LBank AMA Recap with CSX
Hello, my name is Sükrü Bektas and owner of a IT Company since over 8 years and working intensively since more then 5 years in Blockchain development. We are building a platform for decentralised financing for projects and companies that we launched about 1.5 years ago.
First five AMA Questions (First Part):
Can you briefly describe your PARTNERSHIP so far and upcoming partnerships?
We have partnerships with projects that are listed on Coinstox. Yesterday we had a good conversation with Welt der Wunder. A film-documentary producing with a 2 million € marketing budget wants to be listed on coinstox. On top of that we have a partnership with Toksi. A tokenised Taxi app where Coinstox investors earn money on every ride. Also this week we are listing a very interesting project that will be the first tokenised horse clinic (Greenhorse) and also Doctors token where they plan to tokenize their already existing dental clinic from Istanbul.
How did you get the community involved in developing the project? and how do you build a strong community to grow globally?
As we all know, the community is everything in good projects. We are constantly in contact with our community and provide them with project-relevant information and updates on the Coinstox platform. In the end, it is the community that decides which project is successfully supported or not. We build our community with well-known influencers, competitions and referral functions. In addition, we gain access to new communities through new listings, such as here. our slogan is “the social economy” that means our ecosystem is growing together with the community and the projects.
Why do you think people should be interested in your project? What are the factors that this project will be focusing on to attract more people to invest in their project?
Coinstox is perhaps one of the few projects worldwide that combines crypto and blockchain with real projects. For us, the projects are not the usual ICOs but companies that we see every day and use their services. It is also important for investors that the projects are tangible. As we know, 80% of ICOs are bad or fraudulent. On Coinstox you can see projects that you use in your everyday life, like Toksi. Just imagine. You have invested in Toksi, ordered a Toksi and are being driven. At the same time you earn tokens which are distributed to the investors as CSX. You already profit during the ride. All projects listed on coinstox receive their investments with csx tokens. Many of the companies buy CSX tokens again with the profits at the end of the month and distribute them to the stakers. Other projects distribute project tokens when the project tokens are staked. CSX is an ecosystem token that is always needed.
CSX token is currently running on the Ethereum network, the negative issues on this network are known, so let me ask what solutions the team has in the future to make it more convenient for project owners. and retail investors like us? profit?
Yes, that’s right. Since about a year ago, the GAS fee has increased extremely, which reflects negatively on etherium and the projects on ethereum blockchain. They have not yet found a solution. We started the project about 13 months ago. At that time the gas fee was not so high. We have finished the main platform on Etherium and started with Binance Smart Chain integration 3 weeks ago. This will be completed on 10 February 22. Then you can choose in which blockchain you want to start a founding. After Binance, we have options like Polygon or Avalanche. This will then be decided by the community. CSX tokens will also be created on BEP20 in the next few weeks.
What are the major milestones CSX achieved so far & what are in the future pipeline?
We want to integrate at least 2 blockchains this year. We are expanding the referral system where you can win project tokens. We will also develop a platform where projects can buy different services from companies and experts where they can launch campaigns easier, faster and more effectively. In addition, we want to develop Coinstox to full DAO, where in the end many more functions and decisions will be made and maintained by the community.
Selected 1–5 Questions with Answers from the Telegram community (Second Part):
NFTs is hot trending now, Do you have a play to have NFTs in your platform? If so, can you tell us the plans of your project in NFTs?
Of course, we also want to integrate NFTs, but not only as a marketplace, but we want to offer NFTs as digital contracts between investors and companies. We think that NFT is also very important for a DAO to protect itself legally as an investor and project.
How are you planning to attract the non-Crypto Users in your platform, Can you talk about the UI/UX, Is it easy to use even for users who are unaware of blockchain?
We also want to create videos for people who are not so well versed and invest in the projects, as well as we have employees to support investors step by step. in that way it is easy for investors to understand real life usecases with crypto.
Did you consider community feedback/requests during the creation of your product in order to expand on fresh ideas for your project? Many projects fail because the target audience and clients are not understood. So I’d like to know who your ideal consumer is for your product?
we know that without community feedback and information, no good project can be built. Even when we look at the big companies, they use it all the time. The community uses the product. So it is important to listen to all feedback from the community and take it seriously. We mentioned that we want to become DAO. So it is very important for us to implement and eliminate all complaints and even wishes from the community as quickly as possible. The ideal user is, of course, someone who sees the potential of decentralised financing and wants to invest in companies and specific projects.
Who gave you the idea of this project or it was your own idea? Please share us hurdles you faced during your journey towards this great project.
It is very difficult to get loans these days. As startups, it’s very difficult. What banks actually do is they collect money from people and give that money to companies with interest. We want the investors or people to invest directly in the companies. Without banks, without interest and without hurdles. We have all the people around us who want to build something and don’t have the money. We want to support these people and let investors earn with the success of the projects/companies/startups.
Can you tell me good reasons that your project is here for the long run and have a real utility that will increase the demand for the token in the future?
Every user who wants to invest in a project needs CSX tokens. The company or start-up then receives the CSX tokens as investment. When the company starts, it distributes the profits by buying CSX from the exchange and distributing them to the investors via a smart contract. Thus, CSX is used in several steps. In addition, we will always burn/block a part of the CSX tokens indefinitely so that the price cannot crash.