
Ty:
Sure
The lottery system will have participants stake their Ethereum for the lottery. The ETH then be used to create a loan using one of the leading DeFi platforms, and when the loan is complete, the interest from the loan will be sent to a winner. This creates a platform where participants can win without losing any Ethereum
BILLY | Decentralized Club:
Oh I see. So it’s like someone else paying the prize money where the organizer of the lottery have just created a mechanism to stake and also integrate the services of loaning to a defi platform
I repeat again SWEET 😎
🐧Community ask Questions by Twitter ✔️
BILLY | Decentralized Club:
Twitter question no 1.
Username : @y1sus_afp
Vybe’s smart contracts were built from scratch. What benefits will this bring in the future? Will these smart contracts be flexible for improvements that arise during project development and growth?
Ty:
1. While creating platforms based on existing open source code can increase the development velocity to market, we feel strongly that it often will show in the long term. We saw this several times during 2020 where one platform would have an exploit and now 10 platforms have the same exploit. Additionally, we were able to build a platform focused on future growth by building our contracts from scratch.
BILLY | Decentralized Club:
Twitter question no 2.
Username : @waybesuricata
You mentioned in a post that Staking 2.0 includes several important improvements. Could you briefly talk about these improvements?
Ty:
2. We are excited for our Staking 2.0 proposal. Besides the several small improvements, one of the main goals behind Staking 2.0 was to resolve concerns around our inflation rate. We want the platfom to be sustainable for many years to come and Staking 1.0 wasn’t able to provide that for us.
BILLY | Decentralized Club:
Twitter question no 3.
Username : @mylhe
Can you explain more about the Tiered Loyalty Program of Vybe? How does it works? What are the proceeds and benefits of this program? How can the community participate with this program?
Ty:
3. The Vybe Loyalty program is part of our Staking 2.0 proposal. We wanted to reward the stake holders who hold Vybe for longer durations more than those who hold Vybe for shorter durations. Currently this program is focused strictly on the rate of rewards, however, it is our goal that other modules can leverage the same program in the future to offer move favorable terms
BILLY | Decentralized Club:
Twitter question no 4.
Username : @JessoMathew
Currently, @VybeToken is on Ethereum blockchain. Why choose Ethereum rather than any other scalable blockchain platform? Besides Etherium blockchain is notorious for high gas fee nowadays? Could share some plans on it?
Ty:
4. Considering which blockchain to build the project on is an important decision. While other blockchains appear to be promising, we ultimately wanted to go with the blockchain that provided the most compatibility and access. ETH offers many trading platforms such as Uniswap which we thought were important for the future of Vybe
BILLY | Decentralized Club:
Twitter question no 5.
Username : @AugustK95
The only burning system used in VYBE is in Vybe Loans, burning 1% of each payment of the loan tunes? Does that mean that the value of VYBE will only increase the more adoption the loans have? because the supply is reduced? or will more tokens from other applications be burned?
Ty:
5. We try to implement a burning mechanism whenever we can. Currently that is only on our VybeLoans contract but as we expand Vybe with new modules and platforms, we will implement more burning which will counter the inflation of the platform from staking rewards
BILLY | Decentralized Club:
So to Recapitulate:
1)Vybe is a Highly flexible platform built from scratch
2) Let’s you take part in lottery without losing any funds (upcoming dApp)
3)Longer duration Vybe holders will be rewarded more (Staking 2.0)
✍️ Telegram live Questions answered by Vybe ✔
Capt_Star1:
NFTs have been predicted to be the future of DeFi, do you have plans to add NFTs in future?
Is this project global? If not which regions can make use of your services and which ones are excluded?
Ty:
Yes! Our goal is to include NFTs as part of our Loyalty program in the future
Coinerman:
Can you talk more about the method that you used to raise and lock more liquidity post-uniswap deployment? I noticed people paying OVER market value just to support the project through the FD sell orders.
Ty:
We used ForkDelta to raise liquidity for our Uniswap market. Liquidity was then put into Uniswap and the liquidity tokens were burned so they can’t be removed. This can be verified by looking at the liquidity providers, the burn address has majority
Juan Sandoval:
You say that your guiding principles are to be honest and transparent, but do I really trust you if you don’t even give the names of each one of those who are part of the management team, but simply give an alias? that gives a lot to think about.
Ty:
We understand that a transparent team is important to the success of a platform and for this reason, I have made myself public on the website. While I invite others to do the same, I also understand their privacy concerns and we have to respect that.
CoinTravolta:
You launched with flash loans as a product, or Melody to put it in VYBE parlance. I’ve seen a few people confused on your Telegram that they can’t add to their stake before claiming rewards; is that a safeguard against flash loan exploitation, or have I got the wrong end of the stick there? What benefits do flash loans as a Melody offer to VYBE’s tokenomics, and what other Melodies are you guys composing and getting ready to release?
Ty:
Yes we have built several safeguards into the the staking contract to prevent exploits from flash loans. We wanted to launch with a module that could be used on day one. We understand the complexity that comes with flash loans and moving into 2021, we will focus on expanding our utility modules with offerings that are more accessible
Carmen Bartoletti:
What is the number #1 priority for Vybe in the next 6 months?
Ty:
Due to Vybe’s nature, I can’t suggest the overall priority from a community perspective. Still, the team’s focus will be expanding our utility use cases and working with other platforms to integrate Vybe in a capacity that makes sense. We have had a few upcoming projects reach out to us, and we are excited to see those relationships develop.