LBank AMA Recap with LDX
On 18 March we held an AMA with the LDX, hosted on LBank official telegram channel. If you missed this telegram session, here’s another chance to get a full transcript of the AMA event.
Q1:Please introduce yourself and the team behind LITEDEX.
A:Hi, My Name is Andrew. It is an honor to be able to attend AMA in BSC News. To share a brief about myself; — I graduated my studies from Australia, I have a degree in Finance & Accounting — I have run my own company since 2008 in Indonesia. 1. We have 40 years’ worth of experience in Information Technology & Telecommunication industry. 2. We also have WIFI Application & software company that is listed in Indonesia stock Exchange. 3. Our group also dealt in; • Crm Software Company • Fintech Company — As to my team, we have our Chief strategic officer name Harris, he is graduated in London with a background of International Business Studies, Chief Marketing Officer Indonesian graduated yet striving in the top Media company in Indonesia.
Q2. What is LITEDEX and what’s the vision and mission of your team?
We are Litedex Protocol, Our Vision is, The Bridge of Metaverse Wealth”. We are a Decentralized finance & Meta Finance, Cross & Multi Blockchain system integrator. We also provide our own Decentralized exchange products such as Swap, Liquidity, Staking, Farming, Lending, Borrowing, NFT Market Place, Multi Chain & Bridge features. We have 2 business model; 1. B2C Model, as our goal is to build an ATM & banks in metaverse for user to be able to bridge their token from 1 blockchain to another blockchain in a seamless experience without existing metaverse dimension. 2. And B2B is our 2nd Business model where we would sell & affiliates our Meta Finance backbone infrastructure into their metaverse project. Therefore, their meta community are able to transact in their metaverse without putting an effort on generating liquidity on every blockchain and re building their multi and cross bridges again.
Q3. What are the main features on your platform?
A:As mention above, our goal is to create a multi & cross blockchain in our platform. we have now completed our first defi blockchain in Binance Smart Chain and we are currently on the progress on making our wrapped token smart contract on Ethereum Blockchain. Though we will have multiple Defi blockchain products in Litedex, it is very important for our holders to understands that, our holder is not just investing on a Decentralized exchange or a mere decentralized finance token project. Our holder is indeed investing on a Meta Finance Blockchain System Integrator, as we BELIEVE the moment metaverse becomes a reality, our product will help metaverse user to bridge their token in the metaverse world seamlessly. Therefore, combining multiple blockchain is very critical on our first 24 months products development.
Q4.My favorite question to ask the project how would they describe their community, and what would be 3 main words that describe them?
A:That is great question, as we know community play an important role in every project, as we here at Litedex interact and listen to our community we think that they are satisfied and 3 words that I would use will be HERE TO STAY.
Q5. What is $LDX and how are they utilized on your platform?
A:There have been few concerns here and there about a DEX token gradually decreasing in value as time pass by, because the DEX token itself is not being used to transact at its own DEX. We have a proper solution in place to all our customers and holder to sustain the equilibrium price of the token and utilize our token in our own DEX. Few of the initiative of LDX token utilities; — Slip to Earn (User will be rewarded when they Swap with Ldx pair) — Slip championship (there will be a leaderboard championship when people trade their swap with LDX Pair) — Loyalite’s (Litedex Loyalty Program will accumulated a wallet address of their traction every activity they do in litedex.io) All these initiatives will utilize Litedex token to be used by our users and holder on every of their transaction in Litedex Protocol. Lastly each of this initiative is indeed has its own purposes to always burn Litedex token to always maintain an equilibrium price base on its supplies of token. The main goal is to always find the best mixed of token utilities to maintain the speed on our token burning to be faster than our block emission.
Q6. Please tell us about LITEDEX NFT?
A: We will create a total of 3024 NFT available only, it is still under ongoing progress, as we are currently deciding on the rarity trenching. Our NFT can be used and utilize for our own Dex purposes, as the NFT will be similar to a games power card. Where the holder of our NFT will be able to stake the NFT and gain specific benefits; such as; — Extra APY on Stacking — Extra APY on Farming — Rebates on Swap fee (using LDX Pairs) — Rebates on token enabling — Better Interest rate when doing token loan with LDX token There Is another thing that is currently on research by our technical division, we are still trying to find a method technically, where we are able to adopt our NFT utilization and token burning method combine into one. Therefore, we are able to always maintain our token circulation therefore it will also put a positive impact on our token price stability.
Q7. What makes your project unique compared to other DEX projects out there?
A: One thing for sure, a lot of our early bird token holders always have the perspective that we are indeed a decentralize exchange company that will focus on Southeast Asia market. On the other hand, what our investor really invest in is a company that focuses on building a Defi & Meta Finance Blockchain System Integrator. It is important for our Holders to understand that Metaverse might not yet, but it is coming soon within 2 to 3 years’ time. Few things that are holding back the scalability of the metaverse progress, would be the distribution of the Hardware to enter the metaverse. On the process of building the Metaverse, there are a few points that Litedex believe will be crucial to have a seamless experience such as; 1. How do you transact in metaverse? 2. Which Crypto Currency do you have to bring to the metaverse? 3. Do you have to bring a lot of Crypto Asset into the metaverse? And due to these points, Litedex enters the market as a solution and provide 2 types of business model as stated above; — The B2C Model as having ATM & Bank in the metaverse — The B2B model as we will provide the Meta finance backbone integration to the metaverse project owner
Q8. Is your platform audited or has another safeguard layer in security? How can you ensure users that your platform is safe to use?
A: There are 2 types of risk mitigation that we Litedex prioritize; First the risk on the blockchain hacks, and our mitigation are; 1. We have audited all our smart contract with Certik. • Litedex Token Smart Contract • Litedex Swap Smart Contract • Litedex Stake & Farm Smart Contract 2. We will have a bug bounty program with Immunefi
3. Our smart contract will be insured by Nexus Mutual Second, the risk on the IT Backbone infrastructure Web Security
4. it is important for application or any digital product owner to also secure their back end IT Infrastructure, as to Litedex, we are also implementing our IT security following the latest guidelines of Cloud Security reference to Cybersecurity and Infrastructure Security Agency of United States Digital Service on August 2021.
5. We are currently also implementing an Anti DDOS for our web base, combine with a follow through of WAV,lastly, we are also on the building of our own Security Operation Centre,
As to our Quick Win Strategic Remediation Environment program we will also implement a routine Vulnerability Assessment, Common vurnability Exposure testing, & Black, Grey & White Box Penetration Testing.
Q9. Any exciting news you would like to announce here today?
A: We have waited for this moment since the past 1,5 Years. We have successfully generated our own smart contract and audited before any private sale & ICO in Q3 2021 ii. We had successfully closed our Private sale on Q4 2021 iii. We had also successfully achieved our 1st & 2nd ICO on Q1 2022 iv. We had also launched our Stacking product on the 11 March 2022 v. We had also initiated our first partnership with the 1st and the only Moba game Developer in South East Asia called LOKAPALA on the 11 March 2022, together we will initiate an education program to support Indonesia Ministry of Education to educate what blockchain technology to the 24,000 school & all Politeknik Univercity in Indonesia through our Litedex Academy vi. We had also attained an official Indonesian Genius book of Record of being able to do the 1st Metaverse MOU Signing Agreement. vii. We had already burn 3,5 Million Token to dead address viii. We will convert 3,3 Million tokens to the partnership smart contract ix. We will do our first CEX listing on LBank on the 23 of March 2022