On the 11th of February 2021, our very own Professor T.S.C. Lowe (Aeronaut Engineer of LiftOff) had a live AMA session with Zanity (main administrator) on Blockchain Infinity telegram chat. Here is the recap of their Question and Answer:
Photo credit to Blockchain Infinity
Question #1
Can you give us an introduction about LiftOff?
Professor T. S. C. Lowe: LIFTOFF is a fully decentralized self-service ERC20 launchpad and token sale platform. It carries three innovations I have invented to protect buyers in token sales.
Crash insurance allows token buyers to redeem their tokens at the original presale rate if the token should fall below its initial launch price.
Gradual payments with fair allocation prevent devs or promoters from dumping tokens and pay them over 10 weeks so if they fail to deliver they do not receive their funds.
Free liquidity uses XLOCK, a liquidity locking technology, to generate a free 10% in ETH from each sale. So the ETH allocations from LIFTOFF are 110% of the raise instead of 100%.
Question #2
Does LiftOff have safety features that will prevent launching a potential scam project?
Professor T. S. C. Lowe: Indeed it does. First, it automatically locks liquidity.
Second, the crash insurance protects the buyer’s capital so they can get their money back if the Devs abandon the project in the first week.
Finally, there is the community around the LIFT token itself.
The LIFT members review projects in their private chat and discuss which ones are worthy of investment. If they feel a project is of exceptional quality, they may vote to verify it signaling to the wider world its level.
Question #3
What are the requirements that projects need to be qualified in the launchpad?
Professor T. S. C. Lowe: LIFTOFF is open to anyone and has no fees to launch except the gas to call the contract. The platform launches the token on behalf of the developer then immediately creates the Token Sale.
It also has required Informational disclosures such as a link to the project’s website, Dapp, social media, and so forth.
Twitter Questions
Question #1 from @JollyBe6
LiftOff website says this is the third Lid Protocol pre-sale network, no Lid contracts have ever been compromised, so what encryption technology has been used by LiftOff? Will this protection framework be used for new projects too?
Professor T. S. C. Lowe: The LIFTOFF contracts were audited by Halborn, the same firm that services Coinbase, Bancor, Stellar, and many other excellent projects.
All of LIFTOFF’s contracts were extensively tested, and Halborn specifically mentioned in their audit the unusual quality of LIFTOFF’s testing.
Lid Protocol has a long history of proper testing of new technology, which is why I am proud to be working with their team. For some people, testing in production is okay. For a launchpad and token sale platform that focuses on protecting buyers, it is simply not acceptable to test in production.
We used extensive automated scripting with over 98% coverage including a fully deployed local test chain version of Uniswap. LIFTOFF was also tested on Ropsten for 2 weeks before its main net launch last Month.
Question #2 from @itismeAshleyM_
LiftOff is a stand-alone launchpad for anyone, what’s the difference between LiftOff and other platforms like Uniswap? What are Lift’s advantages?
Professor T. S. C. Lowe: LIFTOFF is a launchpad that integrates Uniswap. When a new token is launched on LIFTOFF, at the end of the sale locked liquidity on Uniswap is automatically created. However, it is recommended to use the Penguinswap interface to trade Uniswap tokens.
Penguinswap uses a superior router to the default one on the Uniswap app, which protects traders from vampire arb bots. Furthermore, it fully integrates XLOCK and XETH from LIFTOFF for ease of use.
Question #3 from @Harley_Quiennn
The LiftOff token LIFT is launched by the LID protocol. Will all the tokens in the sale be distributed by the LID Protocol? Are there any requirements to take part in the LIFT presale? And if the hard cap target is not reached where will the tokens be allocated?
Professor T. S. C. Lowe: LIFTOFF is fully decentralized and distributes tokens on its own. Lid Protocol does not control tokens launched on LIFTOFF, so even if the Lid Protocol team and myself were to completely disappear, LIFTOFF and the tokens launched on it would still operate.
There are no requirements to join a sale on LIFTOFF or the LIFT sale itself. It is a fully open platform anyone may use.
If the hard cap target is not reached, the additional tokens are distributed proportionately to the buyers within the Sale.
Live Telegram Questions
Q1 from @Demvrick
On your site, LIFT will not be replacing the LID token, rather these two will work together closely. What is the difference of LIFT to LID? What are the benefits of LIFT and LID?
Professor T. S. C. Lowe: LIFT is the platform token for LIFTOFF while LID is the liquidity token. The two work closely together. If you wish to join the LIFT club, get exclusive NFTs and airdrops, buy LIFT. If you want exposure to the liquidity pools LID is in, then buy LID. Of course, both are also an excellent choice.
Q2 from @Capt_Star1
As I read 30% of LIFT tokens are reserved for buybacks. Isn’t that too much? Will the burn/buyback mechanism be used to maintain price stability over a long period of time or all will be used up at once? I also saw an article on ERC-31337 on your whitepaper. How is it better than ERC-20?
Professor T. S. C. Lowe: The tokenomics are attached to this message. Since the Lid Protocol team does not require to raise new ETH, we are solely using the ETH raised to buy $LIFT off the market — except for the 10% allocated to marketing partners.
Q3 from @itsmeAshleyM
I want to learn about LiftOff but the culture is very vacuous and little knowledge is exchanged. How does the LiftOff team create the group and hold users long-term?
Professor T. S. C. Lowe: The LIFT token is designed to create an active community around LIFT. In the meantime, the best place to get information is at the following links.
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
You may also view the sale timer countdown itself at this address:
https://liftoff.eth.link/#/project/LIFT-15
Q4 from @Antoni_azx
I’ve read on your website that most sales immediately give the project developers 100% of the ETH, even if the token price falls, what happens is a token and their developers just scam and disappear? They get the ETH too?
Professor T. S. C. Lowe: You are quite insightful, that indeed is the case on most Launchpads. Instead, LIFTOFF uses gradual payments so developers are paid over 10 weeks. Meanwhile, their pay is reduced if the token price falls.
Q5 from @maticja
Since investor faith is already very important for each project, what makes LiftOff safe for investors, customers, and users?
Professor T. S. C. Lowe: LIFTOFF’s audits by Halborn, the extensive automated testing, the Ropsten testing, and the history of the Lid Protocol team all should give confidence in the Dapp.
Q6 from @Emmie971
Revenue generation is very important for a successful and long-lasting Project. Does LiftOff have plans for generating revenue? Is there currently enough funds and revenue generated to maintain the project and its team?
Professor T. S. C. Lowe: LIFTOFF grants LIFT holders a 3% airdrop from each sale. Additionally, the Lid Protocol team receives a 3.09% fee from each sale for its work.
Q7 from @alukjapar108
LIFTOFF is a stand-alone launchpad for anyone, what’s the difference between LiftOff and other platforms like Uniswap? What are Lift’s advantages?
Professor T. S. C. Lowe: LIFTOFF is a launchpad that integrates locked liquidity into Uniswap. With LIFTOFF, buyers can safely enter new projects without fear of loss of liquidity.
Q8 from @Eboy_23
On your site you’re looking for an ambassador, can you tell us what are the application requirements needed, What will be the benefits if one is to become one of your ambassadors.
Professor T. S. C. Lowe: LIFT is not hiring any ambassadors at this time. However, you may always message me with your proposal. Spreading the word about LIFT to the world is an important task!
Q9 from @Nazunazz
What is the relationship between the XLOCK and LiftOff platforms? And about in the LiftOff whitepaper explaining ERC-31337, so what makes it unique/advantages compared ERC20?
Professor T. S. C. Lowe: LIFTOFF uses XLOCK with XETH which is inspired by ERC-31337 but is a simple fork of WETH. XETH allows the creation of 10% free locked liquidity for each sale.
Q10 from @Graceel27
For a project development first of all main priority is having enough funds. Is your team financially capable to run this project? Do you have enough funds for its development? Can you tell us how LiftOff projects generate profit?
Professor T. S. C. Lowe: Lid Protocol has enough funds for the next year of development, even with no revenue.
Q11 from @Arisabela
LitOff names itself as the safest launchpad. These days many protocols aim to have this advantage. But isn’t always clear. What features make LIFTOFF distinguished secure among its competitors?
Professor T. S. C. Lowe: LIFTOFF’s three innovations are the primary way it is different.
- Crash Insurance
2. Gradual Payments
3. Free Liquidity
These three protect token sale buyers in ways no other platform does.
Q12 from @Kento_Tan
LIFTOFF, why are non-Fungible tokens still not reaching their full potential on the Ethereum network and how do you aim to remove obstacles to reaching their real uses?
Professor T. S. C. Lowe: We will be airdropping NFTs to the initial supporters of LIFT. The growth of NFTs has just begun, but high gas costs are holding them back.
Q13 from @Graceel27
How does LiftOff handle government regulations and boundaries?
Professor T. S. C. Lowe: In order to buy tokens on LIFTOFF you must agree to a statement that you are not located in a restricted jurisdiction. However, as LIFTOFF operates on IPFS, ENS, and Ethereum, there is no way to conduct any geo-blocking.
Q14 from @alberto563
What’s the next step for LiftOff after the presale
Professor T. S. C. Lowe: After the presale, the focus will be on servicing the LIFT community and finding the next projects to launch on the platform.
Professor T. S. C. Lowe’s message to the community.
“LIFTOFF technology is designed to protect token buyers, but it cannot work without the support of the community. Stopping scammers can’t be done with technology alone. Each of us is responsible to support projects which fight scammers and act in ways to help fight the crisis. Too much ETH is lost to scams!
I believe in the DeFi community’s ability to support strong projects and defeat scams. Some believe we need centralized regulation from governments to stop scammers. I could not disagree more! The DeFi community has the ability to protect itself and adopt better technologies without centralized trusted parties.
That is the reason I have invented the technologies of LIFTOFF, and I hope it is the reason you join LIFT yourselves.
Let’s build the decentralized & safe future together!”
We would like to thank Zanity (main admin of blockchain infinity telegram group), all other admins of the group, Twitter and telegram participants, and all the community as a whole for this successful AMA session.
Join us here for more live discussions:
Telegram: https://t.me/LiftoffETH
Discord: https://discord.gg/APz5npdWgv
