Thank you to the Infinity Chain for participating in Ask Me Anything (AMA) with Binary Cat 20 December, 2021. This guest star,

  • Charles Grenier-Green — COO
  • Pedro Argento — CEO

Introduction

Pedro Argento | BinaryCat.app :
Hi, guys! Pleasure to be here! My name is Pedro, and I am CEO of Binary Cat. I graduated with an Electrical Engineering degree from PUC-Rio (Brazil), with specialization in operational research, back in 2015. I also hold a master’s degree from PUC in Finance with a focus on derivatives risk. I have also studied artificial intelligence and data science at the General Assembly in San Francisco and am a founder of GoBlock, a blockchain software company mainly focused on energy markets.

Charles Grenier-Green :
Hello everyone! My name is Charles and I am from Canada! I graduated with a Finance degree with a specialization in international business and also hold a master’s degree in Accounting from the University of Alberta. I am also a Chartered Professional Accountant (CPA), and will hold an MBA designation from Queen’s University within the next month or two. I have several years of experience working with a Big 4 accounting firm, combined with experience working and consulting for several tech firms and with cryptocurrency investments.

QUESTIONS MODERATOR

What’s Binary Cat? Can you provide a simple description?

Pedro Argento | BinaryCat.app :
Binary Cat is a decentralized platform that runs on Avalanche where users can bet on the price of crypto assets and the relationship between them. One awesome feature of Binary Cat is that in addition to receiving a share of the winnings if bets are correct, users are further incentivized by receiving KITTY tokens proportionate to their bet size regardless of whether or not they were correct — this increases rewards if you win and lessens the cost associated with a loss. Holders of KITTY tokens will be able to receive a proportionate share of transaction fees generated by the platform and will also have a share of voting rights to participate in governance based on the amount of tokens they hold.

Why did you choose the decentralized betting market for the Binary Cat platform? What are some of the problems/pain points that Binary Cat aims to solve? What does Binary Cat bring to the crypto space?

Charles Grenier-Green :
Great question! You know what, since Bitcoin started and cryptocurrencies in general gained traction, one of the primary use cases for digital and decentralized assets have been gaming, particularly those related to gambling. There seems to be a strong market for this kind of crypto product and we’re very excited to launch a product which provides numerous benefits over and beyond traditional betting platforms such as an added incentive by distribution of KITTY tokens for all users, a fair and transparent fee structure, and the opportunity for users to own and benefit financially from the platform!

What do we bring to the crypto space? Basically the best and fairest betting platform on the market with an incentive structure far superior to other betting platforms! :)

You can learn more in the Medium article we published recently: https://medium.com/@BinaryCat/predicting-asset-prices-with-binary-cat-d7672210741e

How does Binary Cat work? What is the usecase of the $KITTY token on the platform? What are the benefits of betting with Binary Cat?

Pedro Argento | BinaryCat.app :
When we were developing the Binary Cat platform, we really wanted to create something that was easy to use, fair for all participants, and an enjoyable experience! We believe we’ve done just that. When you visit the platform (currently in a live demo version https://www.binarycat.app/) you’ll see that betting is done in three stages: “open for betting” where you can place bets, “ongoing” where bets that you made are waiting to be finalized, and “finalized” where you can see your completed bets. Basically you place a bet and can watch it progress up until it is finalized at which point you can see whether you were successful.

The KITTY token, which will be distributed to all participants regardless of whether their bets were successful or not (distribution is based on the amount of each bet in relation to all bets placed in each period) can be staked with our easy to use staking page (https://www.binarycat.app/staking) where you will be able to earn a share of all transaction fees generated with the platform. 70% of all KITTY tokens will be distributed to users simply for using the platform throughout the first two years! KITTY holders will also be able to participate in governance once that has been implemented!

With Binary Cat, there is no “house” — the entirety of the small transaction fee incurred to place a bet is distributed to KITTY holders! This creates a great deal of transparency and a higher degree of fairness when compared to traditional betting platforms. So the benefits of betting with Binary Cat, is that it’s fairer than anywhere else, it’s easy to use, and my favorite (and unlike any other betting platform out there): you get rewarded with KITTY tokens simply for placing a bet! This increases the reward associated with winning and lessens the losses with unsuccessful bets!

Why is Binary Cat choose Avalanche network for ecosystem platform? Any plans for expansion using other blockchain networks?

Pedro Argento | BinaryCat.app :
We are fully invested in the Avalanche network and the experience has been amazing. Finality for transactions are blazing fast, making the app experience smooth. Also, the Avalanche community is amazing, we’ve been getting a lot of support from a lot of different people involved in Avalanche projects! 🔺

We put together a great Medium article recently to explain exactly this in greater detail, but basically we believe that there is a great deal of traction with project launches on Avalanche, with a community which seemed like a more suitable fit for us!

https://medium.com/@BinaryCat/we-move-to-avalanche-blockchain-3bd18b98be54

Please inform the Binary Cat roadmap? What is the strategic plan of Binary Cat in the future?

Charles Grenier-Green :
Certainly! We believe that the future is bright for Binary Cat and the Binary Cat community, and are very excited for what’s next! We are currently in the process of launching KITTY with the help of the Penguin Finance launchpad, and are going to make the platform live in early January. We, and our community are very excited to start making bets and generating cash flow with Binary Cat, so the next few days / weeks are going to be very exciting! In the near future, we plan on implementing governance so that KITTY holders can contribute to future Binary Cat initiatives such as adding new asset types and betting options!

QUESTIONS TWITTER

I’ve found out that Binary Cat is a partner project of the Cartesi blockchain. Can you please elaborate and describe to us your relationship and collaboration with Cartesi? How does Binary Cat works with Cartesi blockchain?

Pedro Argento | BinaryCat.app :
Absolutely, Cartesi has been very supportive of our project and has helped us get to where we are now! For those of you who don’t aren’t familiar with Cartesí (CTSI), it is a Layer 2 scaling infrastructure that works with Linux to attract more experienced developers to the blockchain world and unlock a new future for decentralized applications (dApps) like Binary Cat. Using Cartesi’s Descartes Rollups solution, Binary Cat’s smart contracts will be more scalable, while Cartesi’s Noether solution will allow the platform to temporarily move and store data at lower fees. Additionally, with the integration of Cartesí, complex processing in times of high demand can be executed off-chain, thus releasing a large computational load to create a more powerful and agile interface, without the computational limits affecting some decentralized applications. Using Cartesi, we will be able to code smart contracts and overcome scalability issues when conditions require.

Charles Grenier-Green :
With Cartesi infrastructure the sky’s the limit to the types of bets and products we will be able to offer while still enjoying all the decentralization and security provided by the Avalanche blockchain!

Binary Cat is the Future of Decentralized Betting. Currently, the betting platform market is occupied by monopoly companies or big players. Is there a way to prevent monopoly of power? How does BinaryCat ensure the betting algorithm used is fair?

Charles Grenier-Green :
The way to compete against the big players is to empower the community. Although we are the ones who developed Binary Cat, the project is fully decentralized and owned by KITTY token holders. And as every user is rewarded with KITTY, we create a situation where the platform is owned by those who use it, and they can direct the development and the evolution of Binary Cat with first hand experience of the user journey. Who can know better what users want? Decentralized decision making is key.

Pedro Argento | BinaryCat.app :
The betting algorithm is fair because it’s fully transparent. All betting mechanisms happen inside smart contracts that are open for anyone to read and audit.

The first DApp of the Binary Cat protocol was “Predict Market”. So, What is this DApp like? How can your protocol help DApps provide prediction services across multiple chains and then how to create links between them to win high prizes, even if their predictions are wrong?

Pedro Argento | BinaryCat.app :
We are starting with simple bets that are easy for everyone to understand. But with time, as the community grows and matures, we have the goal to add more types of bets, like betting on volatility, rates between assets and even long term prices. Those markets can resemble financial products and can be a great source of information about the market, such as long term expectations, volatility expectations, etc.

Talking about security, As we know no one can guarantee security, but Audit plays an important role for a security platform/project. So can you tell us how strong your security system? Has BinaryCat ever conducted an audit or is it still in the process of planning an audit?

Charles Grenier-Green :Really important question! Our first measure of security is decentralization: all funds are locked in smart contracts and our founders and team have no special access to it. That means that the funds are not vulnerable to us being hacked or any of our private keys leaking.

Our second weapon is limiting exposure: you do not deposit any funds in order to bet, you bet straight from your metamask account sending the amount you want to wager. That way, if someone finds a vulnerability in the code, the only risk is the value of your last bet.

And finally, where we have the larger exposure, in the staking contract, we count on code simplicity, reducing the surface for attacks. It’s a simple code that’s easy to audit and has predictable behaviour.

Who are your potential customers and which market are you targeting? Do you believe the power of community can help your platform to be successful? And do you consider any criticism or suggestions from the community for any development platform?

Pedro Argento | BinaryCat.app :
With cheap fees in the Avalanche network we allow users to bet low amounts, so the platform is by no means a whale game. In Binary Cat we have space for everybody: from the blockchain beginner that wants to have some fun betting 1$ to the big guys creating huge pools. Even arbitrageurs have a place in our ecosystem if they want to do neutral risk bets.

All decisions we made from the start of the project was with community in mind, specially the token design and incentives. We’ve been running on the testnet for awhile and implementing a lot of the feedback we got both in the underlying betting mechanism and in the user experience. Our tokenomics make sure that Binary Cat will always be by the users to the users.

QUESTIONS TELEGRAM

How can I join the pre-sale or IDO? What is extimated date Where can I buy your Tokens ?

Charles Grenier-Green :
That’s a great question — and one that you’ll need to act quickly on as the registration period is nearing completion. We are launching on the Penguin Finance launchpad with registration currently underway (note that registration closes on December 21 at 23:50 UTC). After this, KITTY tokens will be available for active trading on an exchange in early January!

What are the steps to become a part of your community, and start getting revenues? Where do we buy, where do we sign up? This looks like an amazing project!

Pedro Argento | BinaryCat.app :
Thanks for your question!

The steps are simple:
1) Follow us on Twitter: https://twitter.com/BinaryCatApp
2) Join our telegram chat: https://t.me/BinaryCatChat
3) Check how to participate in the IDO at https://penguinfinance.org/launchpad

Also join the Penguin Finance telegram group. They are awesome and can help with any quetions you have.
https://t.me/penguin_defi

To be a successful project there must be a good and strong team. How can we know more about your team and background? Are you a doxxed team or not?

Pedro Argento | BinaryCat.app :
We are fully doxed! You can check our backgrounds on this Medium article we wrote.

https://medium.com/@BinaryCat/getting-to-know-binary-cat-the-inside-story-9da1bc40739a

Can you share your social media links and channels to keep tune with these project?

Charles Grenier-Green :
Of course — make sure to follow us as there is plenty of exciting things going on as we are currently launching KITTY and will be soon launching the live version of the Binary Cat platform.

https://medium.com/@BinaryCat/
https://twitter.com/BinaryCatApp
https://t.me/BinaryCatChat
https://t.me/binarycatANN
https://www.binarycat.app/

‘’STAKING’’ is one of the STRATEGIES to ATTRACT USERS and HOLD Them long term. Does your GREAT PROJECT have plan about Staking??

Pedro Argento | BinaryCat.app :
YES! We have a staking mechanism. When you stake KITTY tokens you receive a portion of all fees generating by the platform. Staking KITTY means you own part of Binary Cat and that you are the house (and the house always win).

Telegram Chat | Telegram Channel | Twitter | Website | Medium | Reddit

Thank you for trusting Infinity Chain as the organizer of the event today, hopefully everyone can understand about Binary Cat.

Join our Telegram Group and you can talk directly with other Communities and enjoy some of the events that we created. We are always here to support.

--

--

--

Telegram Chat : @InfinityChains Telegram ANN : @InfinityChain_News Twitter : twitter.com/Infinity_Chains Website : Infinitychain.news

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

How ETH 2.0 Could Resolve the Long-running Centralization Debate

Here’s our 241 AMA recap!

Here’s our 58th AMA recap!

Here’s our 97th AMA recap!

Betting on the origins, aiming at the future.

Here’s our 248 AMA recap!

Algorithm Stablecoins’ Delimma

Introducing $TARAHASH: The New Age of Utility

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Infinity_Chain News

Infinity_Chain News

Telegram Chat : @InfinityChains Telegram ANN : @InfinityChain_News Twitter : twitter.com/Infinity_Chains Website : Infinitychain.news

More from Medium

Token Portal Instructions

Here’s our 184 AMA recap!

Announcing Vault Hill IDO on MaticLaunch — Whitelist Now!

Polkastarter IDO Allowlist for Deliq Finance is Now Live.