AMA Recap: Our AMA with the ‘Selective Ape Community’
Quoted from the main man himself @Uniswapdetective — “Alright! We are happy to announce our AMA session with Lock3r Network. Joining us now is the Lock3r Founder and the project’s Full-stack Dev. Welcome guys!”
Section 1: The Selective Questions
Uniswap Detective:
Evening!
Thank you both for joining and taking the time to reach out to our community. I know full well it hasn’t been an easy journey for you guys, and that time is of the essence….
Alright, shall we begin?
Call me Kuwabara:
For sure, we have had a little bit of a rollercoaster if i do say so myself, but we have freed some time to get this AMA going. Ready when you are…
Lock3r Founder:
Ditto
Uniswap Detective:
Great, much appreciated!
Q1) Let’s get this one cleared up at the start: can you give a brief description of why you have chosen not to move forward with LID, but rather proceed with your own DApp and how might this actually be more beneficial from an investor’s perspective?
Lock3r Founder:
Good question — So we had parted ways in the interests of the investors, we and the investors feel that the way projects have been launched through their platform has been quite controversial and opaque, undelivered promises and missing liquidity upon launches has been something that we feel is only damaging to the project and it’s investors, the ecosystem needs to be stable and that’s why we require a highly liquid native token, having liquidity missing is just not going to meet those requirements.
Through our dApp or going forward independently allows us to do exactly what the community asked for.
In addition, we no longer have to pay a 5% fee to LID protocol and that extra 5% is going to help hire a contractor developer for at least 6 months providing we reach that hard cap.
Uniswap Detective:
Great! I think that’s a good decision and it’s something I’m definitely in support of. As I understand, you guys even ran a poll to see if the community would like to use DISTX, but the overwhelming vote was to use your own dApp?
Call me Kuwabara:
That’s right, we want to allow the community to have their say in what happens going forward, exactly why we have also created a poll for the way our team allocation should be vested (above).
As this is supposed to be a decentralised and community governed protocol, we want to encourage this from the very beginning
Lock3r Founder:
I concur.
Uniswap Detective:
So without having to incur that 5% fee from LID it will also give you more funds to hire DEVs for future development and $LK3R will have higher liquidity on launch, that’s all great to hear.
It’s not easy to step away from a partnership like especially under the current time constraints but the right decision for the project and also for definitely for the investors, so hats off to you guys👏
Lock3r Founder:
Thank you, it was a tough decision for us and as a result of having to make another dApp it gave us some backlog to our product development, so we are in a catch up mode for the development of Job Contracts
Q2) Alright, so, can you give us an overview of what the LOCK3R Network is aiming to achieve and what makes LK3R an improvement over Andres’ KP3R?
Lock3r Founder:
I will take this answer from a recently answered question given to me earlier and expand on it:
A significant difference starts here — ‘We have increased versatility with the ability to transfer Keeper Rights (what we call Locker rights) the user of the protocol will be able to switch or distribute rights to multiple addresses yet bond the token through one address. This allows the user to be able to set up multiple relayers from multiple addresses much more easily than they would be able to do by individually bonding every wallet.
We also have come from a different background and want to bring in different types of utility. We’re from the gambling industry and one of the guys works in finance.
One of the areas we feel that will be very unique to us is gamification. We can apply our knowledge of betting systems and the knowledge of the protocol to create gas less products with gamification, allowing Lockers to become the Bookmaker essentially to through feed driven results.
We will do this with our own version of a MetaWallet smart contract, which we discussed and covered in the discord. Users will be able to sign transactions, which could be a bet for example on a fixture. Multiple users will sign off their bets to the MetaWallet which will then be batched and handled by the Locker (Keeper). Once the event/fixture has concluded, we can then use feed driven data for Lockers(Keepers) to process the Winning/Losing/Push bets for example, again this will be batched transactions handled through the MetaWallet, to reduce gas.
The incentive here for the Lockers (Keepers) is that there is always going to be a guaranteed return for the Lockers. This will be what we know as tote betting. And the Lockers will become the handlers of the tote which pays a dividend to the winners and the Lockers take a service fee.
This is one example of how we can bring a new utility to these new Keeper Networks, and we have also mapped out a new idea for on-chain insurance cover.’
There is a lot to cover here and this just touches the surface…
Also take into consideration that we allow governance to have more control of the protocol too: The ability to transfer rights as discussed previously, bond/unbond limits, liquidity fees. Also, the stable supply model with a fixed supply, where jobs can only be funded via the treasury allocation, if they’re funded by liquidity adding or via governance.
Uniswap Detective:
Thank you for that detail and extremely intriguing reply and that’s just the start.
So to me, it seems less to be KP3R vs LK3R as many may think. One protocol doesn’t make the other redundant, its simply doing things differently as you have different utility, functions and market/sector you’re targeting.
I understand you’re the only keeper network to do this but with no mint function and paying lockers out of the treasury, is this sustainable long term? If so, how?
Call me Kuwabara:
Exactly, it’s not that we’re trying to take over Keep3r by any means we are simply just bringing different solutions and utility to the table.
Yes, we are proud to say that we have the first working Keeper Network that is stable in supply with a Fixed Supply of 200,000 tokens. We have initially allocated tokens to a treasury that will fund the initial jobs to pay workers of the protocol.
This is okay for us because most jobs will be paid in other tokens for example we have built a Core Arb Flash job contract which will be paying in Core
With our future betting model as mentioned previously, we can use our future MetaWallet to give a dividend from tote betting to the Keepers(Lockers) that are bookmakers
So this will always be sustainable and we only require this initial treasury allocation to fund initial job contracts
Uniswap Detective:
Interesting!
So initial jobs are funded out of the treasury but it seems you have a really solid model to ensure the long-term sustainability of the protocol. Great👌
Uniswap Detective:
Great, so although this could be expanded upon massively, the key differences in summary are:
- Fixed supply / no inflation
- Fair launch/distribution
- No mint function (the only MAAS protocol to do this)
- Keeper rights are transferable
- Bonding/unbonding periods can be changes through governance
- Thoroughly tested on Kovan test net prior to main net deployment/no testing in prod
- Targeting different sectors/markets
Uniswap Detective:
As always time is moving fast so I’ll get onto the next question!
Q3) We all know KP3R has been a success with Andre at the helm testing in prod and we know you have some key differences as stated above. However, why would projects and keepers/lockers choose to use your network over the original and what are you doing/going to do in order to ensure this early adoption happens?
Lock3r Founder:
We have reduced the initial bond and unbond time, so that people can participate in the network immediately, also in the next 24 hours we aim to release 3 job contracts that will be workable immediately, to support price feeds, core flash and if all is well the MetaLock3r
Uniswap Detective:
Perfect, utility from the get-go then!
Lock3r Founder:
For sure
Lock3r Founder:
People can also propose jobs themselves
Uniswap Detective:
Great, looking forward to seeing this progress over the coming days post-launch.
Call me Kuwabara:
I think I can speak for everyone in the team and say likewise
Uniswap Detective:
I’m sure you can😅
Q4) It has been a full-on few weeks for the team and I’m sure you are very keen to have a successful launch in order to get back to the task at hand: building the LOCKER Network.
But, can you share anything about the plans from your roadmap that your investors can look forward to?
Call me Kuwabara:
Sure, I think we have touched on this briefly, but the MetaWallet is huge — The ability to use a gasless wallet is getting closer, people will be able to use multiple crypto-assets and sign off transactions that can then be batched and handled by the Lockers(Keepers) of the network.
You could set up a payroll system or send multiple transactions with a single asset to as many recipients as you wish and it will cost you a fraction in gas than what it would usually to perform the transactions individually.
Uniswap Detective:
I’m going to jump right to the next for time’s sake but thanks for the detailed reply and plenty on the horizon. The Meta Wallet will be a huge milestone with massive utility.
Q5) Let’s talk investor safety. What are you doing in order to earn the confidence of investors?
And secondly, I know the original KP3R has been audited by Peak shield which covers much of the code, do you have an audit planned for your additional functions and added smart contracts?
Call me Kuwabara:
Okay so that is right — the majority of the code that we have forked is still covered by the PeckShield audit, but for reassurance, we feel that it is only sensible that we have the remaining code checked over and we have chosen CertiK.
We are going to use the raised ETH for our CertiK audit. I think it’s also important to mention that we have a poll currently open for how the community feel the team allocated tokens should be handled and vested.
Uniswap Detective:
Great choice. We all know Certik as one of the best/most trusted in the industry for conducting audits and good to hear you’re also taking on community feedback, once again.
Q6) Let’s talk about the pre-sale, your hard cap is 1000 ETH. Am I right in saying that upon hitting hard cap, the starting MC would be less than 600k : which is just roughly 1% of the KP3R MC?
Call me Kuwabara:
That’s accurate and what I summed up myself earlier, it will be even less if the hardcap is not reached.
Uniswap Detective:
Considering many pre-sales have recently hit ~2000 ETH without any product at all and your protocol is arguably more flexible and versatile than the original, this cap seems very modest.
And you will be announcing the exact time as of this evening?
Call me Kuwabara:
Well we only wanted to raise what we feel is required for the future development of the project and we really don’t need anymore given to the team. I think having the product ready to go should be a huge eye catcher for the investors personally.
Our Software Test Engineer — Taavi has reported some bugs with the presale dApp and we have acknowledged that the community have been very keen for us to launch today, so we have come to the conclusion that if we don’t have the bug fixes done before 10 pm (2 hours 42 minutes) we will go ahead with Bounce.Finance’s fixed swap pool at midnight tonight, as initially scheduled with LID Protocol.
Uniswap Detective:
Ok, so the sale is going ahead tonight at midnight. Be it via Bounce or your pre sale DApp, good to hear!
Call me Kuwabara:
That’s right, we don’t want the presale dApp slowing us down any further, the product is a priority
Section 2: Community Questions
Q1) In order that the project develops more and more, it needs a strong community behind it. In order to achieve this, what should LOCK3R do? What are the incentives which your team brings to the community?
Call me Kuwabara:
The short answer is to provide full governance of the protocol, the community can also come up with their own job contracts, its infinitely upgradeable and scalable, the developments of the protocol can be made by the community just as much as they can be developed by the team. Also with infinite utility comes infinite opportunity, the ability to provide flash loan jobs allows those that don’t necessarily understand flashloan protocols, to be able to still setup a job script or execute workable jobs straight from etherscan if they wish and reap the rewards….
Uniswap Detective:
I think some people are maybe underestimating the potential this tech has but once the project is in full swing it will be very evident. Exciting stuff!
Q2) Many projects rug pulled and exit scam recently. Why should investors trust your project not to do the same? How do you handle security issues in your project? and is there any advantage for the developer if they get a bug on your platform?
Call me Kuwabara:
I’ll bullet point this one:
- Team vested allocation
- Unicrypt locked liquidity
- No mint function and working product from day one
- Highly liquid (providing the presale is successful
The incentives for being a Lock3r are limitless, the more you have the more voting power you have. In addition the more you bond the more applicable you are for jobs that require higher bonds.
We also pay bonuses on some jobs for bonding a minimum amount.
Uniswap Detective:
This also promotes huge utility for Lk3R which will be great for long term price appreciation from a HOLDer standpoint as well as those interacting with the network.
Q3) What do you think a reasonable near-future MC is for LK3R? Are you confident in capturing a large portion of KP3R’s market?
We’re not experts in trade analysis, unfortunately, but from a fundamental point of view — since this protocol is arguably more versatile and flexible, I don’t see why it cannot be up there with the origin.
Q4) Your website is plain and simple by it’s UI, which I like. It is still in beta phase though, do you plan to harshly change it for the launch? What does the profile section with bond and unbond functions alongside with “find lock3r” mean, could you please tell us more about that? What addresses are we supposed to search there?
So bonding lock3r makes you a Locker — Which makes you apply for work, the more you have bonded, the more jobs you will be eligible for. You can search a Lock3r if you are a job owner etc, to see if they’re an eligible worker.
In addition, you may come across a bad actor in the network, so locating a Locker address that you have seen working, but negatively affecting a protocol can be disputed and rewards they have received can be slashed.
Unbonding simply is the opposite, it makes you ineligible for work and gives you no governance token
Q5) Recently, there have been security breaches in smart contract of several projects, leading to loss of huge funds. How secured is Lock3r smart contracts and what benefit does the LOCK3R’s SC design offers? Do you plan to use an external auditor or launch a bug bounty program?
We touched on this one briefly: 1400 Lines of code has been covered in the Peckshield audit that was performed on Keep3r, the remaining will be covered with a CertiK audit, which will be funded with the raised ETH
Q6) A question that has surfaced in a prior discussion of Lock3r on this channel and that I found quite essential: what are your ideas on the growth of the ecosystem and number of users, especially in direct competition with Keep3r?
We cannot really predict this, but we will provide a unique utility that doesn’t mean someone has to move away from Keep3r, where they can participate in Lock3r asynchronously.
Uniswap Detective:
Alright guys, lets cut it there as we are overtime and we all want to prepare for launch later tonight!
Thank you again @Lock3rNetwork and @SoSolidityCrew for all your efforts, detailed replies to all our questions and taking time for our community. We really appreciate it🤝
Pre-sale details:
The exact time is yet to be announced but the sale will be run through their own custom-built Pre-sale DApp and the token metrics can be seen below.
Hardcap = 1000 ETH
Lock3r Token Allocation:
35% allocated to presale and a further 25% to Locked Liquidity
Treasury holds ≈ 15%
Team funds only 10%
Non-inflationary supply and no mint function means that no more than the current 200k Tokens can be minted ever.
Pre-sale: MIDNIGHT UTC tonight — For the official announcement please follow https://t.me/lock3rnetworkchannel
Important links:
Lock3r Network:
Website: lock3r.network
Documentation: docs.lock3r.network
Telegram: https://t.me/lock3rnetworkchannel
Twitter: https://twitter.com/Lock3rNetwork
The Selective Ape Community
Telegram Chat: https://t.me/TheSelectiveApe
Telegram Announcements: https://t.me/TheSelectiveApes
Twitter: https://twitter.com/ApeSelective
