Here’s our 81th AMA recap!
Thank you to the Infinity Chain for participating in Ask Me Anything (AMA) with BSOV June 7, 2021. This guest star,
Rouse — Voluntary Contributor
Hello, everybody! I am Rouse, and I’ve been a Voluntary Contributor of BSOV Token for about 1.5 years now. I discovered Bitcoin and cryptocurrencies about 6 years ago, in the summer of 2015. Bitcoin was about 200$, and I started researching how it all worked. I started reading about it, because I wanted to figure out how Bitcoin would fail, and why it wouldn’t work… I failed. I couldn’t prove Bitcoin wrong, and therefore slowly became a firm believer in cryptocurrency, and the freedom that it gives to all the people of the world.
I’m a normal guy, and currently have a dayjob of being an assistant of a friend of mine who is a woodchuck/tree climber/cutting branches, mostly to reduce risk from risky or dead trees. This is what BSOV Token is about. Normal people building up the decentralized community — Not rich guys on the top.
Over the years I’ve consistently been reading and researching about blockchain and cryptocurrencies, and investing in a lot of different projects. I have participated in a lot of different communities, and learnt alot along way. Everything from writing, to concept development and design.
With BSOV Token I have actively participated in the @BitcoinSoVCommunity Telegram group, and been working on the website at https://bsov.io and helped develop the concept for SovCube (https://sovcube.com). I have often had many new ideas, and I’m not afraid to try them out.
I’m looking forward to still voluntarily work for BSOV Token, and I hope you’ll join me someday, after BSOV Token has proven itself to work as an appreciating Store-of-Value.
I hope to see you all at the 2-year anniversary of BSOV Token, which happens the 17th of June, 2021. Something fun is coming, just like last year, where Mundo (the creator of BSOV) released the long awaited Whitepaper of BSOV. (More info about 2-Year Anniversary here: https://bsov.io/2year )
Starting out, could you please provide us with a simple description of BSOV?
BSOV Token is not a Bitcoin fork, but shares Bitcoin’s supply distribution with a deflationary design. This cryptocurrency is the first PoW-mineable and deflationary-by-design crypto commodity built on the Ethereum blockchain (ERC20).
Could you please give a brief intro of BSOV salient features? What solutions does BSOV offer in terms of that outperform competitors?
BSOV Token is designed to burn/destroy 1% of the BSOV of every on-chain transaction, which means that if you send 100 BSOV, then 1 BSOV will be burnt. BSOV is even burnt when traded at Uniswap. This deflationary mechanism makes BSOV more scarce over time, and the only way to keep your BSOV from burning, is by HODLing. This is why the community behind BSOV Token says that BSOV Token is designed to be a great Store-of-Value (SoV) that will appreciate in value over time, assuming adoption. — Therefore the name “BitcoinSoV”.
Following the market’s recent dramatic downturn, the prices of major currencies have plummeted. How can you balance between developing a project and adding value to your product? Can you explain about the tokenomics and utility of BSOV?
I wouldn’t exactly say that “prices of major currencies have plummeted”. I don’t understand your question about balance and my “product”(? I don’t have a product?), however I can explain something about the tokenomics and utility of BSOV.
BSOV Token is made to be HODLed and transacted at a higher price than what you bought it for, due to BSOV’s deflationary mechanism that burns 1% of every on-chain transaction. The supply distribution of BSOV is nearly identical to Bitcoin (BTC). 21 million coins, and a halving of production about every 4th year
Okay could we expect in the future BSOV will expand to the BSC network too ?
I suppose so. Some community members have talked about creating a Wrapped BSOV on Binance Smart Chain (BSC) to utilize the cheap transaction fees.
However, if you would like to send BSOV cheaply, you could also use ccTip here in the https://t.me/BSOVfaucet group that I created. You can tip each other, and also I’m giving 1 FREE BSOV in that group.
What’s great about BSOV, is that anyone can do whatever they want
Because BSOV is decentralized
What security BSOV have taken to keep the investors and users funds secure?
BSOV is an Ethereum (ERC20) Token, so it is as secure as Ethereum is. No one in the BSOV Community needs to do anything. Also, the ERC918 Token standard that BSOV uses was originally created by 0xBTC, and it has been tested through time over 3 years without any errors.
Personally, I would suggest to keep your seed phrases safe, and use local wallets or hardware wallets. You know what they say “Not your keys, not your crypto”. If you don’t know what that means, then look it up.
About the Roadmap, what can we expect from BSOV in the near future, are there any new events coming up and what is being planned in the future?
There is no official “roadmap” per say, because BSOV is not a company or a single group of people that has any official plans, however, there are some cool things happening at BSOV Token’s 2-Year Anniversary that is happening at the 17th of June, 2021. Read more here: https://bsov.io/2year The SovCube Whitepaper/Litepaper may be released soon.
Q1. In how many ways or what are the ways your project generate revenue? What is the revenue model? How it can be beneficial for both investors and for project itself?
BSOV can be used with Ethereum dApps, for example Uniswap. You can become a Liquidity Provider and earn passive income. Otherwise, the utility of BSOV is to mine, trade, HODL and transact. The more you transact, the more of your BSOV will be burnt, and the more you HODL, nothing will happen, except that your proportion of BSOV will increase in relation to the decreasing circulating supply due to everyone else who transacts. This makes your holdings more worth compared to everyone else.
Q2. mining is the only way to get a BSOV, except to buy it. My question is, What are the details about this? and why is the Erc918 smart contract the basis of the BSOV?
Yes, to get BSOV, you will have to either mine it or buy it — HOWEVER, I’ve recently created a BSOV Tip Faucet group at Telegram at https://t.me/BSOVfaucet where you can get 1 FREE BSOV, and possibly later reward people who do tasks.
Or you can try to mine BSOV by looking at the instructions at https://bsov.io/mining
Or you can buy BSOV at Uniswap — More info here: https://bsov.io/trade
The ERC918 Token Standard is essential for BSOV, because it allows BSOV to only be distributed through Proof-of-Work (PoW) mining.
Q3. can you tell what “Voluntary Proof-of-Commitment (Pocom)” is? How does it work? What are the benefits it brings to users?
Proof-of-Commitment (PoCom) is a concept from SovCube (SovCube.com (http://sovcube.com/)) about measuring the total commitment the HODLers have for a token.
%OfCirculatingTokensLocked * AmountOfTimeLocked = ProofOfCommitment.
BSOV HODLers have timelocked a great deal of their BSOV Tokens to hold for years.
Over 30% of Circulating Supply of BSOV is timelocked in SovCube, and it will take a minimum of 500 weeks (9.6 years) until all the BSOV are unlocked, however, it will likely take longer, because nearly no one has withdrawn their timelocked BSOV yet.
The fact that the committed HODLers have timelocked their tokens can really benefit new investors by providing an insurance that the biggest HODLers cannot sell to dump the market.
Q4. Currently BSOV is listed on 2 exchanges UNISWAP & Resfinex, but I see that liquidity for BSOV is currently still low. How do you try to increase liquidity? Do you have plans in the future to switch to using the BSC, Solana or Matic network which is being used by most projects?
Yes. Liquidity for BSOV is low, and it has a lot to do with the fact that a lot of the BSOV HODLers simply do not want to put their tokens on the market and risk to lose their precious BSOV for a low price. I myself added some Liquidity at Uniswap because I had the capital to do it, and because I wanted to spread usage of BSOV to the world. I cannot do more than encouraging others to do the same, however they should know the risks about Impermanent Loss at Uniswap.
Yes, some community members have talked about introducing a Wrapped BSOV Token on the BSC Network, and possibly other blockchains as well, however, note that the Original BSOV is only mined on Ethereum, and it cannot be migrated.
Q5. Partners are very important for every project today, may I know which partners you have now? and which partners in the future you will be heading to ?
BSOV is not a company or a single controlled entity, so it cannot really “partner” with anyone. It’s like asking what are the partners of Bitcoin.
Personally, I make friends with people in the crypto space, and see where that takes me in the end. You can get good friends by helping each other out.
From : @Joker_BestNowadays creating a Project and Propagating it is an easy thing, But Proving its transparency and security is a difficult thing. Do you have any proof that #BSOV is transparent and secure?
The BSOV Community has proven to be radically transparent with everything that has been done. For example the funds that the anonymous/pseudonomous creator “Mundo” has in its donation wallet has been used in a conservative fashion, and every transaction has been documented. Even the one time that we fell for a scam and mistakenly paid someone who pretended to be from CoinTelegraph. You can read about the Donation Wallet and how BSOV grows at https://bsov.io/growth
From : @Vimrul8What are the long term visions of your project? why you choose blockchain and what problems do you intend to solve?
My long term vision for BSOV is to have a forever price-appreciating and deflationary Store-of-Value that I can give to my family after I die, so that I can secure the finances of those that come after me. With the SovCube Whitepaper that’s coming at the 2-Year Anniversary, I will outline the blueprint for a DAO (Decentralized Autonomous Organization) that leverages the Skin-in-the-game or Proof-of-Commitment that the BSOV HODLers have after timelocking their BSOV in the SovCube Timelock Contract.
I predict that this will solve short-sighted decisions that are often made in DAOs that don’t require a lot of commitment from the voters.
From : @namkidimukoWhat are the benefits of holding your token as long term investment? Can you tell us about the motivation and benefits for investors to keep the your token in the long run?
Holding BSOV means that none of your BSOV will be burnt. The longer you hodl BSOV, the bigger is your % proportion compared to everyone else who transact their BSOV.
It is a test of patience, where patience will reward you in the end.
BSOV is EVERYTHING about a long term investment, and cares nothing about short-term investments.
From : @Toslim08How was the idea to create this project born? It is very interesting project? What do you want to prove? What are your expectations????
I didn’t create BSOV Token. If you had done your research, you would know that BSOV was created by an anonymous/pseudonomous creator called “Mundo” which means “World” in Spanish.
You can read more about his/their/her reasoning in the Whitepaper that was released 1 year ago: https://bsov.io/whitepaper
From : @YunothinhWhat is the competitive advantage of your project? Can you point out the strengths of your project that other projects do not have to attract investors?
BSOV is practically RUG-safe, and doesn’t have CEOs and huge pre-mines that are centrally controlled. BSOV is completely decentralized and is just functioning just like intended.
Where people are looking for good CEOs of Crypto Projects — I just see 🤡
- Telegram : https://t.me/BitcoinSoVcommunity
- Telegram Channel : https://t.me/BSOVnews
- Twitter : https://twitter.com/BSOV_
- Website : https://bsov.io
- Instagram : https://www.instagram.com/bitcoinsov/
- Facebook : https://www.facebook.com/BitcoinSoV/
Thank you for trusting Infinity Chain as the organizer of the event today, hopefully everyone can understand about BSOV.
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.