Hi Everyone! Welcome to another BeInCrypto AMA Session!
Today we welcome Satoshi (@SATOSHlNAKAMOTO), and M Rock (@mrock187) who are respectively Project Advisor and Technical Developer at BSCWIN. By the way, @CryptoPilot16 can also jump in. He’s a project lead.
BeInCrypto (BIC): Here is how things will work. I’ll have 10 questions for them. After these questions, they will pick up 5 out of all the questions you asked before the session. Good luck to you all!
(This AMA has been edited for clarity)
BIC: I would like to ask you something general to kick things off, so please provide some personal background as well as some references you guys looked at before creating BSCWIN.
MRock: Hi I’m MRock, a dev for BSCWIN. I have a quant background from wall street working prior as a prop trader for a big firm and later moving on to private equity as a portfolio manager and now am full-time crypto. I have a few other projects I’ve contributed to this year but I am very excited about the future of BSCWIN in particular.
We’ve looked at the entire lottery ecosystem and found that there was no truly good lottery system that has been created. Many projects either have you hold a minimum or only allow you to win if you are in the last X buyers and all have very high taxes. We improved on all aspects to create what I think is the pinnacle of lottery systems.
Satoshi: I am Satoshi, @BSCWIN_token advisor and admin in @cryptostarship. BSCWIN consists primarily of a team of 8 people, dedicated to developer work, product design, and marketing.
BIC: How would you briefly describe BSCWIN to our community? What role do you think BSCWIN can actively play in the current crypto scenario?
MRock: BSCWIN is a cross-chain ecosystem consisting of a lottery-based token, BSCWIN, and an NFT collection the BSCWIN Bulls.
The two are interconnected to create a positive feedback loop in a self-sustaining system. The lottery is the most advanced in the market. Rather than relying on a high tax, it uses the liquidity pool to pay prizes.
This means we don’t rely on constant churn. The system is designed so people can buy and hold. That is all that is needed to participate in the lottery and if you win BUSD is sent directly to your wallet – no interaction or claiming necessary. Just buy, hold and win.
As for how we fit in crypto, I think crypto is set for further adoption and this is what is needed to take everyone to the next level, but there are few use cases that relate to the general population.
For example, farming to a non-crypto person means growing crops, right? DeFi is also a completely foreign term to non-crypto people.
A Lottery though? That is something that anyone can understand and something that will help for further adoption of crypto overall. This is something that we are actively positioning the project for with upcoming developments that will make adoption by those not familiar with crypto much easier.
BIC: Nice. Let’s deep dive into the project then. Please introduce your ‘bulls’ to us as well as any other info related to your NFTs & DAO ecosystem.
Satoshi: As Mrock has indicated above, BSCWIN is far more than a lottery project. It’s a sustainable ecosystem represented by BSCWIN Bulls NFTs, holders of which are ambassadors of a global movement towards the People’s lottery that cannot be controlled by any centralized entity. $BSCWIN token represents lottery tickets that make anyone holding them eligible for intraday lotteries as well as represents the currency of the ecosystem.
During the later stages of the project, we will form the BSCWIN Bulls DAO. Each BSCWIN bull holder is able to join the exclusive Club of the Bulls Ring, propose, vote, and execute initiatives regarding the BSCWIN Ecosystem.
BSCWIN Bulls holders are already earning rewards based on the number of $BSCWIN tokens and BSCWIN Bulls NFTs they hold every Sunday!
BIC: I’ve read it’s possible to earn passive rewards in a community DAO structure. How does that work?
That’s a very good question, and definitely, one that every BSCWIN holder or interested investor wants to know.
So our passive rewards mechanism is in the form of $BSCWIN tokens and it is optimized to equilibrate supply-demand over time, in order to not cause significant sell pressure of rewards given.
$BSCWIN lotteries trigger four times a day, effectively removing an equal proportion of $BUSD and $BSCWIN tokens from the Liquidity Pool (LP). The $BUSD is sent to the lottery winner, while the $BSCWIN tokens are sent to the DAO wallet.
The Bulls PayDay reward mechanism uses the $BSCWIN tokens accrued in the DAO wallet from lotteries to pay all active BSCWIN Bulls NFT holders on a weekly basis.
To ensure Bulls PayDay is successful and supports the long-term sustainability of the BSCWIN Ecosystem, the amount of distributed tokens to NFT holders decreases with increasing token price; in addition, the rewards’ APY increases with increasing token market cap.
For every BSCWIN Bulls NFT held by an address, that address needs to hold a minimum of 1000 BSCWIN tokens to be eligible for PayDay rewards.
These are rewards projections for different BSCWIN price and market cap levels.
Rewards offer APY by token and NFT price on the order of 200%, 4 times greater than that of competitors such as Cyberkongz or Supducks.
BIC: What about the lottery you guys offer? What are the general requirements, benefits, etc? Please tell us the key points here.
The lottery is extremely easy to participate in as this was a key focus of ours. Every BSCWIN token = 1 ticket. The more tickets you hold the better your odds of winning.
Tickets never expire so as long as you hold BSCWIN you are eligible to win in any of the 4 lotteries per day. In fact, from people that are still holding from launch in early November, we have had a couple of multiple-time winners just to show that buying and holding works. If you win then your wallet is automatically sent BUSD. Really simple.
No actions are required beyond buying and holding.
As the price of the token grows so will the prizes since the prizes are paid from the PancakeSwap liquidity pool. Currently, prizes are hovering around the 400-600 BUSD range. That is about $500 paid out 4 times a day! Since BSCWIN was started in November we have paid out over $100,000 in BUSD to 179 winners and this is just the start.
I look forward to the day when $BSCWIN reaches higher growth and is paying thousands a day and changing people’s lives regularly.
One of the biggest key points to me though is this is 100% decentralized. There is no centralized intervention by any entity, including the team. All selection and payment happen on-chain using robust trusted methods of creating random results.
This is a big push forward for the blockchain where we created something unique and completely new in terms of lottery tech.
BIC: It’s time to introduce your native token to our community! What do you have to say about BSCWIN in terms of tokenomics and how does it fit within your ecosystem?
Tokenomics for $BSCWIN are rather simple – there is a 3% tax on buys and sells (no tax on transfers). The lottery pays 1% of the liquidity pool per day.
BUSD collected from the tax and royalties from NFT sales on OpenSea are used to continually replenish the liquidity pool to keep everything sustainable.
So far we have been balanced in how much has been paid out and put back into liquidity. I’d like to stress that we are still in the early stages. As we grow and expand we will offer more products and services which will further bolster sustainability and increase utility throughout the ecosystem.
BIC: Several projects currently use some strategies to maximize the number of holders. What are some of the benefits for those ones who hold your tokens? Do you also have a similar strategy?
As mentioned before, the primary benefit of holding $BSCWIN tokens is that it automatically makes you eligible for perpetual lotteries, 4 times a day without an expiration date or the need to do anything else.
The token was designed to maximize holders. Imagine that to participate in the lotteries you just need 1 ticket – less than 30 cents of a dollar at current price levels. This is affordable for almost everyone. And that is our key goal, to make lotteries accessible to everyone.
In addition to that, we do have 2000 BSCWIN bulls NFTs that are now distributed among more than 500 unique holders. Each NFT needs 1000 BSCWIN tokens in equivalency for eligibility in Bulls PayDay rewards. So this is another key strategy we have implemented to maximize holders.
BIC: What’s the current status in case anyone wants to purchase your tokens? I bet some of our members are curious about how to buy some BSCWIN right now.
I’ll keep this one short and sweet – $BSCWIN the token is listed on Pancakeswap and the BSCWIN Bulls NFT collection is on OpenSea.
You can get all relevant links for charts/buying both the token and NFT as well as more info about the project to help you DYOR on our website.
BIC: Great. I took a look at your roadmap and it’s packed with activities. What can enthusiasts/investors expect when it comes to future plans? What do you have in mind for BSCWIN in the next few weeks or months?
You can take a look at our roadmap here. We are constantly building, and listening to the feedback from our community, as we are a dynamic NFT-token metaverse ecosystem.
Our most immediate steps are exploring and optimizing ways for staking and LP providing incentives.
We have also established a key partnership with another decentralized entity that will push us to the next level and accelerate BSCWIN worldwide adoption. We cannot reveal too much on this yet.
BIC: Awesome, that’s it. I’m quite sure we’ve covered all the main topics today. Could you please share all the links to your Social Media channels so that our community can get to know BSCWIN a little better?
- Telegram announcement channel
- Telegram community chat
- $BSCWIN Token
Many projects use the lottery system, but many charge high fees and are not sustainable. What is the difference between the lottery system of the BSCWin ecosystem and how does the payment mechanism work?
Most projects rely on taxes/fees or they create some complex system that sounds great in theory, but either requires constant volume to maintain the system or only allows a small subset of holders to participate in their lottery. Many also create centralization around entering or getting your winnings.
Some of this is understandable because frankly, it is extremely difficult to build a lottery on the blockchain that operates how one would expect a lottery to operate due to many programming complexities mainly around loops that arise in blockchain development.
As I mentioned I have a professional quant background and it took some complex mathematical systems to achieve our goals on the blockchain. Those goals are (i) a fair lottery, (ii) every holder participates with tickets that never expire, and (iii) the only interaction necessary is buying and the contract will send BUSD to the winners.
The actual lottery mechanism works by having community members trigger the lottery on our website 4x a day https://bscwin.app – This removes 0.25% of liquidity from the cake pool which the contract holds.
The $BSCWIN is sent to the DAO wallet for future Bulls PayDay rewards and the BUSD is sent to a winning wallet selected by inputting multiple on-chain variables into a mathematical function that provides a random result.
The full math is a bit more complex than that, but this is basically how it works.
Can we stake BSCWin? Can those who want to earn income also generate income by providing liquidity? How do BSC’Win holders benefit in the long run?
This is great thinking and something that we are currently researching and developing. We find great utility in staking and if done in a proper and balanced way it can add a lot of value to a project by providing people with new incentives for owning the token by expanding the use case.
I don’t want to reveal too much of our thinking because we are still in the development stages and things may change, so I will simply say stay tuned to our announcements because this is a direction that we are certainly exploring.
I read that BSCWIN is building a school in Nepal. Could you give information about this subject? When will the completion of the school end and how do you raise awareness about it?
That is correct, and something we are very excited about. We were some of the top DAI donors together with FLOKI INU, and we are proud to step forward and be more of what we want to see in the crypto space.
The ethos of the project is all about freedom and equal opportunity so building a school really resonated with us.
To accomplish it we have partnered with BuildOn, a US-based Non-Profit, which has built over 1000 schools in many underdeveloped places.
We choose to Fund one in Nepal which will accommodate a community of over 100 kids. Usually, it takes around 4 months for its construction from the ground and they are currently arranging the right location/ community for it.
BuildOn had set the goal of building 10 schools funded by crypto and after we took the lead other projects have followed.
As more projects join it becomes a bigger Movement of the NFT Space in general, with different projects branding and NFTs being displayed in the schools, which sure can get a lot of good visibility for crypto and for the BSCWIN Bulls.
We believe the point of decentralization is giving freedom to individuals to make their own choices and that’s the reason we created a true lottery of the people where the government or a third party didn’t keep half of the prizes.
Not because we want to keep it, but because we want to be the ones to decide what to do with it, and in our case, we made sure to give the example and to do good. We can’t wait to see a BSCWIN Bull on the school and NFTs Communities making a real-world impact.
What is the difference and rarity value of Genesis BSCWIN Bulls NFTs from other NFTs? Do the 2000 Genesis Bulls on the Ethereum blockchain network each have a different value and rarity?
What sets Genesis BSCWIN Bulls apart from other NFTs it’s their Utility in the Ecosystem. Most NFT projects either don’t have any Utility or they created a random token for governance and they then try to build some value upon it, like Genesis Cyber Kongz or Sup Ducks. With BSCWIN Bulls, our token is actually a real product with huge adoption potential and universal utility.
We are building the nr1 Crypto Lottery in the Metaverse and creating a better alternative to Powerball or EuroMillions for the people. By Owning the NFTs paired with tokens you actually can earn rewards that are actual Lottery Tickets that not only have value but can also allow you to earn even much more.
We currently have the best APY rewards than any other NFT project in the market, so definitely a hidden gem. Other than that, as far as rarity traits, each of the 2000 Genesis Bulls are unique and we are creating our own platform for rarities to display them, which we are also very proud about.
To finalize besides the regular visual rarity traits we also created a unique “Luck Trait” for which there has been a lot of demand, whose purpose is still to later be revealed, but is associated with the Game, and then will make a lot of sense.
Does BSCWIN plan to enter the global traditional lottery market?
I encourage a read here.
$BSCWIN is in the global lottery market. It is a fully functional decentralized lottery. Rather than take part in the system that exists, $BSCWIN is poised for disruption.
The current traditional lottery system takes advantage of those less fortunate and acts as a tax on them. $BSCWIN has no government behind it to take half the prize money 2x (half before paying out and then another half in taxes after paying out) like is seen in most lotteries.
$BSCWIN is for the people by the people – not a system that takes advantage of the people.