Review of Amplify AMA
ICYMI: Transcripts from AMA with BearKingGroup on Telegram
Recently Amplify sent some of the team to an AMA event to give an update on the project as well as to discuss some of the company goals and ambitions. The event was held Live on Telegram in the @bearking_group chatroom, which at time of publishing — boasts an impressive group size exceeding 50K+ total members.
The AMA provided an opportunity to further engage with the community, to answer any questions or concerns, all while facilitating a rewarding environment.
There was a $100 Prize for participants whom submitted the best questions overall. The event took place at 11am UTC/7pm HKT/7am EST. Runtime was approximately 60 minutes. Attending from the Amplify Team was CEO Eugene Tan and Risk Officer Jack Lee.
For anyone whom may have missed it, we assembled the transcripts below for your review.
The host of the event was William Duy, from the Bear King Group.
Transcript of AMA
William (host):
Can you please introduce yourself and your background, also introduce the team working on Amplify?
Eugene: My name is Eugene Tan, CEO and have been in shipping logistics space for 20 years before venturing into B2B and blockchain. I have with me Jake Lee, our Chief Risk Officer, who has been a veteran in trade finance for more than two decades. He comes with a wealth of experience in this trade. Also in our team, we have people from blockchain and the crypto space to complement the traditional business experience. This is necessary as our target users are from 2 different demographics.
William (host): Sounds great, thank you for the brief introduction.
Q2) What is the misson of your project? And what can users get from Amplify?
Eugene: To provide SMEs with a sustainable alternative financing method by involving digital assets investors.
Amplify believes that through Decentralized Finance (DeFi) we can forge a win-win B2B2C relationship between SMEs and community investors, achieving the needs of all parties and building a sustainable and efficient economy.
As users from the lenders side will get the benefit of investing their crypto assets and earn recurring returns. Additionally, they will be rewarded with our AMPT governance token.
William: Q3 Could you explain a little about Amplify and what makes it different from other projects?
Eugene: Amplify is working on a B2B2C space where our target users are the Small Medium Enterprises who are in need of cash flow to finance their operations.
Today this group is largely not being serviced by existing financial institutions or cost is too high.
On the other hand, we see huge potential in the defi space where owners like you can get a recurring return on their assets. Enabling them to increase their assets in a more sustainable way. Our platform offers stable, recurring, returns. There is a strong pain point in the economic sector that needs help and unlike speculation, this is more sustainable
William: Q4) Can you tell us about some of the partnerships that are currently working with Amplify?
Eugene: we are working with Polygon and Velas chain, not forgetting Ethereum Chain. We have also signed partnership agreements with Wizkey, Xlog , Cash in Asia, Verticys, to use our protocol for financing. Also, Regtech with Regtank, ResultElf etc. And there are few more in the pipeline which have yet to be disclosed.
William: Q5) How can we use the product & what are the ways to get involved?
Eugene: Be a contributor to the world economy by putting your crypto assets to work for you. We want to help SMEs to flourish and not be taken up by big MNCs. Join us as a liquidity provider and you can be a stakeholder of our protocol by owning our governance token AMPT. Change the perception that it is a speculative game.
Jack: and unlike typical “high risk, high returns” in crypto investment, we provide a stable and lower risk return for your assets.
William (host): Q6) Can you explain your Tokenomics Distribution? How many tokens will be minted ? And How many tokens will be locked by the team?
Eugene: Total issuance 100,000,000 (one hundred million) and the team tokens will be locked for min. 1 year.
William (host): Q7) how can i get Amplify token ? and where can i buy it?
Eugene: as of now, AMPT tokens are not for sale publicly. we are still working on private fundraising. but soon and keep a lookout, we will be launching public fundraising for it. so please stay tuned.
William: Q8) As we know one thing that investor see from a project and really important is security. How do you convinced user that Amplify platform is safe to use?
Eugene: we understand the importance of security especially pertaining to your assets, and hence we engage audit companies who are authority in this space to do it and this will be made public. this is more so as we are working on a B2B space. we have to take all this into perspective.
William: Q9) Does your project support staking program? if yes. how is your stake system work, what is the need for user if they want to stake in your platform?
Eugene: Yes. there is staking of the AMPT token as well in the Safety Module
there is also vote-locking which is a form of long-term staking, for veAMPT
William: Q10) What is your top 3 things for priorities in 2021? Could you share some plans for the upcoming year?
Eugene: roll out the protocol, list the token and complete fundraising
(end)
The floor was then opened to the community to ask questions of their own. There were several dozen questions proposed by community members. Amplify selected a few off the list and responded appropriately. Following the open Q&A with the community, the winners were announced and the event concluded.
The team would like to say thanks to the @bearking_group on Telegram for hosting the event, and of course we appreciate the support of those whom took part and participated.
For anyone interested, Bear King Group hosts blockchain and crypto AMA’s every week with regular community prizes and awards for participants
— welcome to join here: t.me/bearking_group.
That concludes the AMA summary.
Kindly.
