Our Professor T. S. C. Lowe | Aeronaut Engineer discussed and answered questions from the community at TehMoonWalkers Community last 16th of February 2021.
He presented his invention — Liftoff on how it will be a safe ground for investors and gain trust for start-up project owners.
Check out the recap of this session.
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
Good morning my friends!
Matrix,
Welcome, very happy to have you here my man!
Matrix
Please introduce yourself, tell us about your background and your role in the project
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
I am quite grateful for the invitation to your esteemed community.
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
I am a DeFi developer of some time who has worked closely with Lid Protocol to release LIFTOFF with its Three Innovations.
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
Some of you may remember, some time ago LID had an AMA in this self-same channel when LID was first launched.
Matrix
It must have been ages ago now, as I cant remember haha
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
At the time, @tehMoonwalkeR brought up an important issue: The original Lid Simplified Platform protected against Liquidity Removals but not Soft Exits.
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
LIFTOFF is designed to address, although it can never perfectly solve, this latter issue.
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
It does so through Three Innovations that improve over the previous Launchpads run by LID.
☞ Crash Insurance
☞ Gradual Payments
☞ Free Liquidity
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
LIFTOFF is a fully decentralized & self-service ERC20 Launchpad that creates both the new Token & the Sale in one transaction.
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
As such, it requires strong Technical protections against scams, since anyone can launch on it at any time.
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
Technology is not enough, however, which is why I am launching the $LIFT token, the Sale for which ends in 10 hours.
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
I and the Lid Protocol Team do not need any ETH, so 90% of the raise is to Liquidity and Buybacks with 10% going to Marketing.
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
Perhaps that is a sufficient introduction, and we can go into the details next.
Matrix
Ok, so its fully decentralised launchpad, tell us what process project have to go through to do raise on the platform
Matrix
Well you answered already a lot of questions
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
A project fills out the required informational disclosures at liftoff.eth.link such as Whitepaper, Social Media, dApp Link, & Website. These are uploaded automatically by LIFTOFF to IPFS silently.
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
Second, they select their softcap, hardcap, and Token quantity.
Matrix
Who decides what projects get listed?
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
Finally, they click the “Launch” button and sign the Ethereum transaction.
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
It is fully self-service, so there are no limitations.
Matrix
Amazing 😉
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
However, LIFT Club Members may vote to verify Sales that are of exceptional quality as a signal to the wider world.
Matrix
You have insurance integrated in the platform, how does it work and who provides it?
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
Yes. It is also radically decentralized. The dApp is hosted on IPFS, the domain on ENS, and the smart contracts on Ethereum. Accordingly, the platform is uncensorable.
Matrix
This actually sounds amazing and is very much needed right now
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
Anyone may redeem Tokens for their original launch price. For the first week, 100% of tokens are covered. Afterwards, a gradually reducing percentage is covered for the following 9 weeks. There is a dramatic dropoff on the second week as the coverage falls from 100% to 42%.
Matrix
So its Liftoff own insurance
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
Insurance results from two core features.
First, during the first week if excessive redemptions are made the Sale is able to unwind itself.
Second, Developers & Promoters are not paid in Tokens, only ETH (Gradual Payments). This ETH is distributed over 10% over 10 weeks but Insurance Redemptions are removed from this pay.
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
Correct, it is fully self-insuring. The Insurance has extensive automated tests, has been fully tested on Ropsten, and is audited by Halborn the same security firm for Coinbase, Bancor, Stellar, and many other great projects.
Matrix
Fair and gives a lot of confidence to participate in launchpads
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
Precisely. The only cost to the User in the case of a project that fails in the first week is the 2% insurance fee and the price of gas.
Matrix
Well, I understand its fully decentralised and so on but what about rugs which have happened a lot lately, how can we be sure your platform won't have it?
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
Yes, good question and the term “Rugs” has evolved over time. Let me lay out several types of Rugs and how LIFTOFF addresses each and which ones it is vulnerable to.
Matrix
be my guest
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
Hard Rugs/Slow Rugs, where the Liquidity is removed. These are impossible as LIFTOFF creates permanently locked liquidity after launch.
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
Strong Soft Rugs, where the Developer deletes their Social Media Channels. These are fully protected against in the first week by Crash Insurance and by a reduced amount for the following 9 weeks. Additionally, since Developers are paid at 10%/week, they are heavily incentivized to maintain the project. That said, if a Developer appears dishonest after Launch the first week is the best time to Sell or Redeem for insurance.
Matrix
So correct me if I'm wrong, part of the raised capital will be automatically locked in liquidity before ever reaching to project developers?
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
Weak Soft Rugs, where the Developers are lazy. These are somewhat protected against by Crash Insurance but Laziness is not something which can be detected by technology. The primary protection against Indolence is community vetting with LIFT Member Verification.
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
Correct. There is a total allocation of 112% instead of 100% because LIFTOFF uses XETH instead of WETH pairs.
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
The Devs do not receive any ETH until after the first week.
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
I must admit I am not the original Creator of the concept, which belongs to $ROOT & ROOTKIT. I have adapted their Ideas for the purposes of the Launchpad.
Matrix
So, but now, explain to me what process me as a retail investor who just joined has to go through to get into the sale
Matrix
Credit gave!
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
First, you might visit the projects Page on liftoff.eth.link to see available sales. It is preferred however to get the Link from a trusted party. Since anyone can create a fake token (Fake Rug Pull) it is best to be cautious to avoid the 2% insurance fee. For instance, for LIFT, you can see the correct Sale at the following address:
https://liftoff.eth.link/#/project/LIFT-15
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
First, the Sale will be Coming Soon for a minimum of 2 days. After this, the Sale will be Active for 5 days or until the Hardcap is hit. You simply enter the amount you wish to deposit then hit “Ignite”.
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
Before you can send the Transaction, you must sign an Attestation that you are not in the USA or other mismanaged jurisdiction.
Matrix
Run us through token utilities and why should i own it
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
LIFTOFF cannot conduct geoblocking as it is fully decentralized.
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
Then once the Sale completes, if it failed to hit Softcap you may claim your ETH as a refund. If it was a success, then you may claim your Tokens.
Matrix
I love that
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
LIFT has 3 primary benefits to Members. Currently, we have Tier 1 which has the following Benefits and will receive all future Benefits.
☞ 3% airdrop distributed proportionately to Members based on LIFT holdings from all LIFT sales.
☞ Access to private channels with Research, Discussion, & AMAs for projects both on LIFTOFF and not.
☞ Voting rights to verify LIFTOFF sales of unusually high Quality as a signal to the crypto community.
Matrix
And no enter barrier?
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
Tier 1 has the following requirements all of which must be maintained:
☞ Wallet balance of 1 LIFT,
☞ Good Standing in the community, and
☞ A whitelisted Discord account with Ethereum address.
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
There are no Barriers to the Sales on LIFTOFF, but there are requirements for LIFT Membership. These requirements allow LIFT to expel members that take advantage of Benefits such as by running bots.
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
For instance, we are running an LFTY airdrop of unique NFT Artworks (purely aesthetic) for the early LIFT buyers and Members.
https://opensea.io/collection/lfty
Matrix
Was going to ask about bots but you answered it here!
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
The Restrictions prevent users from running Bots to receive more LFTYs than they deserve.
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT,
Bots are a problem that plague launchpads & especially automated ones such as LIFTOFF.
Matrix
NFT is hot topic, does your NFT-s have utility? If so, explain us
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
One of the first Benefits we are planning to add, aside from the 3 mentioned above and the LFTY airdrops, is Early Access with Bonus Tokens where LIFT Members can get early access to quality sales and earn bonuses. This sort of Benefit has been commonly exploited so only through cautious restrictions can it be provided.
Matrix
Perfect
Matrix
Is there any project lined up for launchpad?
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
At this time they are a purely Aesthetic symbol of appreciation to LIFT’s early supporters. They may serve additional functions in the future if the LIFT Members request it.
https://opensea.io/assets/0x495f947276749ce646f68ac8c248420045cb7b5e/32208462983008739538239149275196088009162726607521792436401171157743734620161
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
All of the LFTYs are mp4s of the highest Quality showing Glitches of 3 Scenes.
Matrix
Might just in case get myself one
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
I am in early discussions with several, but most are waiting to see the strength of the LIFT community first.
Matrix
So run me through the LIFT sale now, when and where?
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
On the topic of NFTs, I am conducting research on how to create expanded Insurance schemes using NFT insurance contracts, but this Research is not ready for publication.
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
The LIFT sale is currently live at https://liftoff.eth.link/#/project/LIFT-15. We have passed the soft cap of 100 ETH and are in the last 9 hours of the Sale. Most users have been waiting for the last day, so during the Course of this AMA an additional 30 ETH has been deposited.
Matrix
And last one before we open Chat
Matrix
Any timeline for Liftoff platform launch ?
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
It is already Live, and LIFT itself is running on the platform.
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
I do not believe it is good to sell Tokens for vaporware, and as I and the Lid Protocol Team are fully funded we developed the Product before the Token.
Matrix
Chat is Open!
Matrix,
Forgot to ask, what is connection between Lid and Lift ?
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
LID is the Liquidity Token for LIFTOFF. Slightly less than 20% of the liquidity goes to LID/XXX liquidity while the remainder goes to XETH/XXX liquidity.
LIFT is the Platform Token for the LIFTOFF community. Members receives Airdrops, exclusive access, NFTs, and private channels.
Matrix
Any partnerships in the pipeline?
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
Our most important Partnership is with Penguinswap which has integrated xETH into their custom Uniswap router.
Matrix
Ok lets dive bit deeper on what that means for Lift
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT,
Most pairs on Uniswap are not actually in ETH, they are in WETH.
Karthik
When can expect the first project to be launched on liftoff… Approximate time-line…
Matrix
aka wrapped ETH yes
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
xETH is a fork of WETH, and should be supported, but most interfaces assume that only WETH is used. This makes for inaccurate price displays and opportunities for Vampire Arb Bots.
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
Penguinswap uses a custom router for Uniswap that integrates xETH making for easier trades on xETH pairs without using xlock.eth.link to manually wrap & unwrap ETH.
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
Of course this is just one of its advantages, it has many more especially for tokens with many pairs.
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
Anyone can launch at any time, but for Verified sales, it will take at least 2–4 weeks before the first can be ready.
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT, [16.02.21 10:42]
For the first week after the Sale, we will be whitelisting LIFT Members, releasing airdrops, and continuing to educate the community on its technology.
Shajil
What about your marketing,any top influencers currently?
Matrix
What are marketing strategies to attract projects and people to use Liftoff?
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT,
It will then take another 1–2 weeks to vet project requests. We are requiring a 5000 USDT deposit to be held in escrow by potential projects before introducing them to the LIFT community, to be used for LIFT buybacks & airdrops in the case the project is not verified.
Karthik
When do you plan to come out with tier 2 etc… And how significantly will the benefits be reduced….
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
I must be frank that I am sceptical of Influencer posts as they tend to be low on Information & high on Hype.
Matrix,
Agree, there are very few that actually understand what they are doing
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
As the value of LIFT increases, additional tiers will be added to make sure access stays affordable but not cheap. For instance, if the price of LIFT were to increase by 10x from launch, we might add a Tier 2 at 0.1 LIFT.
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
Remember there is only 2000 LIFT. The creation of a small, dedicated & well educated community capable of making informed judgements on Sales is the objective.
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
To continue this, I have been approached by many Influencers offering to work for Pay but I do not believe this is an appropriate route for LIFT as it will result in a flock of Bees entering the project who will leave once they are bored.
Matrix
Run us through the team, who else is involved with Liftoff ?
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
Our marketing has focused on Informational formats such as AMAs as this one and communications on owned channels for the dissemination of information.
Matrix
I can tell, everything has been thought through
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
I am working closely with the Lid Protocol Team. There are three expert-level developers, all skilled in both React & Solidity, 1 artist, and 2 in operations. Additionally, we are serviced by an array of contractors.
Leon Gatehouse
suppose someone sells on the listing and it goes below presale price, he buys back at a lower price & asks for a refund. How is this covered, since he has bought it in presale his address would be captured no doubt but is liftoff checking for the tx’s as well?
Matrix,
Good question
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
Yes I have consulted a variety of DeFi projects and have seen the same pattern many times. The mistake starts at the beginning and once the Bees are attracted there is no way to remove them.
Matrix
True, its all about building strong community and Market your product wisely
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
The Insurance covers the Tokens directly. In fact for most users they will likely just sell onto Uniswap then Bots will buy as the price falls to redeem. Still, to be cautious always check the price on Uniswap before selling or claiming Insurance.
CHA
We know three major problems of the Ethereum Network. (Scalability issues, High gas charges and Slow speeds) Well you
Why did you choose to create your token in the ERC-20 blockchain ecosystem? Can you tell me why you don’t build on another blockchain instead of Ethereum?
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
To answer the last question first, Liquidity.
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
Almost all Liquidity lies on Uniswap which is on Ethereum. I am working closely with PenguinSwap on solutions to this issue although our present research indicates the technical challenges may be insurmountable.
Matrix
Have you thought about BSC chain?
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
That said, it may be possible to move pieces of LIFTOFF onto a chain such as xDai or BSC, then have the liquidity transferred from that chain to Ethereum. Whether such a move would lower overall gas costs is still a challenge.
Matrix
It seems a lot liquidity is being added there
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
Yes I have, but until it is possible to link Uniswap liquidity onto BSC the locked liquidity will have to be transferred out of BSC and onto Uniswap.
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
It may be possible to do so, I can go into some details but it is a bit off the core topic.
Matrix
Agree
Matrix
Please drop us links on your social media and remind us once again where is the sale
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
But in essence, and here I am discussing research in collaboration with Penguinswap, it may be possible to simulate Uniswap transactions on a chain such as BSC then have a token bridge where the receiving end on Ethereum syncs the simulation with Uniswap. However, such a system would require some sort of Insurance system for preventing frontrunning or excessive volatility from draining the contract.
Matrix,
Sounds complicated and risky
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
dApp: https://liftoff.eth.link/
Whitepaper: https://whitepaper.liftoff.eth.link/
Telegram: https://t.me/LiftoffETH
Announcements: https://t.me/LiftOffNews
Twitter: https://twitter.com/LiftoffEth
Medium: https://liftoffeth.medium.com/
Discord: https://discord.gg/APz5npdWgv
Opensea: https://opensea.io/collection/lfty
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
Precisely, and possibly not solvable.
Matrix
The more we move in to the future, the more its possible!
Matrix
It has been a pleasure to speak with you my man
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
The Sale link is live below. As there is only 9 hours remaining it may be wise to join quickly. To guarantee 1 LIFT for Membership requires 0.521 ETH deposited.
https://liftoff.eth.link/#/project/LIFT-15
Professor T. S. C. Lowe | Aeronaut Engineer @ LIFT
And myself with you. I hope this has been an informative AMA, I myself have enjoyed the questions greatly.
Matrix
Thank you for your time and thank you for being here!
