AMA RECAP WITH GEM COLLECTOR
This Article is a Recap of our First ever AMA with Crypto Thai and Bill Grimers (Creators of Gem Collector) and Bjarne Hejl (CEO of WEALTHLOCKS)
Hope you Enjoy it!
Bill Grimes- Before we kick off, can you introduce yourself? Who are you? What is your role in the Wealth Locks project? And what is your background?
Bjarne Hejl- I am lead developer in the Project. I build smart contracts on Ethereum and BSC blockchain. I have already developed well known projects like $FST and $BASE2. Now, I am designing and thoroughly testing smart contracts for wealth ecosystem.
Bill Grimes- Experience in development, always good. Can you tell us a bit more about the rest of team? How big is the team? Which positions in the company are filled at the moment?
Bjarne Hejl- Our team consist of 6 members at the moment. Two of them are front end java script experts. Rest of the team works on ideas and marketing. Now our team is working on Dashboard Explorer. It will be live in 2 days. Everyone in our team has almost more than 3–4 years working experience in the tech and blockchain industry.
Bill Grimes- Glad to hear more about that, teams with crypto/blockchain experience that are not creating week-old projects are becoming more rare, sadly.. Can you explain us what Wealth Locks is exactly? Supposedly a project that helps us lock our wealth?
Bjarne Hejl- Wealthlocks is the first lockup project on BSC. Wealth locks allows Projects built on Binance Smart Chain to lock their team and liquidity tokens in an audited, time-released Smart Contract. The whole ecosystem is governed by $WLT token. Wealth token ($WLT) is the deflationary governance token of the Wealth Locks platform. Liquidity locking will help build investor confidence in the projects on BSC and also prove project’s credibility and commitment towards investors.
Bill Grimes- Alright, so Wealth Locks is similar to Team Finance (a project most of us must know), but in this case you guys are launched on BSC. Are you only available for BSC? Why have you chosen such an approach? What is so different about being a lock-project on ETH in comparison to BSC?
Bjarne Hejl- As we all know due to high transaction fees on Ethereum, BSC has come in use very fast. Many well-known developers are moving to BSC due to its speed and fees. For now, we are available only on BSC. Yes our project is similar to team.finance project on ethereum blockchain. But we have tried to build very improved version of that. With much cleaner interface and lot of features will be added in the coming weeks. Lockup is almost similar on ETH and BSC. We have chosen BSC because it is just the beginning on BSC and it is evolving very fast. It will give our investors and developers an edge in the long term.
Crypto_Thai- What could be the biggest obstacle in the long term for Wealth?
Bjarne Hejl- Only if BSC growth is somehow stalled then it can affect wealth ecosystem. But I think BSC will do wonders in the future. And we will also be expanding to the other chains in future.
Crypto_Thai- Totally understandable. Any other chains you would like to integrate with?
Bjarne Hejl- For now I can only think of ETH that too after ETH 2.0. For near future we will only be expanding our wealth ecosystem on BSC. These are some of the features of the wealth ecosystem
1. Tokens and liquidity lock- Locking tools make it fast, safe and assured to lock any BEP-20 based coin. Further locking projects token gives the investors faith that founders will not dump the project’s token which will create a loss for the investors. Wealth locks help you lock your tokens with minimal fees of .5%.
2. Lockup Dashboard- The moment you lock liquidity tokens with Wealth locks, it will show your lockup and project details in a very simple manner which makes it easier to gather information about the project which gives confidence to the investors and also ensures assurance.
3. Secured and audited Smart Contracts-
Wealth locks respects security and decentralisation so we never have custody of users locked coins and do not have any access to them. The locking contract is well tested and audited for any security vulnerabilities. The locked tokens can only be withdrawn by the locking address after the completion of the lockup period.
Crypto_Thai- Now let’s talk process. What are the steps to be taken for any project to become eligible for a lockup at Wealth? Is there a certain list of criteria one has to pass in order to be able to pass the Wealth ‘check’? Or are all teams welcome?
Bjarne Hejl- All the projects on BSC can use wealth locks for locking their tokens or LP tokens.
Bill Grimes- Alright! Good to know, no discrimination there.
Bjarne Hejl- Nope as it is in-built in the smart contract. That is the beauty of blockchain.
Bill Grimes- Interesting to have that built in. And let’s say we’re are given a green light from the Wealth team, we can proceed with locking our funds, how will this process go exactly and what will be involved? Will this smart contract handle the rest?
Bjarne Hejl- Yes smart contract will handle the rest. But we are always there for help. Any interested project can ping us and we will guide them through the simple process. It is also mentioned in our medium article and also info is available on the website.
Bill Grimes- Are there any additional steps? Like audits for them?
Bjarne Hejl- No there are no additional steps. As we are not checking for any irregularities. Wealthlocks provide lockup service and in my opinion if a project locks liquidity it is only beneficial for the community and also helps project to build credibility and long term commitment towards community.
Bill Grimes- Thanks for clearing that up! I was actually wondering; since becoming a lock-providing project is quite an ethical conundrum in some sense. People don’t trust teams with the funds and to prove a team is legit they will store their funds with you. How can you prove to the people/investors that you are indeed legit?
Bjarne Hejl- People / investors can find the audit report on our website. We have also applied for audit to other firms. We have also locked our liquidity on the platform. One can easily check stats on the landing page. Our smart contract is well audited and tested. It is non- custodial. No one can withdraw funds from lockup till the time is up.
Bill Grimes- That would’ve been my next question ;)
Bjarne Hejl- After specified time only the owner can claim the funds back.
Bill Grimes- Not even you guys?
Bjarne Hejl- Nope buddy. No one can. That is the thing with smart contracts. If it is hard coded, Only the owner can withdraw funds after specified time.
Bill Grimes- Who audited Wealth?
Bjarne Hejl- Let me share the audit report here
Bill Grimes- Thanks for sharing!
Bill Grimes- We’ve seen many “exclusions” or work-arounds to the matter over the past. But audits are a good way to secure and test the contract for this.
Bjarne Hejl- Every audit report will be shared on the website in the coming weeks.
Bill Grimes- In essence the Wealth Locks principle is quite a tangible problem, In essence you are a vault-provider. The question that might arise, why does Wealth need a token for this? Can you explain what the WLT token is used for?
Bjarne Hejl- Wealth token ($WLT) is the deflationary governance token of the wealth locks platform. It is the integral part of the ecosystem. Wealthlocks is just the first step of the wealth ecosystem. This will be coming next for $WLT
WealthTools within 2 weeks or so
Bill Grimes- What type of governance decisions can be made with the WLT token?
Bjarne Hejl- For now there will be rewards / bonuses in the $WLT.
Bill Grimes- Interesting for any investor, this is done through passive yield based on tax?
Bjarne Hejl- It will be used for governance decisions.
Bill Grimes- That’s a nice way to incorporate the community
Bill Grimes- I was curious, What would the implementation of all these features, like the WeathDEX, mean for the ecosystem? Would this mean Wealth would completely diverse?
Bjarne Hejl- Yeah wealth ecosystem will be a complete ecosytem in itself and $WLT will act as fuel of ecosystem, when wealthpools is launched and onwards roadmap starts.
Bill Grimes- Sounds promising.
Bjarne Hejl- $WLT token is actually based on RFI concept with added features. Transaction fees and rewards are distributed to the community.
Bill Grimes- Ahh that’s what I thought, nice feature. How often is the product used at the moment? How many tokens are locked at the moment and from how many different projects is that?
Bjarne Hejl- We already have locked liquidity of approx. 400k on wealth locks Platform. We are in discussion with several projects at the moment as we are giving first few projects their 0.5% service fee back as early joining bonus.
Bill Grimes- Seems there’s much to come for Wealth, thanks for answering all these questions.
Let’s hear it from the community!
COMMUNITY Q & A
Q. Wealth — One Stop Solution for BSC Network. Different features will be present in Wealth.
• WEALTH TOOLS
• WEALTH POOLS
• WEALTH LAUNCHPAD
• WEALTH STAKING SERVICE
• WEALTH DEX
Of all the features above, when was it launched? Because it’s really an interesting feature and different from other projects.
Bjarne Hejl- Our team is currently working on dashboard explorer for Wealthlocks and Wealthtools. Wealthtools will be live by mid-march.
Q. What makes your project unique, compared to other projects? I see that the Bep20 project has adopted a lot of RFI technology, including your project. What is the target so far that wants to achieve?
A. Our project is unique in its approach. We are building whole ecosystem and our approach is long term. For now we want to achieve our roadmap within next 6 months.
Q. You stated in your medium that wealth launchpad will thoroughly investigate all aspects of projects to judge their legitimacy for a token sale ranging from Team, Technology, Product, Community and business model. With this high level of scrutiny, what is the level of experience and competency of your team that would perform these tasks? You also stated that Liquidity will also be locked on Wealthlocks to secure Investors funds. Each projects have specific lock durations. What would wealth do to protect investors’ funds against rugpull?
A. We have our experienced team of 6 members. We will also be hiring new team members for each new milestone. We will ensure at least 1 month lockup on our platform and also every other detail about the projects will be shared on our launchpad platform.
Q. What has been the most challenging part of developing of the Wealthlocks? What partnerships are you planning?
A. Most challenging part is earning the trust of the projects as BSC is in its initial stages. We will be doing that through rigorous development and audits.
Q. If I want to lock my funds on your platform, where should I start? Is there a beginner’s guide?
A. Step by step process is mentioned in our medium article. One can easily lock funds referring that.
Q. To gain the trust of the community you must collaborate with good projects. How do you plan to attract authors of such projects to your ecosystem?
A. We have experienced marketing team that is already is in talks with various projects. We also have youtube and twitter running marketing campaign that is raising awareness about our project.
Q. 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?
A. It is our simplified approach in providing services to the community. If we continuously build and deliver what we promise then our ecosystem will automatically attract investors and projects.
Q. 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?
A. Our smart contract is well tested and audited. We are providing simplified interface with trending features. N also the projects that integrate with us will have added benefits in our ecosystem.
Q. Even if you develop a perfect iron, it is not possible to be successful without some marketing and promotional support. You will need more user base for your project to continue to evolve. After reaching these audiences, you will have to convince them to invest. For this: Do you have an incentive mechanism that you can offer to your community to invest more? Are you aiming to reach crypto investors in different countries to add new crypto users to your community? Will you work with social media representatives to encourage people to buy your token?
A. Yes we have both incentive mechanism for community and projects that I will share in the end and also various marketing campaigns are running on social media to create awareness about our project.
An announcement was made at the end regarding the Rewards for the community about Referral Reward of 200$ for asking BSC projects to Lock liquidity with Wealthlocks.
If you can successfully convince some project to lock with us then take a reward of 200$ from us as a referral bonus.
No limits on reward. Successfully refer 10 projects and take 2000$ from us. Get as many projects as you can and we have rewards waiting for you.
We had a really great AMA. Crypto Thai and team loved the Project and are looking forward for Wealthtools and upcoming features that are in our Roadmap. Overall, we’re excited about the Project too and are looking forward for all the Community reviews on Wealthtools that will be out in approximately 2–3 weeks.
Again, thank you for your continuous support and precious reviews.