Here’s our 57th AMA recap!
Thank you to the Infinity Chain for participating in Ask Me Anything (AMA) with Boardroom on March 22, 2021. This guest star,
- Ali — Founder Of Boardroom
Introduction
Boss,
Awesome! Let’s get started!Well, I prefer to be called Ali, and I was born in Turkey
There is 9 dev on Boardroom team, and total number is 15
We have experience in video game, and I can tell you that we made some great achievement in video game industry.
And crypto is the new industry that we didn’t try before, so we thought we must give it a try!
Q1. Could you please give us a simple introduction of Boardroom? What’s the motivation for starting build Boardroom?
Boss,
A very important reason why we wanted to build Boardroom in the first place was that we wanted to build a perfect decentralization community.We hope to use Boardroom to prove that such a perfect community could be real.
Because Boardroom is unique in that Boardroom is a community that helps each other and share profit.
When people enter liquidity mining pool, the Boardroom contract will automatically deduct 5% of the LP as the entry fee.
And this 5% will not goes to anyone’s pocket, and the money will be distributed to everyone who stake xBDR at the Boardroom at 5:00 UTC every day.
Q2. What makes Boardroom special? How is Boardroom better than other platforms?
Boss,
I think the most unique part of Boardroom is the community.For some project, many people do not take community very seriously, but we believe that the community is the vital part for an project.
So in Boardroom, we enhance the influence of the community.
Building a healthy DAO ecosystem is our next goal after launching on Uniswap.
I’d like to see more people become a part of Boardroom community.
The third stage goal is to build Boardroom insurance, and the success of that goal couldn’t achieve without our strong DAO community’s support.
Q3. About the $BDR token use case. How do you make sure it captures the value of the ecosystem you are building? how much supply is available?
Boss,
Boardroom takes insurance for smart contract-based financial services as one of the largest market opportunities in Decentralized Finance today.Users need a way to secure the money they use within DeFi won’t be hacked, stolen, or subject to technical failures.
BDR and xBDR is designed to be the elemental tokens for Boardroom insurance.
The total supply will be 21million BDR tokens, and initial supply will be 5 million. The price of BDR will be announced once the project is launched.
Q4. The DeFi platform is vulnerable to security issues, how can you assure us that your security and transparency are strong enough? Has Boardroom been audited?
Boss,
Security is always the main concern to everyone. The development of decentralization also increases the risks on security issues.To build up community confidence on our project, there will be a 24 hours timelock and 30 days liquidity lock.
We will make an announcement when the ownership is transferred to timelock as soon as the liquidity mining starts.
The address of 24h timelock is: 0x3cc86b003d72a10d7cca0e98f41385100bcf226f.
Boardroom is an fair launch, open source project. There is no reserved token, pre-mining or anything else.
Please feel free to come and check our code on github: https://github.com/BoardroomFi.
The team will work on Boardroom insurance in the third stage to ensure our users’ security on their investment other than Boardroom.
Q5. Can you please tell us the current Boardroom road map? How far has Boardroom been developed at this time? and what will you realize in the future?
Boss,
We have published a rough roadmap on medium
https://medium.com/boardroomfi/boardroom-insurance-and-roadmap-fbd9fb68b3a2You can also check our last AMA session for our future plans. To elaborate more in details, our project is still under devising and nearing the end of the first stage
the primary goal for now is to launch our website and project, and make adjustment in replying to potential uncovered demand.
Taking feedback and then improving the project is a rather important part of project growth, and we will add more functions and bring better services to our users continuously at the same time.
As the project becoming more and more stable, we shall push the project to the next stage, and that is the governance of community.
For us, decentralization isn’t an empty term and the total support from community is necessary for Boardroom to be successful.
Considering the speculating nature of cryptocurrency, we are coming up the solutions to avoid mass speculators taking over the community and finally bringing the project down, such as giving more weight of votes to xBDR holders since holding xBDR represents long term expectation.
In the third stage we decide to set the direction toward Boardroom insurance, but the team will not be the only voice on talking about the future of Boardroom at that time.
Community shall start to play a role through governance proposals and volunteer work, whereas the eminence and significance of the team will be diminished.
It might be too early to talk about the third stage, but we hope the Boardroom will finally become self-sustain with the community.
If anybody wants to know more about Boardroom view on blockchain and project future development, please check the Boardroom paper.
TWITTER QUESTIONS
Q1. We all know BSC has now become a trend in some projects, how do you respond to this condition that we know $BDR is ERC-20 token whose high gas fees makes some investors choke to trade ERC-20 gems? Are you planning to use other networks in the future or even develop an NFT / DApp?
@Vin8517
Boss,
Yeah, listing on BSC is certainly an idea we have thought about. High gas fees could somehow become an obstacle for investors under certain conditions.But, you see, Boardroom is a new project and we want it to grow kindly with the help of a vast platform providing a healthy ecosystem, promising security, and facing a general audience, whereas BSC is still immature on those factors.
Of course, we are not throwing the possibility of listing on BSC away.
The first priority for now is to get the team work done and then we will take a further consideration about listing or using other chains.
On the other hand, DApp/NFT is the popular trend now, and if you are a member of Boardroom community and interested in those things, you could bring up a proposal about future DApp/NFT plan of Boardroom and discuss with other community members once the basic prompts of DAO set up. Decentralization is not an vain word in Boardroom.
Q2. What are the advantages if we buy and holding BDR / xBDR tokens, do large number of token holders have the right to the decisions of the Boardroom community? Or all holders can have rights to these governance decisions?
@MochaLatte441
Boss,
BDR and xBDR brings arbitrage opportunities for everyone.Holders could exchange BDR for xBDR at 1:1 ratio and convert it back to BDR at higher ratio after the relocation of entry fee enters Boardroom at 5:00 AM UTC.
Holding xBDR represents a long term expectation and confidence on Boardroom, therefore keeping xBDR will have the right to make and influence community decisions.
We hope everyone in the Boardroom will participate in governance and mutually determine the future of Boardroom.
Boardroom will take community governance as the first priority and we hope one day Boardroom could be self-sustain with community.
Q3. “Today’s Boardroom will be listed on Uniswap! 90% supply of BDR token during the initial liquidity mining epoch”. Not everyone understands to join this program, is there a guide that makes it easy for layman people to join? how does it work?
@RuthlessKX
Boss,
The initial liquidity mining epoch is the first 14 days of liquidity mining after it starts.90% of total supply will be distributed during that stage and productivity will be reduced to roughly 10% when the first epoch is over.
There will be around 5,000,000 BDR tokens distributed finally.
For more details about the Boardroom project and learning how to convert BDR and xBDR, please read our medium articles at
https://medium.com/boardroomfi/a-general-guide-for-staking-at-boardroom-1808da3aa152including the guide and boardroom paper. You will find it simple to understand.
Q4. There are so many tokens circulating and being created, so it’s very easy for people to make a token but its difficult to make tokens more valuable. So, what strategies are you using to make your tokens even more valuable? What plan are you taking to maintain the token price?
@GraceLuoyen
Boss,
As what we have talked about in the Boardroom paper, the strategy of increasing BDR tokens’ value is not too complex to understand.If you haven’t read it yet or missed the last AMA session, let me explain it again.
We make a novel rearrangement based on the original design of boardroom which involves the repurchase agreement.
Instead of charging an additional fee on each trade, an entry/leaving fee around 5% of staking amount will be transferred to the boardroom and rewards xBDR holders in the form of higher converting ratio.
Anyone can convert xBDR to BDR at that exact ratio and convert BDR to xBDR at any time.
When the rewards contract is called, all the transferred LP tokens are sold for BDR. The newly purchased BDR is then divided up proportionally between the xBDR holders in the Boardroom pool, meaning their xBDR is now worth more BDR.
Thus users of BDR get the arbitrage opportunities, and are more likely to hold BDR and stake at the Boardroom pool rather than direct sell.
The Boardroom design also involves a buyback contract in, enhancing the buying power and lifting momentum.
2 times 5% stake shared in Boardroom could incentivize people to hold and lock BDR at Boardroom, which maintains a healthy price of BDR.
That’s Boardroom currently all about at the beginning stage, we will add more features and consider the viability of generating more derivatives through it prudently.
Q5. As we often encounter, there are so many scam projects. And most of them are projects with an anonymous team. Why did you decide to remain anonymous ? How can we trust Boardroom isn’t one of those projects that will do rugpull/scam ?
@Peneloppe_celo
Boss,
As I have mentioned before, security is always the main concern in our mind. The development of decentralization also increases the risks on security issues.I don’t think the anony team is the problem, I think the real problem is that some project came op with all the excuse that refuse to add liquidity lock and timelock, also they won’t transfer the ownership.
The main reason we decided to be annoy is that we saw most of team doing it no matter what project it is, and being annoy is an temporary decision, the indentity will be public while Boardroom trending! Cause we would like others to know that we are not just able to achive in video games, but also in crypto!
there will be a 24h timelock and a liquidity lock. We will make an announcement when the ownership is transferred to timelock as soon as the liquidity mining starts. The address of 24h timelock is: 0x3cc86b003d72a10d7cca0e98f41385100bcf226f. Boardroom is an unfair launch, open source project. There is no team reserve, pre-mining or anything else. Please feel free to come and check our code on github: https://github.com/BoardroomFi.
TELEGRAM QUESTIONS
Q1. From @afisuicide
“Today’s Boardroom will be listed on Uniswap! 90% supply of BDR token during the initial liquidity mining epoch”. Not everyone understands to join this program, is there a guide that makes it easy for layman people to join? how does it work?
Boss,
Yes if you don’t know that much about liquidity mining, we made a very detail guide for you. And a little reminder, 90% of BDR token will be minted during the first 2 weeks. Which means there will be 300K BDR minted everyday during the first 2 weeks. So if you want to mint more, you need to mint early.
https://medium.com/boardroomfi/a-general-guide-for-staking-at-boardroom-1808da3aa152
Q2. From @nikbecola
What is difficulities and chances that You face right now while crypto/blockchain market is still young and need time to grow?
Boss,
I would say that the biggest challenge we are facing right now is how to get people know that Boardroom is the project you can trust. That’s why we add 30 days liquidity lock and 24 hours time lock on Boardroom. We believe this kind of action can show people that we mean it!
Q3. From @kabimahmud112
I really want to farm but I don’t want to take any risk. Are there any other options available for me so that I won’t lose my assets?
Boss,
Like I mention before, Boardroom add all the lock and open source code. So there won’t be any risk for the project. The 5% been taking will be divided everyday in Boardroom at 5:00AM UTC. If you don’t want to loss your 5% LP, you can convert your BDR to xBDR to share all the 5% conducted.
Q4. From @NaufalRf6
What role does the community play in the Boardroom; What have you done and will do to attract people to join Boardroom and build a thriving community?
What is your strategy for making user’s kept their interests to stay with Boardroom platform?
Boss,
The community means everything in Boardroom, cause each community member have to pay 5% to contribute the project. The 5% lp will be the back bone of Boardroom, every member can convert their BDR to xBDR and share that 5% lp. That’s why we used 2 different tokens.
Q5. From @Jalraj
From your website , we can submit problem, suggestion, idea or bug report and get reward, where we can submit that?
Boss,
We love to hear the feedback from our community, if you find anything that make you feel uncomfortable, please feel free to let me know. And we will make Boardroom DAO, so anyone can submit anything on Boardroom Snapshot. We will listen very carefully
- Telegram : https://t.me/Boardroomofficial
- Twitter : https://twitter.com/BoardroomFi
- Website : http://boardroom.cash
- Medium : https://medium.com/boardroomfi
- Whitepaper : https://drive.google.com/file/d/1iZFLQcbhq2TBcgzsHBN7gk7goATUyZDA/view?usp=sharing
- Github : https://github.com/BoardroomFi
- Roadmap : https://medium.com/boardroomfi/boardroom-insurance-and-roadmap-fbd9fb68b3a2
Thank you for trusting Infinity Chain as the organizer of the event today, hopefully everyone can understand about Boardroom.
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