All questions answered so far1. How are you handling rules and regulations set forth in your country?We have legal counsel to handle this.
2. Are you incorporated or plan to become a public entity?No comment on legal aspects like this right now.
3. Are you working on forming any partnerships?We’d like to get our MVP out first and then form partnerships. If opportunity arises while we’re developing, we’ll look into it.
4. Does the Elixir team have genesis pairs?Yes, we have about 5% (unmined) of the total pairs. We would estimate we’ve mined about 2% of the total pairs to support fees for exchanges, legal consultations, website redesign/hosting, and logo design. We haven’t paid ourselves yet, but both plan to be paid starting in 2018.
5. How many Elix does the dev team hold for development purposes? (wallet?)5% of the total pairs, minus other project expenses.
6. Do you feel you have enough capital as of now to see through with development?We have enough capital to get us through the next 6-8 months, and after that point we have a plan to transition to a larger company with employees.
7. How many team members are there?There are 2 team members at the moment. We don’t need more engineers right now, but plan to expand the team in 2018.
8. How many years experience does the team have in crypto?We’ll put up more information about the team when the new website comes online.
9. Will you be attending any upcoming events or conferences?Possibly, if it’s beneficial to ELIX.
10. When would you begin a marketing plan?As our MVP progresses we’ll be looking into and planning out marketing aspects.
11. Are you in talks with more exchanges?Maybe. We can’t/wouldn’t talk about this.
12. How is your relationship with Novaexchange?Our relationship with them isn’t ideal. There have been many communication issues on their end, and they’ve shown a general lack of proactivity.
13. Does final supply = max supply?Yes, though there will be a reward function that will have an effect on the final supply. We’ll discuss this more on this thread as well.
14. Do you plan to make the code open source?The contracts should definitely be open source. We’ll consult an expert regarding the app licensing. We like transparency as well, while balancing protection of our IP.
15. Estimated time of completion for the new website?The web designer started working yesterday. We’ll keep the community updated.
16. Will the new website have a secure ssl connection?We’ve been meaning to do this, but have been busy. We’ll make it happen.
17. Are there plans for a new domain name?No comment.
18. Why do you think Elixir can jump to the forefront of crypto?The rewards system.
A mobile exchange and wallet, providing an easy to use UI and facilitating trading.
Aimed at mainstream mobile users to make interacting with cryptocurrencies as simple as possible. For many mobile users, the ELIX app could be their first introduction to cryptocurrency.
Holding periods, which reduce the circulating supply.
Strong branding
19. What is the biggest advantage Elixir has over your competitors?Our product is better branded than competitors like SALT, and we don’t suffer from an overly corporate image like many ICOs. We also have incentives built into the platform, and holding periods to reduce the circulating supply. The mobile space is also the largest used device platform.
20. What is your biggest challenge that you've yet to overcome?We’re looking into possibilities to reduce volatility during loan periods. We have some preliminary solutions and ideas, which we’ll be researching and testing further.
21. Where did you get the inspiration off for elixir?It’s a catchy name.
22. What is your background .. how much / what experience in online businesses do you guys have?Research and development, startups, machine learning, mobile development, software and hardware.
23. Once released, what is your strategy for getting into broader audiences and users?We'll be aggressively marketing and advertising the advantages of using the Elix lending platform compared to other payment methods. This will be done across various social media platforms and tech forums.
24. Awesome job with all the updates. I've noticed a lot of progress so far thanks to the weekly updates. Quick question: Are you still on target to hit the release date, do you believe you might release sooner/later? Would love to know updates on where you feel like you are so far on the roadmap.We’re on schedule for the MVP. The smart contracts already work and the mobile development has gone quickly. This week we are starting to link the contracts to the frontend on a testnet. We could complete it early, but it’s too early to know.
25. As a developer I would like to know what tech stack do you use for app development and how do you organize your work?We use web3, testrpc, Angular, Ionic. Bitbucket for versioning.
26. Are there any mechanisms planned to be integrated to protect loaners from being ripped?We’re setting up a zero collateral, zero interest system first to get everything off the ground. This also has some advantages from a legal standpoint. Later on, we plan to expand to a general lending protocol that can be linked to real world collateral.
27. What's stopping me from borrowing $1000 of Elix from someone and running far far away?Our MVP is aimed at providing a lending platform for users between their friends and family, which we recommend that you lend/borrow only from people you trust and know very well. However, the long-term global lending platform will have a method of tying real-world collateral to a lender and borrower to ensure that no fraud or theft occurs during a loan created between two people. Any loan created between two people on that service will present a binding legal contract, and failure to repay would result in legal repercussions in that person's country.
28. where do you see elixir in one year?On the app store!
29. If I lend a friend 100 ELIX, and he pays me 100 ELIX back, we'll both get a reward, let's say both 1 ELIX. Where does the 2 ELIX come from?
What stops me from lending to myself (different accounts) to get the rewards?Rewards will be generated by a smart contract. However, you’ll notice that there are several aspects of the lending token that need to be in place. First, the transfer() and transferFrom() need to contain holding checks to prevent lenders from breaking holding. Secondly, the contract that manages rewards and loans, which we call the “tokenManager” needs to have the ability to reward users when loans are repaid. To do this, the app will automatically convert Elixir into a token with all of these functionalities. We’ll likely use a conversion ratio, but only to scale the final supply down. Users will be able to convert ELIX at any time. We will put the new token on exchanges as well, and have a plan for how to finance this (more on this below).
A lot of contracts have “sinks” implemented to burn tokens. We’ve though of a few ways to create sinks:
Construct an in-app exchange. Then, using in app fiat and virtual currency purchasing/trading fees, use a portion to buy back and burn tokens.
Allow users to break holding periods, but burn a certain percentage of tokens based on when they break the holding period. Holding periods are good, however, because they reduce the circulating supply.
We would like to start with a deflationary reward model, and then build in ways to burn tokens like hosting an exchange and buying back tokens. Then, we can flatten the slope of the reward function over time so an equal number of tokens are consistently created as burned.
We’re also considering modifying our business model to create a vested premine of the new token to fund development, new employees, and exchange listings. This could replace the business model we previously proposed. We’ll be taking a closer look at this in the upcoming month.
Clever mining reduces the circulating supply due to holding periods. We anticipate people using the platform for both lending and mining. We won’t facilitate it through a mining “interface” but you can mine tokens in that way. One of the chief complaints we had about the genesis mining system is that people who bought ELIX couldn’t mine. This is a way anyone can mine.
30. Is there anything to protect the lending and loaning party from inflation and rapid price changes? If there is a one month loan and Elixir price is up 500%. How is one expected to pay 5X their loan amount? Yes, in order to protect lenders/borrowers and ensure that they don't lose/make extra money from market volatility, we're looking into storing the token's current aggregate value from trading exchanges into the loan's variable values. This ensures that if a spike or dip in the market were to happen, a lender and borrower's loan will be unaffected, and the amount that they'll be paying back or receiving will take the adjusted market price into account.
31. Are there any plans to partner with OMG and/or Coinbase in the near future?
Any update on the Binance listing you talked about in the Telegram channel weeks ago?There are no plans at this time to partner with OMG and/or Coinbase. It may be considered in the future. In regards to the Binance listing, we are unable to provide further information about that at this time.
32. Wowowow, whats all this about a new token? What will be the max supply? Ratio of conversion? Will Elix even be used or needed later or we will move slowly towards the other token? Please explain the new token as clear as possible because this is confusing for Elixir holders. And frankly it shouldnt.The new token will be used to interface with the actual lending contracts, and will be optimized for this process as well as having the capability of being updated. Its max supply will be dictated by Elixir. A conversion ratio will be determined to scale down the total supply of the currency, but no user will be losing any of their Elixir or its value. Simply put, if you have 1000 Elixir and convert it into the new token, you would receive 500 of the new token in return (with an example conversion ratio of 0.5). This is just scaling the total max supply down from Elixir's potential 60 million, into 30 million (again, with a ratio of 0.5 as an example). There will be a no time limit to convert from Elixir to this new token. When transferring Elixir into the mobile application, the conversion will be handled automatically for you.
33. Will the original Elixir token still exist or be of any use? And can we convert to and from the new token back to Elixir, if it'll still exist? ThanksIt will still exist and be continuously traded, but its best use will be to convert into the new token, which will also be publicly traded.
34. What motivated you to go for an airdrop instead of an "traditional" ICO?We wanted to have a free and equal distribution method. ICOs tend to come with a lot strings.
35. To tie into this: The "proof-of-time" mining model is meant to incentivize long term interest in the token according to the whitepaper. Do you feel that a traditional capital investment (maybe combined with a proof-of-stake model) wouldn't achieve the same goal?Traditional capital investment also comes with a lot of strings, if you’re talking about VC or Angel funding. If you’re referring to something else, let us know.
36. What is the underlying motivation wrt. the token mining function (linear function)?The mining model has low inflation in the long term. It also gets tokens out of the hands of users who aren’t invested in the idea, and rewards those who are. Also, the mining model can’t really be shut down, or doing so would be next to impossible. It also doesn’t reward people with massive amounts of hardware and saves energy.
37. In retrospect: Would you change the mining function or, are you happy with it?I thought about using a sigmoid function early on, but decided to go with a linear function. I didn’t feel there was a good reason to change the slope to influence the mining rate any further than a linear one. So many people created batches early on that I’m not worried about the long term.
38. Would a more complex mining model, that keeps the time based factor but slightly decreases / caps the reward, e.g. based on the number of batches opened in the last N weeks, make sense? This could have the effect of discouraging big sell offs while guaranteeing a steady supply of tokens.Selloffs are good for the long term. I think implementing something like what you’re suggesting makes mining less “natural” by forcing miners to hold on to tokens or influencing them to do so. You’re right that the mining system creates volatility in the short term. However, we’ve already seen almost 45% of batches mined. As the 10 year limit approaches one can imagine going as long as a week (or even much longer) without 10 batches being mined.
Asked by /u/fisf on the AMA announcement thread
39. Question regarding the App you showcased a few weeks ago. In the app, you basically show a person's profile linked to what seems like their "wallet". Where is this data stored? Do you guys intend on running your own services (database, applications, etc..) to affiliate these two entities?In the demo of the app we showcased, the information put in was stored locally on the device. We chose to store locally to ensure the greatest amount of trust between our users and their information.
40a. I still have a lot of TME on NovaExchange that I bought a while ago and their wallets have been in maintenance mode for months. They posted something on their news feed saying that they are awaiting your input. Could you help me convert this or respond to NovaExchange?The issue with Novaexchange resulted in developing Elixir as its replacement. We attempted to coordinate a fix with Novaexchange, but they were unresponsive and provided no support to any of the TME investors on their exchange. After NovaExchange announced they were planning to delist TME and prevent withdrawls, we notified TME investors to withdraw their holdings to MyEtherWallet, while we worked on a solution for the situation. To circumvent NovaExchange's lack of support, we asked users to prove the amount of TME they held on NovaExchange by giving us API access to read their account's TME balance, or their login info to check the account's TME holdings. This option was available for 3 weeks, before we had to finally lock the new Elixir contract.
40b. Yeah there are a bunch of us that never got the notification. It was buried deep in the forum. Even after going back and reading it, it still sounds like it was only a "potential" plan if novaexchange didn't unlock the wallets.
"Note: If NovaExchange opens withdrawals or deposits, the developers will not be able to move forward with this plan but will consider alternative possibilities."
I was checking novaexchange a few times a week thinking it was going to come out of maintenance mode eventually:( Is there anything that can be done? It's a few hundred dollars. Also NovaExchange posted on their news feed making it sound like the ball is still in your court. I noticed this notice right away:
2017-10-22 17:58 - Still no reply from ELIX (former TME) dev team TME will continue being in maintenance until the dev team behind TME and ELIX have replied to our emails about the conversion/swap.We have already emailed NovaExchange back several days ago explaining our rationale behind the situation, and asked that they compensate their customers.
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Source:
Official Elixir AMA@Community:
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