Last 14th of February, we had a successful AMA session with Satoshi Club which is one of the TG groups in Cryptospace, our Professor presented his invention — Liftoff! You may read what has been discussed and transprised during the AMA below.
PART 1. Introduction of LiftOFF project and community questions.
Hello, Satoshi clubbers and guests of this site. We are happy to present you with a project called LIFTOFF. It is a fully decentralized self-service ERC20 launchpad and token sale platform. It carries three innovations to protect buyers in token sales.
The plan of AMA session:
- Part — Introduction and preselected questions.
- Part — Live questions
- The Quiz about LiftOff
The reward pool is 800$
Leading the AMA our clever and fun admins:
Mary | Satoshi Club — @madamlobster and Andrés M. | Satoshi Club — @AndresM77
The Representative of the project:
Professor T. S. C. Lowe — @Professor_TSCLowe — Self Made Scientist, Chief Aeronaut, Failed Medicinal Practioner.
Introduction of LiftOff.
Mary | satoshi club:
Hello, satoshi club! We are happy to announce our ama session with liftoff! Welcome to satoshi club😀
Andrés m. | satoshi club:
Welcome to this ama session, how is going your day?
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Thank you for the warm welcome, my friend, I am very grateful for your invitation to the esteemed satoshi club.
I am enjoying a cool but sunny morning and feel quite excellent, thank you. How goes your day?
Andrés m. | satoshi club:
It is an honour to have a professor among us 😃, we hope to learn a lot about crypto and liftoff
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Certainly, and i am excited to see the many insightful questions & fruitful conversation that is sure to occur!
Mary | satoshi club:
So, let’s start 🚀 professor! Could you please introduce yourself and LiftOff project 😀
Professor t. S. C. Lowe | aeronaut engineer @ lift:
I myself am the inventor of liftoff’s three innovations for the protection of token sale buyers which was built in partnership with the lid protocol team. I have worked on a variety of excellent DeFi projects and my research has primarily centered around improving the efficiency of capital markets.
Andrés m. | satoshi club:
Aeronautical engineering is an exciting and complicated profession, where did you study it?
Professor t. S. C. Lowe | aeronaut engineer @ lift:
My character & name are derived from professor tsc lowe who was the first chief aeronaut of the union balloon corps in the civil war. He was a great inventor and western individual who advanced many different fields in his day, aside from that of medicine. I strive every day to meet that self-same innovative spirit.
Andrés m. | satoshi club:
Ohh got it, it is like a tribute to such a big person
Mary | satoshi club:
Great partners, I need to say! We had ama with lid protocol 😉
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Indeed, and the evolution of the lid protocol’s technology is outlined fully in the whitepaper, although I may go into detail if you desire.
As I am certain you are aware, many Token Sales experience various types of Scams. While LIFTOFF does not provide perfect protection as nothing can prevent a Developer from Indolence except his own Discipline, its Three Innovations provide far greater Protections than any other launchpad to date.
Mary | satoshi club:
Yes, we are very aware of this😂
Andrés m. | satoshi club:
Could you describe these three innovations shortly? 😃
Professor t. S. C. Lowe | aeronaut engineer @ lift:
The three innovations are the following:
☞ crash insurance
☞ gradual payments
☞ free liquidity
Mary | satoshi club:
Is your team big? Do you have team members from lid protocol?😉
Professor t. S. C. Lowe | aeronaut engineer @ lift:
I am working closely with the lid protocol team and i consider liftoff to be as much their project as mine. We have 3 expert-level developers and 3 other team members performing the other vital functions.
Mary | satoshi club:
Super! Great team!
Andrés m. | satoshi club:
Excellent, later i think we will go deeper into it.
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Yes, and it is all fully outlined in the whitepaper with the vital technical documentation at the following address:
Whitepaper.liftoff.eth.link
Andrés m. | satoshi club:
Thank you for the info 💪
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Crash insurance guarantees a floor for all tokens in every sale in liftoff. Anyone may redeem their tokens for eth at the original price of the sale minus a 2% fee. This insurance covers 100% of tokens for the first week after the sale and a declining amount for the following 9 weeks until it fully expires.
Mary | satoshi club:
Cool!👍
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Gradual payments relate to how developers & promoters are paid. First, they receive no tokens from the sale so there is no risk of insider dumps. They must buy their tokens at the market rate from their raised eth. Furthermore, their eth payments are 10%/week and reduced by insurance redemptions.
Free liquidity allows 110% of the sale to be allocated instead of 100%. This is derived from locking Xeth liquidity in Uniswap instead of WETH liquidity. Xeth, from xlock & inspired by a rootkit, allows the creation of free liquidity when liquidity is permanently locked as is the case with liftoff.
Andrés m. | satoshi club:
Among so many projects, the differentiating characteristics are very important, great work 👏
Mary | satoshi club:
Thank you for the great intro, professor 😀
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Indeed, the development team has a long background in DeFi as well as earlier blockchain technologies extending back several years.
Mary | satoshi club:
Wow!
Professor t. S. C. Lowe | aeronaut engineer @ lift:
I will admit that of their projects liftoff is by far the most advanced & interesting, and the entire team is proud of the work they have done.
As you may know, liftoff was audited by Halborn which is the same security firm for Coinbase, stellar, and bancor. They specifically praised our unusually high code quality & the extraordinary levels of automated testing we conducted.
In addition to automated testing, liftoff was also tested extensively live on Ropsten which you yourself may test by simply connecting to the Dapp on the Ropsten network.
Liftoff.eth.link
Andrés m. | satoshi club:
How long ago was it audited?
Professor t. S. C. Lowe | aeronaut engineer @ lift:
It was audited in the first week of January.
Andrés m. | satoshi club:
Excellent, it is a very important detail to generate trust in users
Mary | satoshi club:
Do you really have to be proud of your work😀 when it will go live? Or it’s already live?
Professor t. S. C. Lowe | aeronaut engineer @ lift:
The platform has been live for about one month although it is not yet widely used, which brings me to an important topic, the $lift token.
Professor t. S. C. Lowe | aeronaut engineer @ lift:
The sale of the $lift token is currently available on the liftoff platform at the following link and will remain open until the hard cap is reached or the remaining 2 days on the timer runs out.
Https://liftoff.eth.link/#/project/lift-15
Andrés m. | satoshi club:
Anyone can participate or are there some minimum requirements to participate?
Mary | satoshi club:
How much already collected?😀
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Lift is the platform token for liftoff and complements the liquidity token lid.
We have currently reached 101 ETH putting the sale just over the soft cap. The hard cap is 650 eth.
Mary | satoshi club:
Sometimes the main investors are waiting till the last minutes 😂
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Indeed. I myself do not approve of this practice as it leads to gas wars but each individual must make their own decisions for managing their own portfolio.
Andrés m. | satoshi club:
Satoshi club whales have been waiting for it 😁
Professor t. S. C. Lowe | aeronaut engineer @ lift:
There are no limitations, although each user must sign an attestation that they are allowed to participate in their jurisdiction. This attestation is automatically displayed to the user when they request to deposit into the sale.
Mary | satoshi club:
Do you check IP address?😀
Andrés m. | satoshi club:
Thank you for the clarification professor
Professor t. S. C. Lowe | aeronaut engineer @ lift:
As liftoff is radically decentralized, this is not technically possible. Liftoff is hosted on ipfs with ens domains. It is true this creates some additional challenges to connect on occasion, as the ipfs peers can be unreliable. The great advantage is that of decentralization & no risk of central parties intervening with the platform.
Mary | satoshi club:
Got it😀 just attestation.
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Of course $lift should be open to all, along with its benefits!
Mary | satoshi club:
You know, i am a bit afraid that you will answer all questions from our community before we ask them😂
Andrés m. | satoshi club:
Haha time to part 1
Mary | satoshi club:
We collected some questions and they are ready for the first part of our ama😀
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Excellent. Let us move forward!
Andrés m. | satoshi club:
Let’s go🎉
Preselected questions about the LiftOff DeFi project.
Andrés m. | satoshi club:
Q1 from telegram user @xusuo
Your username is professor t.s.c lowe, are you a professor? Btw I can’t found any info regarding the liftoff team on your website, how big is your team, and I hear that liftoff is an anon team. As I know people afraid to do invest in a project with an anonymous team, can you give an explanation about this?
Professor t. S. C. Lowe | aeronaut engineer @ lift:
An excellent & insightful question relating to how one can be certain they can trust in the team. Liftoff is built on the pure tradition of cypherpunk principles & all our team members & community are encouraged to remain pseudonymous.
Mary | satoshi club:
So, we should trust the code? 😉
Professor t. S. C. Lowe | aeronaut engineer @ lift:
You are quite able to trust the code, as I mentioned it is audited by Halborn which is the best blockchain security firm to currently operate. You may visit their site here: halborn.com
Liftoff is built by the lid protocol team, which while pseudonymous has a history of building excellent technology and diligently performing their duties as possible. For instance, their previous iteration of the launchpad, lid simplified, became plagued with soft exits, and the team chose to retire the project and forgo any future revenue from it.
Mary | satoshi club:
It has sense 🙂
Andrés m. | satoshi club:
What if the project gets too big? In that case, would you consider leaving anonymity?
Professor t. S. C. Lowe | aeronaut engineer @ lift:
I will never forgo my values as they are fundamental to my identity. I believe that Facebook was the greatest tragedy to arrive on the internet and we must purge ourselves of the ideas that it has brought with it.
Andrés m. | satoshi club:
I agree with you on that
Mary | satoshi club:
Then Insta, TikTok and there are no secrets🤷
Andrés m. | satoshi club:
Privacy is one of the most valuable features we have
Professor t. S. C. Lowe | aeronaut engineer @ lift:
That said, social validation by pseudonymous agents has great value itself, and i believe in the case of liftoff the team has demonstrated its skill on a technical level. I freely admit lid protocol has experienced less success in marketing but this is much easier to fix than technical issues.
Of all the launchpads released to date, only lid protocol has never experienced a mint attack due to the diligence of its team to inspect the token contracts carefully.
Liftoff further advances the technology by providing some fundamental protection against soft exits, where the developers run a sale then immediately delete their social media channels.
Mary | satoshi club:
We respect and understand your ethos😀
Professor t. S. C. Lowe | aeronaut engineer @ lift:
But perhaps we are drifting from the original question now!
Mary | satoshi club:
A bit😉
Andrés m. | satoshi club:
Great explanation professor
Mary | satoshi club:
Nice stickers.👍 Ready to proceed?
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Thank you, liftoff is serviced by some of the most excellent artists both on the team & contracted. Yes, let us continue!
Andrés m. | satoshi club:
Q2 from telegram user @arisabela
liftoff is the third presale platform developed by lid protocol. So, in your experience what are the best strategies to have a successful pre-sale? How is it going to be for liftoff?
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Excellent question, especially as a careful inspection of the previous lid simplified’s successes & challenges illuminate many design decisions for liftoff.
First, a successful launchpad must have an active & vibrant community. This is why we are launching the lift token. You may have noticed no eth is allocated to myself or the lid protocol team from the sale, it is entirely designed to create community.
Mary | satoshi club:
Yes, we noticed 😉
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Second, a successful launchpad must take care of its community. Liftoff does so through its three innovations to stop soft exits. Even if a launchpad performs perfectly on a technical level if the community fails to earn a decent return on the sales they will leave and go elsewhere no matter the reason.
Mary | satoshi club:
To participate in pre-sales do I need to hold a lift?
Professor t. S. C. Lowe | aeronaut engineer @ lift:
No lift holdings are required to participate in presales. If you hold 1 lift and are whitelisted to join the lift tier 1, you are eligible to receive the following benefits:
☞ 3% airdrop from all sales, distributed proportionately to holdings,
☞ access to private channels with project reviews, both on & off liftoff, and
☞ voting rights to verify sales of unusual quality.
In addition, we have just announced the lfty artworks which will be airdropped to early lift tier 1 members & lift sale participants. You may view the first set of minted artworks on open-sea: https://opensea.io/collection/lfty
Mary | satoshi club:
That’s great and make the life of pre-sales hunters much easier 👍 We will have the next question about this, btw😉
Andrés m. | satoshi club:
Amazing NFT designs, great work
Professor t. S. C. Lowe | aeronaut engineer @ lift:
We will be continuing to add more benefits & tiers as the community grows in size & scale, including exclusive early access with bonuses to sales and many other features.
I must give thanks again to our excellent team of artists. I am a strong believer that art & technology are much more closely coupled than many realize.
Mary | satoshi club:
Can we bring it here?
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Yes, please do!
Andrés m. | satoshi club:
Btw, which markets are focused on? I mean, how many communities do you have?
Professor t. S. C. Lowe | aeronaut engineer @ lift:
The lift tier 1 requires at least 1 lift to join which is a substantial amount of capital for many individuals. Accordingly, we are originally targeting heavy crypto & launchpad users across Asia, the Americas, Europe including Eastern Europe and Russia. We plan to expand the market with cheaper tiers over time, but building a network of relatively high net worth individuals to start the community is critical to sustainable growth.
Of these communities, i must give special thanks to our communities in southeast Asia, east Asia, North America, and Europe as each of these have been especially active in liftoff to date.
Andrés m. | satoshi club:
Thank you for your answer, are you ready for the next question?
Professor t. S. C. Lowe | aeronaut engineer @ lift:
I am quite ready, let’s move on!
Andrés m. | satoshi club:
Q3 from telegram user @highpee
You have a strict requirement before members can benefit from liftoff and you have grouped members into tiers. What criteria do you consider in grouping members into tiers and what are the benefits for each level of membership? Which of the membership level will be eligible to receive the NFTS artwork you have prepared for early supporters and what can the received NFTS will be used for? In addition, members will also benefit a 3% airdrop from each successful sale on liftoff. Will the airdrop be in $lift or in the native token of the launched project?
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Excellent question. The tiers are tied directly to lift holdings. There is only 2000 lift so the initial tier 1 is quite exclusive especially as the value of lift experiences growth.
The lower tiers will be released as the value of lift grows so that it is possible for continued expansion of the community without lowering the said quality of the community. For instance, if the lift token were to increase in value by 10x, we would consider adding a tier 2 at 0.1 lift.
As for criteria, the most important is for the individual to maintain good standing in the community. This means active participation in votes firstly, and secondly avoiding behaviors both social & technical which may bring harm to the community.
Mary | satoshi club:
And which is the minimum requirement of lift holdings for the lowest tier?
Professor t. S. C. Lowe | aeronaut engineer @ lift:
To begin, there is only tier 1 for 1 lift. Additional tiers will be added as the price for lift increases.
With many launchpads, nefarious agents have built bots to exploit community benefits. As all lift holders are whitelisted, we will be able to exclude these agents and expand the benefits further.
Andrés m. | satoshi club:
How many lift tokens should I have to participate in votes?
Mary | satoshi club:
And remind me, please, how much 1 lift cost?😀
Professor t. S. C. Lowe | aeronaut engineer @ lift:
At hard cap, 1 eth is 1.92 lift. If the sale ends at a lower amount of eth, the additional tokens are distributed proportionately.
To join you must meet the following requirements:
☞ maintain a balance of 1 lift,
☞ request whitelisting with a discord account on the lift server, and
☞ maintain good standing in the community.
So if you wish to guarantee 1 lift from the sale, you should deposit 0.521 eth.
Andrés m. | satoshi club:
Like a commission?
Mary | satoshi club:
Got it, so, I need to pay around ~900–1000$ to participate in the voting😉
Professor t. S. C. Lowe | aeronaut engineer @ lift:
It is a capital requirement to maintain your membership. Of course, you may trade your lift freely, but if your balance falls below 1 lift your membership will be lost.
Mary | satoshi club:
And of course to get more benefits 😀
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Indeed. The goal is to create an exclusive club for the verification of sales.
Andrés m. | satoshi club:
Got it
Mary | satoshi club:
I got the idea😀👍
Professor t. S. C. Lowe | aeronaut engineer @ lift:
By keeping the community to the highest quality, the lift members will be able to educate each other on the proper evaluation of sales and take care to only verify those that are satisfactory.
Mary | satoshi club:
Sure, they will care about security😉
It’s always intriguing to be a VIP member of something 😂
Andrés m. | satoshi club:
What about the high fee of eth network? Could it represent a problem for the coming sale?
Professor t. S. C. Lowe | aeronaut engineer @ lift:
It is not a direct issue for the lift itself, as membership requires 1 lift. But it poses an issue for the continued adoption & growth of the platform.
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Indeed. Not only do you receive the 3% airdrop as a substantial financial reward, but you also join a community of like-minded individuals who can educate each other on the proper evaluation of sales.
Mary | satoshi club:
Sounds interesting 😉
Professor t. S. C. Lowe | aeronaut engineer @ lift:
I myself am conducting research into deploying liftoff onto a chain such as XDAI or BSC. The main challenge faced is the lack of liquidity on these chains relative to Uniswap.
Andrés m. | satoshi club:
Well, it could be a liquidity issue for ERC tokens like lift, Don’t you think?
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Precisely. The lift will have locked liquidity on Uniswap with the lift/xeth pair which easily allows anyone to trade lift with the wide variety of tokens on Uniswap.
I believe this issue cannot be fully solved by liftoff, and I have been in talks with my friends at penguinswap about how we could extend Uniswap’s liquidity to other chains. This research is still preliminary and not yet ready for publication.
Andrés m. | satoshi club:
The perseverance of your team to control possible risks is admirable, congratulations 😃💪
Mary | satoshi club:
I wish you find the right and the best solution 😄
Andrés m. | satoshi club:
Yes ha-ha, I think other projects can imitate that solution 😁
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Thank you, my friend. I believe it is possible to deploy part of liftoff on an alternative chain to ease access without solving the liquidity problem. Such a solution would be only partial but still greatly decrease the costs of gas for using liftoff.
Mary | satoshi club:
Thank you for your answers! Are you ready to jump to the next question? 😄
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Yes! I am enjoying these questions greatly as they are striking at the core of liftoff & lift’s design.
Andrés m. | satoshi club:
Q4 from telegram user @amirjosh
Liftoff website says that similar to Uniswap, anyone can create a token with any name, including fake versions of the existing tokens. So why the need to use your platform when there is Uniswap that already established its name as a top player on the field and has a huge number of users?
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Ah, I see this question comes from some small confusion that is easily resolved.
Mary | satoshi club:
Yes, I saw a lot of the same questions
Andrés m. | satoshi club:
Yes, please
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Both Uniswap and liftoff are open platforms that anyone may use. Of course, this creates issues for both platforms as it is possible to create fake tokens.
But Uniswap & liftoff are quite different in their nature. Uniswap is a dex, while liftoff is a launchpad.
Mary | satoshi club:
Yes, that’s different 😄
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Developers create a token on liftoff using just one button. The liftoff platform manages the rest of the process. First, it creates the sale. Once the sale successfully completes, it creates the token contract & locks liquidity on Uniswap.
I hope that clears the confusion.
Mary | satoshi club:
Actually, I can be not in tech to create a token on your platform?
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Correct, and I hope the ease of use encourages the adoption of liftoff by off-chain organizations.
Mary | satoshi club:
Oh, maybe someday I will create a Mary token then😂
Andrés m. | satoshi club:
I would buy it 🤣
Mary | satoshi club:
Lol, deal😂
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Indeed, you should if you wish!
Mary | satoshi club:
Just need a use case 😂
Mary | satoshi club:
Ready for the next question, professor?😄
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Yes, you would. While anyone can launch, there are required information disclosures such as the website, social media channels, and whitepaper. You can see there have been multiple attempts to create sales on liftoff already, all of which failed due to the poor quality of their disclosures making it readily apparent that these sales were not worth participating in.
Andrés m. | satoshi club:
It is a fascinating tool for users who want to create their own token
Professor t. S. C. Lowe | aeronaut engineer @ lift:
But I would also buy a mary token, I must add!
Andrés m. | satoshi club:
Or a satoshi club token
Mary | satoshi club:
Guys,😂😂😂 you seduce.
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Indeed, perhaps we should discuss it after the lift sale completes!
Andrés m. | satoshi club:
Well, something else to add or we can proceed to the next question?
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Yes, let us go forward. I believe we have satisfactorily covered this excellent question.
Andrés m. | satoshi club:
Yes, great explanation, professor
Andrés m. | satoshi club:
Q5 from telegram user @alptrader
There are similar projects but they can’t solve some of the exit scam problems exactly. Because after the launch the team might abandon the project after they receive the tokens from the sale. How can you prevent this from happening?
Professor t. S. C. Lowe | aeronaut engineer @ lift:
An excellent question the answer to which I must preface the fact that technology can help but not prevent projects from performing poorly due to indolence on the part of the project team.
That set aside, liftoff is designed to provide the maximum protection to date to token sale buyers.
Mary | satoshi club:
But you can’t force developers to develop😂
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Precisely. Crash insurance guarantees deposits and covers 100% of the sale for the first week. So if after the sale finishes the developers do not appear to be performing their duties as they claimed, then the buyers should seriously consider selling their tokens for profit or redeeming them for insurance at the original sale rate.
Secondly, the developer’s pay is reduced by insurance redemptions. If these redemptions are quite high, then they receive little to no pay. Accordingly, developers are heavily incentivized to perform their duties diligently. It does not force them to do anything but does create better economic incentives.
Mary | satoshi club:
It’s not bad, it could make the process more secure 😄
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Yes, to a far greater extent than any launchpad today. These features will become industry standards over the next 6 months. Liftoff is the first to market in providing extensive buyer protections.
Additionally, the $lift token plays a critical role in stopping poor projects from getting funded. The lift members, with their private channels, education, and voting powers, will be able to verify & police the projects they verify for quality.
There are other launchpads that contain one element of the three innovations but none that contain all combined.
With the exclusion of free liquidity. Liftoff is the only one with this feature to date.
Mary | satoshi club:
Yes, it’s a very nice structure 😄 btw, have you personally ever been scammed? Or as they say nowadays “rug pulled”?)
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Indeed I have several times in the past. I personally (and this is not financial advice) maintain 80% of my portfolio in high-quality assets such as eth and 20% across a variety of new tokens to improve my portfolio’s returns without damaging my capital. This technique, well known in the financial industry, has served me quite well. But within that 20%, there have been numerous scams on which I lost substantial funds on.
Mary | satoshi club:
I think it also influences your decision to create such a project😄
Professor t. S. C. Lowe | aeronaut engineer @ lift:
The issue strikes very deep. Not only do these scams lose investors’ money, but they also damage the efficiency of the capital markets themselves.
Mary | satoshi club:
Of course, you’re right
Professor t. S. C. Lowe | aeronaut engineer @ lift:
To explain why to consider managing your portfolio as described. When there is a preponderance of scams, 20% of risky assets cannot go to the best projects because any one of them might exit a scam.
Andrés m. | satoshi club:
It is hard to identify which project is a scam.
Mary | satoshi club:
But easier to identify it as risky😉
Andrés m. | satoshi club:
Yes, it is essential to inform yourself before investing and do it in a secure way.
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Agreed, and one concept liftoff takes from the sec regulations is required information disclosures. As the ecosystem matures and more projects have proper financial records, we will be expanding these required disclosures.
Instead, I am forced to allocate only very small amounts of capital to even the most promising projects for fear of loss.
For the project developers, this creates a “lemon markets” problem where the quality projects are crowded out by the bad ones that have excellent marketing.
Indeed. And this is not just an issue within the blockchain, it is a well-understood & researched a problem in traditional finance.
Andrés m. | satoshi club:
That’s true, scaming projects can be found in all types of markets.
Professor t. S. C. Lowe | aeronaut engineer @ lift:
I suggest everyone interested in this issue read the research by Myers & Maljuf on the impact of inefficiency in capital markets upon the wider economy.
https://linkinghub.elsevier.com/retrieve/pii/0304405×84900230
Mary | satoshi club:
Thanks for sharing! I like to read such researches!
Professor t. S. C. Lowe | aeronaut engineer @ lift:
If technology, combined with social systems, can solve this issue it will not only help protect investors but will also usher in a new age of growth as firms will be able to operate in a more capital-efficient manner.
These issues tie closely also with statements by Gary Gensler the new head of US SEC.
Gary Gensler believes that blockchain is plagued by scams, and the solution is centralized regulation. I could not disagree more!
Andrés m. | satoshi club:
This is the way how some centralized governments work, more regulation, less freedom means more security for them.
Professor t. S. C. Lowe | aeronaut engineer @ lift:
The traditional financial system with all its regulations is highly capital inefficient. The correct solution is to innovate pro-buyer technologies that protect investors without trusted third parties.
Mary | satoshi club:
Which part of your portfolio you will include investments in liftoff (if you were not in the team)?
Professor t. S. C. Lowe | aeronaut engineer @ lift:
I would never advise allocating more than 20% of one’s portfolio to any new asset, as there are many risks. Again, I am not a financial advisor.
I strongly believe lift will accrue value at a rapid & great rate, but of course, as the developer of this technology, I may be somewhat biased.
Mary | satoshi club:
It’s the same thing I always tell everyone 😂 So, guys, let’s proceed?
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Thank you for doing so. Many projects promote the idea of going “all in” and the consequences of such a decision can only lead to tragedy.
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Yes, let us move forward again!
Andrés m. | satoshi club:
Yes, time to the last question of this segment professor 🎉
Mary | satoshi club:
Oh, no. And thank you for being honest 👍
Andrés m. | satoshi club:
Q6 from telegram user @gutike95
Why really implement reduced insurance at the pre-sale price for only 10 weeks? Why not extend it for at least 3 or 6 months?
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Ah, an intelligent question that gets into the details of how crash insurance works. I will preface my answer that this exact concept, of extending the insurance further, is one on which i am conducting preliminary research that is not ready for publication. All I will say on this extension is that it may involve the use of liquidity coupons and would be added to liftoff.
To answer the question, the insurance is provided by the deposits themselves. During the first week, the developers & promoters receive no eth at all so the insurance contract is able to completely unwind the sale.
After this first week, the developers & promoters must be paid. 10 weeks is a compromise to encourage a speedy payment of funds to the developers while providing ample time for the community to evaluate the progress.
Even at 10 weeks, some developers may complain that the payment is too slow, but better protections for buyers will always mean some additional restrictions for developers.
Mary | satoshi club:
Yes, it’s a good term. And really some kind of compromise 😄
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Indeed. We arrived at this value after speaking with many different groups.
Mary | satoshi club:
Did you discuss it with developers?😄
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Yes, with a variety of reactions. Many felt it was restrictive to extend the payments to 10 weeks but that with the vibrant community forming around the lift the extension is worthwhile.
Andrés m. | satoshi club:
@professor_tsclowe btw, what is coming for the liftoff project this 2021?
Professor t. S. C. Lowe | aeronaut engineer @ lift:
Note first that the liftoff platform is already live & operational, and if anyone is interested in Lift they should do so with the understanding that the platform is as such and that future developments are uncertain.
I am working on several technical improvements. First, the deployment of liftoff onto a chain with cheaper gas as we discussed earlier. Second, the development of longer insurance periods. Third, support for multi-round sales & for tokens not initially created on liftoff.
Mary | satoshi club:
👍 Noted.
Andrés m. | satoshi club:
Amazing, we will be waiting for your coming announcements 😃
Professor t. S. C. Lowe | aeronaut engineer @ lift:
On the social aspect of liftoff, we are just beginning to see the community form.
Mary | satoshi club:
Sure, it will form quickly 😄 It’s an excellent time to launch new projects and form communities 👍
Professor t. S. C. Lowe | aeronaut engineer @ lift:
I agree. We are now well into the expansion of the Bullrun and it is the perfect time to grow.
2021 will see first the launch of $lift itself in 2 days followed by the initial lifty airdrops & release of other benefits. As the token grows in value, we will add the next tier 2 once the lift value has increased substantially, and tier 3 as it increases further. With each tier, i will be adding additional benefits to liftoff as well, including early access to lift members with bonus tokens on buys & exclusive rounds.
Andrés m. | satoshi club:
A great roadmap, I think this is going to be a great year for liftoff.
Mary | satoshi club:
I can talk with you, guys the whole night, it’s a real pleasure. But I know that the Satoshi club community is waiting for this chat to be open. They have more questions 😉
Andrés m. | satoshi club:
Thank you very much for those valuable answers @professor_tsclowe, are you ready for segment 2, “the raining of questions” 😁😁
Professor t. S. C. Lowe | aeronaut engineer @ lift:
I cannot express anything except excitement at what is to come for liftoff. Yes, i am prepared!
Mary | satoshi club:
Let’s go 🚀
PART 2.Questions about the LiftOff project from the live chat of the telegram community.
In this part, we open a chat for the crypto community for 120 seconds. Then the guests from the LiftOff crypto project choose the top 10 questions. The 10 crypto enthusiasts have earned cryptocurrency in the sum of 100$.
Q — 1 from a telegram user @MDL_mugiwara
I’ve done a little research, and I see that LID is basically dead at this point, zero volume, zero price action, while everything is going on, and most importantly zero liquidity at Uniswap. How do you think you can change and improve this situation for LIFT? And why is there no liquidity at Uniswap?
Professor T. S. C. Lowe | Aeronaut Engineer :
Thank you for this excellent Question on the relationship between LID & LIFT. I believe your research is missing some critical information but raises an important issue that must be aired. The LID liquidity lies on the LID/xETH pool and is not currently displayed by uniswap.info. The only site currently correctly displaying this information is Etherscan. Dextools has recently worked out a solution to this display issue and is almost complete. I am also working closely with uniswap.info, coingecko, and Coinmarketcap to correctly display xETH Uniswap pairs which all LIFTOFF tokens will be. It is a bit uncomfortable to these platforms but the problem is solvable. When working with new technology, it is inevitable that some time will be required for adoption.
Q — 2 from a telegram user @Raisbelys
Any defect in LIFTOFF? Simple question.
Professor T. S. C. Lowe | Aeronaut Engineer :
Excellent question. On a technical level, there are no defects. I have linked the full audit of LIFTOFF below.
On the function of LIFTOFF, remember that its purpose is to reduce the risk of Exits, Rugs, & Scams. LIFTOFF combines both Technical & Social solutions to these problems but they are not perfect. Each sale on LIFTOFF, just as for any launchpad, must be reviewed carefully. The LIFT community may vote to signal which Projects are of unusual quality, but even for these, some rate of failure is natural & expected.
Q — 3 from a telegram user @AugusS7
Really what is the temporality of the launches in LiftOff? Can they be fully modifiable or are they already established? Is it because of them that this information is not completed in the form?
Professor T. S. C. Lowe | Aeronaut Engineer :
Excellent question regarding the structure of LIFTOFF sales. One issue in Capital Markets is illegibility. It is important for all Sales to be as similar to each other as possible so they can be easily compared and standards can be set for evaluation by the LIFT members. Accordingly, each LIFTOFF sale runs for exactly 5 days and has an identical Token & ETH distribution which may be viewed on the FAQ linked below. The areas of Flexibility are in the informational disclosures, softcap, hardcap, and token quantity. The development Team is also working on an alternative design which burns tokens not purchased in the Sale instead of distributing the proportionately inorder to maintain a flat Price and flexible Supply instead of the current version which has a flexible Price and flat Supply.
https://liftoff.eth.link/#/faq
Q — 4 from a telegram user @Korryl
So can you tell me how to participate in your presale? How much minimum requirement to buy in Liftoff presale?
Professor T. S. C. Lowe | Aeronaut Engineer :
To purchase LIFT in the Sale, simple go to the address below, connect your Wallet, and deposit your ETH. After the Timer runs out, the Sale will be Sparked which is called once globally by anyone. After that point, LIFT’s liquidity is locked on Uniswap and you may claim your LIFT tokens.
liftoff.eth.link/#/project/LIFT-15
Q — 5 from a telegram user @cryptovgh
If a project launched on LIFTOFF makes rug pull, do you have any system to refund the investors or any security system to detect those?
Professor T. S. C. Lowe | Aeronaut Engineer :
The term “rug pull” has evolved greatly and means many different things to different people. Let me walk you through which types of Rug Pulls are prevented by which types of Protections.
Liquidity Rug Pulls — LIFTOFF locks all liquidity, so these are not possible.
Exit Rug Pulls — Crash Insurance provides full protection for 1 week and reduced protection for an additional 9 weeks.
Insider Sale Rug Pulls — LIFTOFF does not allocate any tokens to Insiders. Developers and Promoters must buy off the market.
Minting Rug Pulls — LIFTOFF launches the token, not the developer, and Minting is disabled. These are not possible.
Fake Rug Pulls — LIFTOFF has required informational disclosures that may be checked, and the most cautious can watch for only Sales Verified by LIFT Members.
Q — 6 from a telegram user @AllenLu
Welcome @Professor_TSCLowe why decide on 30% LIFT buyback & burn or how are you going to do this?
Professor T. S. C. Lowe | Aeronaut Engineer :
Both I and the Lid Protocol Team do not require any ETH to continue our work. The Lid Protocol Team itself has funding for the next year of operations. The purpose of LIFT is to establish a strong community, so 100% of ETH is allocated to liquidity, buybacks, and airdrops, and the bonus of 10% from XLOCK goes to marketing.
Q — 7 from a telegram user @AmirJosh
May I ask if LiftOff reviews all the projects that will apply on the Launchpad knowing that anyone can use it? Do you have a rating system that might be helpful for investors?
Professor T. S. C. Lowe | Aeronaut Engineer :
LIFTOFF is an open platform and this is a value I am not willing to compromise on. However, the LIFT Tier 1 Members may vote to verify sales of Exceptional Quality as a signal to the wider community of its value.
Q — 8 from a telegram user @rioliandaro
Free Liquidity allows 110% of the Sale to be allocated. I don’t think I quite understand, how is the total eth count raised 110%? For example, you need funds 1.1x what you really need? To be honest, I really don’t understand the whole sentence, so maybe it would be better to change the whole explanation about tokenomy itself.?
Professor T. S. C. Lowe | Aeronaut Engineer :
Excellent question, and it does appear to be magic but it is not. The full math is outlined in the Whitepaper. Put simply, Uniswap uses an Invariant for liquidity where Token1 * Token2 = Invariant. If Token1 is xETH, and Token2 is XXX, then xETH * XXX = Invariant. If 100% of the token supply is in locked liquidity and XXX cannot be minted, then we know that no XXX can be sold and no xETH can be removed from the pair. Thus, the xETH is effectively burned. In the case of LIFTOFF, not all of the supply is in locked liquidity but the supply of XXX is capped. This allows the creation of 10% free liquidity for a full 110% allocation. A fuller explanation is given in the whitepaper.
whitepaper.liftoff.eth.link
Q — 9 from a telegram user @KASG95
I understand that with LiftOff I can create my tokens easily and whenever I want, but can it only be listed and backed by insurance only when it is used in Uniswap? or could it be listed in 1nch or another swap?
Professor T. S. C. Lowe | Aeronaut Engineer :
LIFTOFF is fully integrated with Uniswap and no other exchange. That said, 1inch is also integrated with Uniswap and only needs to add xETH support to fully work with LIFT, LID, and other xETH pairs. The recommended exchange to use for LIFTOFF tokens is Penguinswap as it has a superior router that protects users against Vampire Arb Bots while still using the Uniswap pairs. Please visit their site at the link below, and join their discord if you run into any issues. Hiturunk is a genius developer who is also a kind individual and will answer your questions.
Q -10 from a telegram user @RosemaryBianco
What do you think of the Satoshi Club community?
Professor T. S. C. Lowe | Aeronaut Engineer :
I have a high opinion of the Satoshi Club community. I was extraordinarily happy when I received the invitation to come to speak for this AMA. Strong communities focused on finding the best quality projects are exactly what DeFi needs to grow into the financial infrastructure of the future. Each one of you here is doing their part to help grow the ecosystem. Thank you all so very much.
Part 3 — Quiz about project
In the final part, we tested the knowledge in terms of the LiftOff DeFi project. They’ve prepared 4 questions for this part, so everyone could be a part and answer. Participants had 10 minutes to answer. 600$ was distributed between the winners.
Our contacts for more details:
English Telegram group | Russian Telegram group | Spanish Telegram group | Telegram Channel | Twitter | Website
Our Crypto Partner by this AMA: LiftOff
Telegram group | Telegram Chanel | Tweeter | Website | Medium | Discord | OpenSea
