LBank AMA Recap with WEI
On 14 July we held an AMA with the WEIcrypto team, 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.
I’m Murat, CEO at WEIcrypto and Co-Founder at Khadziev Brothers Capital
Lawyer and economist
WEIcrypto — decentralized financial systems. What do we offer?
First coin, which you can mine by making sales and purchases. First interest-free loan service for businesses. First blockchain wallets that allows you to send coins by a phone number.
What are the key features of $WEI technology and products that you believe will help you succeed? How would you earn revenue to support the project’s development, and what strategies do you have to attract more users in the future?
About key features: WEIcrypto — is a decentralized financial ecosystem for convenient and profitable usage of cryptocurrency in everyday life. How we make crypto using convenient and profitable? With out services: WEI coin, which transactions takes not more than few seconds and which allows to mine coin by making sales and purchases (Yes, you can mine WEI just by buying something in the market), WEIpay payment system for individuals and organization, which allows users to send and recieve WEI coin not only with public address, but with phone number or even NFC tags; WEIpartner — interest free loan service, which provides loans with no percentages for startups. To repay the loan you just need to add WEI as one of the payment methods in your business.
About revenue for supporting: Our company is a non-profit organization. And as you can understand from this — income is pretty much on the second place for us.
WEI Foundation earns on third-party services around WEIcrypto: for example, a second-level node can be registered independently, or you can open it on our hosting, for which you will need to pay a small amount, which we will direct exclusively to maintaining the ecosystem and the work of the Fund.
But I should mention that not only our team can develop WEIcrypto ecosystem: everyone can manage and determine the fate of WEIcrypto. Our blockchain provides for a decentralized management system: users offer their applications for consideration by the community on the platform weivoting.com , the community votes. With a positive result of the vote, the creator of the application is given the opportunity to mine 5% of the month supply of WEI to finance his proposal.
Regarding the strategy to attract new users
First of all we are going to run a huge marketing campaign on September 2022 with using a traditional marketing channels. I mean if we want to go out from blockchain sphere to mass users we need to use the same marketing tool which uses on traditional financial sphere.
Non-crypto user is very important for mainstream adoption. How do you plan to attract non-crypto users towards this project? Is there any upcoming partnership that will brings non-crypto user and real-use case?
Thanks for interesting question:)
Let me tell you about developing a partnership network as we are talking about attracting new users. For this goal we developed a WEIpartner loan service — it provides an absolutely interest-free loans for startups without linking to a special sphere (you can get a loan for blockchain startup or to open a book shop for example). The main point here — is to Accept WEI as one of the payment forms in your business. The loan approves by nodes voting. Thus, WEIcrypto develop a partnership network by itself.
One more important thing is that our head team is always open for contacts and our support team works 24/7 and response maximum within a 24 hours. It’s very important for common people, who is very needed to know the responsible person: if they have a problems with their bank account — they comes to a branch to solve the issue. So, WEIcrypto don’t have a brach, we only have a head office, but we are always open to help everyone who meet an issue or questions in WEIcrypto using. It’s very important because WEIcrypto is a blockchain with «human face»
According to the roadmap, what are your most important next priorities? Does your team have enough funds and strong community to achieve those milestones?
The most important step in the near future is our listing on Lbank at less than in a two hours. In a few days after listing we will publish WEIpay payment system — first WEIcrypto product. Then till the end end of the summer we will publish other services: WEIpay for business and WEIpartner.
Of course, if our coin holders will decide to make our services public earlier, than it’s in the roadmap — we will publish WEIcrypto earlier.
Another important step in 2022 is to run a WEIed. It’s our own educational platform, where our team will teach everyone who is interested in how to integrate blockchain in any business sphere, how to build you own business in blockchain sphere, tech topics and etc.
So, our priority is to follow up the roadmap, listen to our community and build a trust relationship with new users.
Regarding the funds: yes, we have enough funds and a strong community to grow up and achieve all milestones.
What triggers you to launch Weicrypto? What are some of the real-world problems/ pain points that Weicrypto aims to solve? How do you keep your project stable in the Bearish Market?
So WEIcrypto was built by understanding the simple rule: The buyer ALWAYS wants to buy the product cheaper than it is, and the seller ALWAYS wants to sell the product more expensive than it is. On the understanding of this simple rule — the WEIcrypto ecosystem is built, which ultimately allows the buyer to buy the product cheaper, and the seller to sell it more expensive. How it can be done: WEI cryptocurrency can be mined by making purchases and sales, our ecosystem provides interest-free loans for businesses, which is another factor that makes WEIcrypto more profitable than USD or EUR, our WEIpay payment system provides the most convenient and completely free ways to send and receive WEI for individuals and sellers.
And two more options: you can send WEI just using a phone number and the transaction takes not more than a few seconds.
Regarding the bearish market: it’s not a problem, it’s, on the contrary, an opportunity. First of all because in general every global bearish trend is clean up markets from weak products. But for WEIcrypto it makes the best period of time: in crisis people always want to save money and need additional incomeю That’s what WEIcrypto can them offer!! With WEIback user can save or earn some amount from purchases with WEIback reward. WEIpartner relieves the credit loads from business by offering a 0% loans. Bearish trend and economic crisis is a right time for us to start)
Final question 😀
5. What are the use case and utilities of your token? Can I do staking for passive income benefits and what else long-term holders can benefit?What is the requirement for users if they want to stake in your platform?
WEI coin is a central asset of WEIcrypto ecosystem. So first of all it’s an access token. WEI coin can be used as a means of the payment with WEIpay and WEIpay clearing service. Also, WEI is an asset of loan in WEIpartner.
For passive incomes, our user could use PoSe algorithm, which is rewarded by 45% of month coin supply. The algorithm is quite same for common users as staking: you are creating a node by blocking an amount of WEI.
Where can I currently buy Token?
Today on Lbank.info in 5pm UTC+8
So in 1 hour and 20 minutes.
Do you have tutorial videos so we can get to know your project more clearly or do you have a YouTube channel or something? can you share it with us?
Yes, check the home page weicrypto.com
Is this Your project only for elite investors, how about others with small funds, is it open to everyone?
No, our project is open for everyone from everywhere
For example, as I mentioned earlier WEIpartner provide an interest free loan for all king of business without linking only on blockchain sphere.
Have you been audited? Have not heard you talk about that security of funds is what every investor craves for and plans to escape in case of insecurity if funds, scams and rug pulls? How strongly built are your security put in place?
Security in WEIcrypto:
1. Regarding the blockchain WEI — WEI uses the x11 hashing algorithm, combining 11 different hash functions for encryption, in order to make the network more robust and avoid centralization in case the algorithm is hacked to disrupt the mining process.
WEI doesn’t provide smart contracts or smth, what can be hacked.
2. Security of WEIpay and WEIpartner
As we mentioned in our white paper some of our services (for example WEIpay business) will be centralized on the first steps of WEIcrypto to avoid scammers in WEIpartner. The keys to individual WEIpay wallets are stored only with you and no one but you will be able to receive or transfer the data to enter the wallet to someone else. As for some of the data that we can collect only at the request and consent of the user and collect in WEIpay business: they are protected better than your data is protected in banking systems. Thanks to Abdul Bariev, our CTE. We have already conducted internal security tests and everything turned out to be even better than we thought. Nevertheless, we plan to conduct an audit of the systems in the coming month for even greater confidence in us.
We are in touch with the biggest audit company in blockchain
Even for them WEI audit will take around 8 months because of huge code
Can you share to us your tokenomics? How much is the total and circulation supply of your tokens? Will there be buy-back system or token burning in the future?
Yes, check our coin allocation https://docs.google.com/spreadsheets/d/1ytvl1CQECLtOzQjNoNVEMGIrmYMHc6tKy66G1yFH0dE/edit?usp=sharing