LBank AMA Recap with Elongate
Q1: The LBank community are really interested in Elongate. We can’t wait to hear more about this project, its origin, its roadmap, and its vision. But, first of all, could you tell us a bit the origin of this project, how you came up with this idea and what motivated you to take actions, to make it a part of reality？
Yeah, I think that’s a very good question and also to introduce elongated to the community of LBank. Firstly, we could go back to March 25th that was the day when Elon was tweeted. He said that if there’s ever a scandal about me, please call it Elongate. In there, our original founder &developer, he’s with a stroke of genius. He named there’s some charitable crypto currency after that tweet. And as you can see, the attention, the variety went from there and it went up and up. So basically, from that day forward, we saw that there is purpose in continuing this project and the longest shall be known for its unique economic spiritual benefits, its community holders or community of supporters, and also that added layer of donating to charities which is enabled, of course, by this community of supporters that we’re having. Our tokenomic is unique. Holding itself as rewards for some people. And also, there are various like appropriations that happen every week. Also, we try our best to scale this project, to listen to the community based on their suggestions. Basically that’s where we are.
Q2: Why do you choose to combine cryptocurrency and philanthropy? Is there an interesting story behind that you’d like to share with us?
I think it still goes back to our legacy and our history of where was elongated or where elongated came from. And also, this story is that surround us, as I was saying earlier, This charitable cryptocurrency came from that tweet by Elon Musk. We all know that there is this general Information that he has pledged much of his money right to charities and leveraging that power of the internet community, of the internet space, of that, of the power of morality and encrypted currency.
We sort of want to activate that purpose in the crypto currency space and say that there is this intact community of people from all walks of life in the crypto space. Together, we can make project like elongate where in there is always a reward or there is, always something that is interesting or something that is developing forward for its community of holders, but also something that goes back to the real world. We acted with some charities.
Q3: Why do you think inventing a cryptocurrency is a better support for charitable causes than conventional support such as web applications and smart phone applications?
I think it still goes back to the story of what I was saying. The legacy of the elongate is to prove that there is this nature of or power of people who believes in the power of crypto currency. This is something that you don’t see in a real world. I just personally i’m coming from the medical device industry. We always believe that adoption is powered right by real world initiatives. But the way I see it, the future is also empowered or there is a big promise in the future in the internet space, in the digital space. And that is something that is proven right time and time, over and over again by the crypto community.
It’s a unique story to tell, because Elongate came from that power of leveraging the power of meanings. It’s kind of like rose from that tweet, from Elon Musk, sort of like a paroled rise from that. From that tweet when he said like if there’s ever a scandal please call it a Elongate. I would say we are the biggest scandal that came from that. We’re in leveraging the power of tokenomics. We’re in a portion of always goes back, 10 % of our transaction fees, 5 % of that goes to our holders, 5 % further appropriated into charity, into stability reserves, into marketing, into business development. These are things that you don’t see in the real world. We’re in a most of our most of the things were in reactivated. The mass adoption is through, for example, applications or smartphone, weapons, smartphone applications. Breakthrough itself is unique. And I would say that the story that elongate has to tell is also something that we haven’t seen so far.
Q4: Many projects establish firm relationships with other projects, so that they create from relationships with each other and they grow together. Do you have any plans to establish relationships with other crypto projects in the future?
I think that’s a very good question because elongated has always been powered by that community that we’re having our community of supporters. If this is something that they want to see why not, right? I’m more of that kind of person. My leadership style is more of if this is something that the community wants. If this is something that’s possible, something that’s feasible, then why don’t we do it?
If this is something that excites the community, this is something that the community wants to see. The elongated teams channels are always open. We have our telegram, we have our Twitter, our discord. They just have the voice, that opinion or insight that they’re having. We would be very much open to respond further on this initiative.
Q5:You just touched briefly about that economics behind a long gate. Now, can you like give us a little more details about the mechanism behind the tokenomics? And the mechanism of the distribution of the tokens?
I think this is one of the core fundamental of the Elongate token, where there is always that 10 % imposed transaction fee for all incoming and outgoing transactions. So whenever you buy or sell elongate tokens, there is always this cascade events that you are activating. One, the first layer goes back to the community holders. The second is that added layer of activating that power of touching upon real world on charities. Because as you know so far in our 2 months of operations, we’ve donated $3 million to charity, and this is something that’s empowered by our tokenomics.
I’m going back 10 % the impulse transaction fee. Half of that is always going back to our community of holders proportional to the elongated tokens that they hold. That’s one for fundamental of our tokenomics, this is, for the second half, 40 % goes back to our liquidity pool. This is very important, fundamental in the crypto space, 60 % is further distributed and appropriated.
According to what we see is important to ensure that the elongate token sustains or maintains sustainability, not just for the future of our operations, but also for what we can give back to our community.
So for this other half 40 % is further appropriated of the extract or of the extract at the end that we’re having. 58 % of that goes back to charity, 15 % goes back to stability reserves, 15 % goes back to marketing initiatives and 12 % for business development. Of the extracted Elongate of those 40 % that is pulled out from the liquidity pool. 67 % is burned. 27 % it’s for stability reserve to always ensure sustainability, and 6 % for giveaways which also goes back to our community supporters.
I can see that a large amount of the tokens will go to the charitable causes. But I’m still wondering How are Elongate’s charitable funds allocated and managed? We know transparency as one of the four pillars of this project. I’d like to know a little more details and specifics about how you manage the charitable funds.
As one of our mission, core values is clarity, and that goes back to transparency. As always, when we started from day one, transparency has always been a fundamental foundational stone in what we do in a long case for all the charitable donations that we’re doing. All of that are clearly publicized in our social media as head of market, as head of PR as well, all the public relations initiatives that we’re doing. This goes into press releases also in information that we are deployed in our telegram, in our discord. All of this Information are freely available to our community. In fact, as I was saying earlier, during our charity on programs, we have this charity live stream that happens every Sunday. That one is like this. Youtube of AMA is also a live stream.
So people are Free to jump into and join the conversation to witness how we are deploying these funds to do organizations. The organizations themselves are given a platform to introduce themselves to the lelongate community. We also raise all this comments that we are seeing it. For example, during this live streams and we take them back to our staff, and we contemplate and we go back to them and see what kinds of further information we can relate to them when it comes to these charities that we’re having.
Q7:Thank you for the explanations. Another question, ELONGATE has already been listed on PancakeSwap, Decoin, BitMart, and LBank. What is its future plan of listing?
Whether this exchange can support the tokenomics is one of the biggest consideration that we’re having for listing. But also as going back to the opinions , the insights from the community. They’re always free to go back to us and suggest centralized exchange listings that they want to happen. We have a chief technology officer and he and his staff who could always look into this research on the fundamentals of having us listed. These things are always possible to happen. We’re always open to that. Time will only tell if all the pieces that we have to put in place are already ready to be able to be listed in that exchange platform.
Q8: Here’s a question from the community, which is a little bit off the topic but I still want to ask. what is your personal preference, Cex or Dex?
A8: That is a very interesting question.For me, there are the pros and cons between the two of them. And it is not for me, I think, to decide and what matters to me is still tp go back to where the community wants to see elongate. As a stewards of the longest story of the elongate token my sincere duty is to operate in the best of our interests. So whether it is, I’m giving that general awareness to do in different countries. And perhaps there are CEX or that is more popular in that country, then it would be our best interest to make that happen.
Q9:We had a debate about whether the future will be and we haven’t had a conclusive idea. We’d like to thank you for your sharing. And White paper says the elongate’s highest aim is to be the official partner of charitable organization in the cryptocurrency space. It’s a huge vision, and something that we’d all like to see. And when do you think this will be realized?
To be honest, this is something that we have been working very hard. We have various teams working around the clock to to make this happen. We have a brand and communication department and marketing department, innovation department. It all goes back to that vision. Of being the biggest charitable crypto currency,this is something that we have started in day one. So far, we have worked with the Big Green and Action Aganist Hunger organization. This partnerships don’t just happen overnight. It takes a lot of careful operations that happen every day.
To further scale what elongate is going to be. I think on that part of being the biggest charitable partner, that is we are succeeding in that direction, but also I want to stress out that aside from being the charitable crypto currency, it should not be forgotten that one core legacy of elongate is leveraging the power of the internet culture, what’s back to our unique tokenomics that always benefits or goes back to our community of holders. I think they go hand in hand.
We want to be the biggest charitable partner. But I want the community to understand and remember that every day that we’re operating, every day that we’re making our best to scale the elongate project. There are these things that grow tangent, and we try to find the balance. By creating that solid and clarified story, we say that the elongate is a legit crypto token with unique tokenomics, with something for its community of holders, but also that goes back to giving back to charities.
Q10:Thank you We all know that Elongate is growing rapidly and has drawn a lot of attention. We think this must be because you have a wonderful team. Can you introduce your core team members? How you became known to each other and formed this effective team？
As I was mentioning earlier, we have stratified our operations according to departments or teams. We have teams that work on marketing. So that’s under me also in public relations, we have to work on brand, and communication. They go hand in hand and we do social media. We have things that work in the technology aspect of the longitudinal that goes back to our exchange listings, to innovations, that the community wants to happen, to innovations.
Our chief executive officer is Lorenzo of our chief technology officers has done as this for those who know as the face of elongare. Who represents us in our charity live stream is Alexander.He’s mostly responsible for brand and communications sort of ensuring that we have those grand partnerships. I’m ensuring that we have the right story to tell. We also have a chief charting officer who manages the charitable aspect of what we do. We also have a chief of volunteer officer who is responsible for all the channels and platforms that we’re having when it comes to telegram or discord or also ensuring that our social media is properly managed in relation to our community. So that’s the army. We also have a chief product officer. That’s Brian. He’s mostly responsible for all our product offerings now and in the future, also for our website management, design methods, anything visual. Basically, we have all this teams stratified according to competence and also operations that we have to ensure or we have to do every day.
Q11:Thanks. I personally like the website you created and especially the merchants that you sell on the website. For example, the T- shirts and the hats. You still on the websites?
In the course of building Elongate as a gateway between crypto and charity, are there any challenges? If you can foresee these challenges, what do you plan to do to confront them?
This is a very good question because this is me talking to the crypto space, but also I would like us to always remember that crypto is something that is not get mass adoption. For us having that image of being the charitable crypto, you have to ensure that how do you tell that story not just to people who know the crypto space or who are from the internet space, but also for people or to people from all walks of life. That also goes back to the charitable partnerships that we’re having. That is why we had to take in these 2 months a traditional approach to making sure that we are able to tell that story and gain that credibility, gain that transparency, and be able to have that opportunity to appeal to a general or to a broader audience beyond the crypto space.
Because the story that we want to say is that there is this community of supporters or there is this community from the crypto space that is untapped in the real world. That is something that we want people to always understand and remember, and that goes back to who are the community or who is the supporters that we’re having in the law. In front or in the longer ecosystem these are people who already believe in the power of crypto. And we want to prove that this people can make a change in the world by what they do or what we do together.
Q12: Thank you. What are the three main features you would recommend to us? Where are the applications that we want?
A12: I think this goes back to our roadmap that we’re having right now. There are short term midterm and also long term initiatives that we want to happen. I think main features being realistic,we’re just 3 months old, as a charitable crypto, or as a crypto. So I would say one of the main features that we’re having is the, unique tokenomics, if I was that person who would want you to buy, as I was telling you right there, 10 % , an imposed transaction fee, 5% of that is redistributed to the community of holders. So that is one core fundamental of the elongate token, which is a very I would say, important feature that we’re having .
Also for applications, I think for in the future course, we would hope to see that, for example, goes back to the legacy that we do, which is about charity, but also about trading or holding your tokens. Basically, these are some of important features that we are having right now, but also we want to see in the future.
Q13: Next question.What is the most ambitious goal of the project? What should the community look for?
So if for those who are following our narrative, that the key message that I wanted to spread or the team wanted to spread, this June is that this month is the month for our community. We want the community to remember that everything that we try to operate every day, everything that we do is something that is should be or is beneficial for our growth.
When it comes to that ambitious role, that is general awareness, I want to see or I would want to hear people when you ask them, do you know about crypto? They would say crypto, I know that’s elongated instead of saying crypto is bitcoin, they would say crypto is elongated and that goes back to the general awareness strategy that the marketing and PR team wants to happen or is trying our best to do. There are initiatives and campaigns that work. There are those that do not. We just have to do our best to always try to improve from the learning, to do our Jewish religions and sort of activate that general awareness, not just in the crypto space, but also in the real world that when you say crypto, you say Elongate.
Q14: How important is the community to elongate?
Let’s find some I’m, seeing something here. Give me 1 minute. Here, this is a good question. How important is the community to elongate?
Of course, I would say that in law or the community is the core of what we have been right in this past 3 months that we’ve been operating. I would say that charity is there and is part of our legacy. But still, when we go back historically,it has been that community of supporters that were having since day one. I was also part of that and then as we go forward and mature this story that elongated story, it all goes back to what is that important part of us and that is always the community. I have to say some of the improvements are learning or initiatives that we want to have right now and in the future, things that we’re working right now, they are things that we also gather or also get from our community. So I would say that the wealth that we’re having is the community of supporters that we have had since the day one.