LBank AMA Recap with CIC
On 20 July, Lbank held an AMA with the CIC team in the Lbank official telegram group, ones who missed the session can see the recap of the AMA here below and can read the transcript of the session again.
Can u please introduce yourself and the project you representing today ?
Guest Answer :
yes, of course, My name is Jared Robinson and I am the CEO of CIC Labs. CIC Labs is the company behind CIC Chain and our native coin for our blockchain is called Crazy Internet Coin. Believe me when I say, it took a lot of time to create a name that is so bold! My team is very diverse and our technical team have over 100 years of Blockchain experience.
I have been working in the crypto space for several years at this time and I started as a freelance smart contract developer who decided to manage my own project when I saw just how many scams there are in the space. Our project has been live now for over a year, mainly as a BSC token called Elitheum! Over time we decided to expand and create something better, that will set us apart from the rest of the market and that’s how CIC Chain was born.
Host Q1. What are the ways that generate income/revenue to maintain your project and what is its “Revenue Model”? How can it make benefit win-win to both investor and your project?
Guest Answer: Our whole business model is based around sustainability and we are building disruptive utilities, that can really help us to become a catalyst for mass adoption of blockchain technology. Each utility that we build will have small fees that generate revenue which we will cycle back into the project — We aren’t here to just make money, we really want to change the way that people see DeFi and that means setting the example on sustainability and accountability that we hope other projects will follow. We will never promise any high or ridiculous APY’s throughout our journey and all parts of our eco-system will be covered by the fees we generate
Host Q2: The crypto market is currently experiencing a decline, this condition is exacerbated by rising interest rates and inflation. people prefer to abandon risky assets. How do you convince new investors that your project will be useful in the future?
Guest Answer: That is very true! Well, our project really has thought about every single detail in order to ensure that we are prepared for the future, and capable of building the best utilities. The name is a nod to the meme coin investor — it’s both easy to remember and impossible to forget. The architecture of our chain is fast, secure, scalable and upgradeable. We designed it to last and we have spent months meticulously testing it to ensure that it is capable of hosting even the biggest and most robust utilities. Our blockchain is ISO20022 compliant, which means that developers can use the eXtensible Markup Language to build robust applications that are capable of communicating with the new universal messaging standard between these institutions — like XRP, XDC, QNT, XLM etc. Less than 1% of blockchains are ISO compliant and this really puts us ahead of the majority of the blockchain space in terms of future proofing our chain. Also, we are scalable and upgradable which means we can handle thousands of transactions per second and upgrade our technology if we ever need to.
Host Q3: Now a lot of new projects that are available have finally turned to ashes, and how can you strengthen these projects so that we as members really believe that this is what we want?
Guest Answer: Well, we hope to set the standard for what investors should expect from the development teams of the blockchains that they invest in. Many are extremely irresponsible and often put their own profit before the best interests of their community. We will ‘be the change that we want to see in the world’ and lead by example. By always acting in a responsible way, we hope that this will give us a competitive edge in the market because we will do everything in our power to ensure that we are still here in 5–10 years time. This also means that we must be willing to change, with changing market conditions — we are building a DAO and most of our supply will be locked away in this DAO, meaning the community can vote on what we do with that supply. This means we literally cannot be irresponsible and the community will have peace of mind that we are always acting in their best interests
Our DAO will not only allow the community to believe this is what they want, but also they can actually be involved in that decision-making process
Host Q4: In today’s tough market. What specific plans does the $CIC team have for users to trust and willingly support the project by buying, holding and helping the project? Can you tell us a little bit about this plan?
Guest Answer: We are building a lot of utilities ourselves, that includes our own payment processing application that will become a focal point for our eco-system. Our wallet will have CIC Pay built into it and we will build our own e-com platform that people can use to build their businesses online, utilising 1:1 backed stablecoins to accept crypto payments in their online businesses. Besides this we are going to gradually build many other utilities that can utilise CIC Pay and provide the market with what we hope to become the biggest ‘Learn 2 Earn’ initiative in the whole crypto space. We aim to educate the masses, starting with children as young as 11 years old and we will give them free cryptocurrency as a reward for learning about our blockchain. We aim to really engage with the local communities and even the older generations, so that we can help during the transition towards the mass adoption of blockchain technology. By providing these utilities and this platform we hope to increase the amount of people who use or invest in crypto currency from around 1% of the world’s population. The more people who use our chain, the more volume that we can achieve across our ecosystem and this means we should have room for steady and sustainable growth for years to come
Besides this, suggestions can be made to our team and we will support ambitious developers to also create the biggest and best utilities by offering them financial incentives to achieve their goals. Together, we can grow exponentially and this should benefit all of our holders.
Host Q5: According to the perspective of the investors: I am a crypto investor and I only care about prospect of a crypto that I chose, tell me the reason why I should choose your token over the existing one? What is your token advantage that can convince me to change from my favorite token?
Guest Answer: Well, as far as I know, there’s not many projects out there that have the technology that we have and yet continue to actively engage with their communities every day. We have created an almost family-like community where everybody can become a valuable member. There are lots of people that are always willing to help you with your queries and support you on your journey! We have the technology to compete with the biggest and best blockchains quite easily and yet we keep our feet firmly on the ground so that we can inspire the community to engage with us and make suggestions. We also regularly give back to our community and offer many different games and giveaways that you can take part in for free.
Community questions segment
1 user name — @rosettagarrison
Hello @EliteCEO Staking, NFT is very hottest, do you think you will apply NFT technology to your products in the achieved future?
Guest Answer: yes, we actually have already partnered with an NFT staking developer which will allow you to earn CIC for staking your NFTS. please join t.me/elitheumcic to find out more
2. user name — @Piper_childs_1990
What has been the total supply of the $token and its starting price? Where can we buy $tokens right now? For what date The $token will appear in the list of the main CEX
Guest Answer: the max total supply is 222 million coins however we may never actually even have this amount in circulation — it's all down to the investors
3. user name — @dkdjddh
IS This Your project only for elite investors, how about others with small funds, is it open to everyone?
Guest Answer: you can find out more in our whitepaper cicchain.gitbook.io
it is open to everybody, you can buy even $1 worth of CIC if you choose
4. user name — @Ioneeverett
What are plans in for global expansion? Are you focusing on market at this time or focus on building and developing or getting customers and users, or partnerships?
Guest Answer: we are constantly building partnerships — we have recently partnered with Bitkeep with over 6 million users, LBank with 6 million + users and Blackburn Rovers Football club which is a prestigious club in the UK. we have several development teams waiting to build on our platform too
5. user name — @PUSCoukAkush
The crypto industry is a fast-paced industry, how flexible is your Project to change quickly and keep pace with technology trends? What is your long-term vision for the forecasting industry in which your Project project operates?
Guest Answer: our platform is one of the most versatile blockchains on the planet. it was designed so developers can build on it in almost any coding language, meaning we can create almost anything that you can imagine. We will utilize this technology to ensure that we build the biggest and most robust utilities and expand our team of developers to do the same. We will also offer grants and rewards to help others to build also