AMA RECAP WITH BSC NEWS
This Article is a Recap of our AMA with Robert (Creator of BSC News) Bjarne Hejl (CEO of Wealth Locks) and Wealth Team(CMO of Wealth Locks).
Hope you Enjoy it!
AMA Starts!!
Crypto Shrimp- Ladies and Gentlemen, on behalf of BSC News, I would like to welcome Wealth Locks Team and it’s my pleasure to host this event too.
Wealth Team- Thanks for cordial invitation guys. We are really excited to be here.
Crypto Shrimp- That’s great! Let’s start off with an introduction of you and your team members, how many do you have and what are their past experiences?
Wealth Team- I manage the marketing side of the wealth ecosystem. Bjarne Hejl is the lead developer in the Project. He has built smart contracts on Ethereum and BSC blockchain. He have already developed well known projects like $FST and $BASE2.
Our team consist of 6 members at the moment. Two of them are front end developers and two of them are backend developers. Rest of the team works on ideas and marketing. Everyone in our team has almost more than 3–4 years working experience in the tech and blockchain industry.
Crypto Shrimp- That’s a good experienced team with a good number of dev too. So i would say Bjarne Hejl has quite a bit of experience in this line of work too.
Wealth Team- Yeah he sure does.
Crypto Shrimp- Tell us more about Wealth Locks, what does it do and how can one invest in them?
Wealth Team- Wealth locks is a decentralized application that allows blockchain projects to lock their BEP20 tokens and (LP) Liquidity tokens in a non-custodial, time-released smart contract vault.
We are the only ones on BSC that provides Liquidity as well as team tokens lock. We are currently available on Pancake Swap. Here’s the link: https://pancakeswap.info/pair/0xcdff007f71e6986397bdb099160d37c3f194b642
Crypto Shrimp- Locking of funds is interesting, cause its normally what the project owner themselves offers to assure the investors that they wont cash out the token after the project launches. Who should get their funds locked in wealth locks? is this targetted at individual or project owners?
Wealth Team- Anyone can get their funds locked in Wealthlocks. But it was created to Target Project owners to avoid any kind of Loss to Investors or the famous ‘Rug pull’.
Crypto Shrimp- Thats good and you guys can make sure they wont have another code that allows them to secretly withdraw, so in a way its to assure investors that the funds are really locked and no one can withdraw them is that right?
Wealth Team- Yeah exactly.
Crypto Shrimp- Brings me to the next question, I’m sure withholding funds will need a certain level of security, will there be a tendency of being exploited? what have been done to prevent this?
Wealth Team- There is no Tendency of being exploited as contract is fully secured and Audited. We’ve locked our Own Liquidity in the Smart Contract too. I am sharing the Audit report here. https://twitter.com/nightwatchaudit/status/1364768798943797250?s=21 (https://twitter.com/nightwatchaudit/status/1364768798943797250?s=21) All the future Audit reports will be shared with the community and on Website.
Crypto Shrimp- Thats great stuff, so once the funds are locked who will be able to call the funds? how do we call the funds out if there’s an emergency for example, or is there no chance of getting the funds out before the stipulated time.
Wealth Team- No one can withdraw funds from lockup till the time is up, not even us. After specified time, only the Owner can claim the funds back.
Bjarne Hejl- Only the person who locked will be able to withdraw it once lock period is finish. There is no other way around it. That’s the beauty of it. No possible way to withdraw in any scenario. So investors are totally safe against liquidity rug pull and team tokens sell off. Infact every community should push there projects there are investing in to lock funds
Crypto Shrimp- So does that mean in the future if we see a new project and its fund are locked in wealth locks, we can be more than assured that the funds wont be dumped by the team itself.
Bjarne Hejl- Yes. In most projects team says that they will not sell. But they should prove by actions and lock it. Using wealthlocks they can also do monthly vesting
Crypto Shrimp- I see, so the locks can be customised to individual tokenomics that the projects wants. How does the investors come into play with wealth locks? what is the use case of $WLT? say I would like to invest today what are the offers in the project for me?
Wealth Team- $WLT is the governance token of the WEALTH ecosystem. It is integral part of the ecosystem and will be used for following features and many more.
Wealth locks
Safe and trusted lockup for Projects to lock their Liquidity and Team tokens. Revenue generated from lockup fee will be used to buy back Wlt Tokens and will be distributed among Wlt holders.
We have big utilities planned on out upcoming products. Imagine a fix monthly buy pressure on wlt from revenue across various products.
Besides being the centre of action of all products of wealth ecosystem, wlt holders bags grow with time from transaction fees revenue. Similar to rfi. RFI market cap is 20 mil and wlt sitting at 1 mil. So wlt is like rfi usecase + many more from actual working products backing it.
Crypto Shrimp- That lead me to this question; how much are the transaction fees? is there other ways the project generates income? Reason is that we wanna know how the project funds its future development and we also want the team members to be paid and not dump their own coins to pay themselves..
Wealth Team- There is a minimal fees of .5% to lock your tokens with us. Revenue generated from lock up fee will be used to buy back WLT tokens and will be distributed among holders. We already have $1 Million tokens locked in our Smart Contract. MC of Unicrypt and Trust Swap is approximately between $5–200 Million and our MC is around 1 Million right now. We’re coming up with more feature in near future which will help us in generating $200–300k monthly which will be used to buy back Wealth tokens.
Bjarne Hejl- For dev funding we recently secured a investment of 100k$ from a private firm. There wont be any team tokens sell for getting funds. We don’t need it at the momemt. I can assure this we have private funds backing to run years of development without need of selling any wlt token. Investors are completely safe from team tokens.
Crypto Shrimp- Thats really good and solid to know, with private fundings to tokens locked, Im sure you guys will be here for the long run too.
Bjarne Hejl- Dextools generate around 300k monthly revenue from ads. Imagine this much buy pressure on Small mcap of wlt
Crypto Shrimp- It’s mentioned about the buy back of $WLT, I believe this is to reduce the sell pressure, will there be other ways to maintain the value of the $WLT token? But I must say this is a good amount of money to buy back and create a decent buy pressure.
Bjarne Hejl- For our next product, there will be many decentralised features planned which will need wlt as a payment system. Also we are palnning on farming to increase the liquidity. You can see the organic growth of WLT. We are up since weeks. Today we got listed on coingecko and coinmarketcap. let me share links here
Crypto Shrimp- Yes sure that good stuff and congrats on listing on coingecko too.
Bjarne Hejl- https://www.coingecko.com/en/coins/wealth-locks
https://coinmarketcap.com/currencies/wealthlocks/
$WLT is in the top gainer list on coingecko. So price picking up automatically with the adoption, users joining in and we are still around 500 holders.
Crypto Shrimp- That’s still early in the game!
Bjarne Hejl- Yes its all organic growth without any unwanted twitter promotions. We believe in development, price reflects automatically.
Crypto Shrimp- I’m also a believer in organic growth, cause that will only mean the project is legit and with recognition of its quality.
Bjarne Hejl- Here, I would like to share something interesting.
Crypto Shrimp- Pls do.
Bjarne Hejl- https://twitter.com/binance/status/1367157833809166344?s=20
We made a bid of 10k to buy this tweet
https://twitter.com/Wealthlocks/status/1368335190091792388?s=20
We want to start a campaign of bsc projects, where this tweet will be passed on to one project to other. I think binance has not noticed this bid yet.
Crypto Shrimp- Thats a good bid too! im sure it will be picked up soon.
Bjarne Hejl- Would be interesting if they accepts our offer. will give good exposure to wealthlocks as well.
Wealth Team- We would request community members to spread this msg as It can help all BSC projects.
Crypto Shrimp- Definitely good exposure and its a great way to market the project too. Back to wealth locks what are the short term development that are ongoing or in placed?
Wealth Team- We’re coming up with Wealthtools in 2–3 weeks.
Wealthtools will be a Decentralised Coingecko+ Dextools kind of feature. It will help in listing of new projects as Coingecko is a bit slow and need Volume for new projects which is kinda difficult. It will also have their Official Social Media links and Charting features for new coins.
Also, it will be main Revenue generating tool for Wealth as some space on the Website will be used for Promotion of New project similar to what Dextools do. Dextools has a MC of 60 Million.
Crypto Shrimp- Do you have any roadmap that you can share with the audience for the long term plans?
Bjarne Hejl- https://wealthlocks.medium.com/wealth-locks-roadmap-update-february-2021-214ecea563f
We recently published our detailed roadmap. Wealth will be one stop solution for services on bsc. Wealthlocks already live. Wealthtools under development, will be live this month
Crypto Shrimp- This is amazing stuff
Wealth Team- One can also check details on wealthlocks.io
Bjarne Hejl- We approach on targets step by step and work on the adoption along the way.
Crypto Shrimp- While we are talking about checking links, can you share with us some links of wealth locks, that will enable the audience to find out more about the project and also keep up to date about the development. Like social media/TG/Medium etc.
Wealth Team- Yeah sure.
Wealthlocks: The first lockup project on BSC
Wealth locks allows Projects built on Binance Smart Chain to lock their BEP-20 team tokens and liquidity tokens in an audited, time-released Smart Contract. It is the need of the hour to protect investors.
visit wealthlocks.io to lock tokens
🟠Useful Links🟠
🔸PanCake Swap Link to Buy
https://pancakeswap.info/pair/0xcdff007f71e6986397bdb099160d37c3f194b642
🔸WLT Token Contract
0xb7b262b0Ac4939D8936685E20189D809BDB5daC6
https://bscscan.com/address/0xb7b262b0ac4939d8936685e20189d809bdb5dac6
🔸Wealthlocks Contract : Audit report here
(https://nightwatch.finance/images/WealthLocks-Audit-Report.pdf)🔸Website
https://wealthlocks.io/
🔸Coingecko
https://www.coingecko.com/en/coins/wealth-locks
🔸 Coinmarketcap
https://coinmarketcap.com/currencies/wealthlocks/
🔸Twitter
https://twitter.com/Wealthlocks?s=20
🔸Telegram
https://t.me/wealthlocks
🔸Announcement Channel
https://t.me/wealthannouncements
🔸WLT Price Chart
https://goswappcharts.web.app/?isbsc=true&tokenId=0xb7b262b0ac4939d8936685e20189d809bdb5dac6
🔸WLT Trades Channel
https://t.me/BinanceRocketWLT
🟠Informative Articles🟠
1) About WealthLocks
(https://wealthlocks.medium.com/introducing-wealth-locks-for-binance-smart-chain-18b1c34a883e)2) About WLT token
(https://wealthlocks.medium.com/introduction-to-wealth-wlt-b7ea7edef9d6)3) About Roadmap
(https://wealthlocks.medium.com/wealth-locks-roadmap-update-february-2021-214ecea563f)🟠Tokenomics🟠
Total Supply : 100k WLT
Circulating Supply : 60k WLT
Crypto Shrimp- My famous last question for you guys today, are you able to disclose any alpha or juicy news for our audience today?
Bjarne Hejl- Although present priority is wealthtools to be launched as soon as possible. But in the backend we are planning on to introduce NFT marketplace in wealth ecosystem
Crypto Shrimp- Wow NFTs too
Bjarne Hejl- Yes, in research stage.
Crypto Shrimp- That’s a good juicy news you given us..Thank you for your time today, to help us understand Wealth Locks more. I hope you had a good time as well. I enjoyed it totally and learnt a great deal of Wealth Locks.
COMMUNITY Q & A
Q. Reinhard Van Astrea, [08.03.21 21:29]
Currently, the number of DeFi projects is growing steadily, and each project is similar to the other. Among these projects, innovative and different projects with a strong team will survive. What are the features of your WEALTH project that you trust most in order to be a long-lasting project?
Wealth Team- We are in process of developing a full ecosystem that will be called wealth ecosystem. It will be one stop solution for all the BSC projects. We are integrating it in a way that an individual investor can avail all the services at one place in a fully decentralized way.
Tinder Noel- One of the biggest problems with DApps is the inactive and useless state.People only create DApps but it has no use case or contribution to the blockchain ecosystem.What will you do to prevent and resolve this problem that may occur on Wealth Locks?
Bjarne Hejl- Yes totally agree. The creation of dapp is useful only if people uses it. wealthlocks is been already used by 12–13 projects. over 1 mil funds are already locked. we are provoding something needed in BSC so users will come automatically. Also we are approaching many projects ourself everyday non stop. Asking them to lock with us. It’s been a success till now.
Reinhard Van Astrea- Nowadays So many Rug Pulls and exit scam happening. How Users can trust your project and how you are different from others?
Wealth Team- We have only launched our project after continuous testing and audit. We have also applied for audit with other firms. We were the first project on BSC to lock liquidity and team tokens. In future also we will launch all our services in fully decentralized way and after rigorous auditing.
Reinhard Van Astrea- Why would token developers use your contract when they can write their own? What benefits does your contract offer to developers? Can they integrate their projects into your ecosystem?
Bjarne Hejl- Yes they can write there own. But for that they have to again audit it. Projects main focus should be only on their own product and they can simply use our service for locking. Also we have dashboard which projects can show to community for getting trust that yes its really locked
Reinhard Van Astrea- Only getting users, holders etc is not everything. In my opinion, a project needs to deal with solving a real world issue or problem What is the problem that your project primarily focuses on?
Wealth Team- Currently the main issue on BSC was uncertainty among investors as many rug pulls happen day in day out. We have resolved this issue at some level by launching wealthlocks. Now our wealthtools is in development process that will provide complete info in a decentralized manner about all BSC projects.( As one can observe it is very difficult to gather info about BSC projects or the projects on pancakeswap like their social media presence and all). In future also we will be helping the blockchain and BSC space as a whole.
☆꧁༒☬𝕊ｏ𝓾𝓵 𝐕Ⓘ𝐏ｅг☬༒꧂☆, [08.03.21 21:29]
Recently a project called icecream rugpulled,so how we trust ,is there any reputable person,and is it helpful for longterm investment.
Wealth Team- We have only launched our project after continuous testing and audit. We have also applied for audit with other firms. We were the first project on BSC to lock liquidity and team tokens. In future also we will launch all our services in fully decentralized way and after rigorous auditing.
Bjarne Hejl- Thats the main usecase of wealthlocks to fight against rugs.
ZIC CI- COVID 19 has slowed many economies around the world but as a crypto business has it affected you negatively or positively? Secondly, are you still on track to achieve your targets as the road map says?
Wealth Team- Definitely it affected the work in many ways. But due to continuous hard work and effort from our team members we are well within our timeline to launch our upcoming projects.
Give Me- What inspired how you arrived at the project name “WLT”? in real sense, what significance does the name have in the project functioning and ecosystem development?
Bjarne Hejl- Crypto is currency so basically wealth. That’s where it came from.
It was a really Amazing AMA and BSC News liked our Project and the future plans that we have for our Project. This AMA gave a lot of exposure to Wealthlocks as last week they had CZ (Owner of Binance) on their Channel.
Thank you for your Continuous support and your Precious Feedbacks.
Check out our Website and Twitter for more updates. Join our Telegram to discuss Wealth with our Amazing community members.
