Our latest AMA with D’va was a success and the recap is now available. Thank you to the D’va team for the write-up and for having Ghost as a guest. The community engagement was amazing and the Q&A went very well. Keep spreading crypto adoption!
Thank you to the D’va Community for participating in Ask Me Anything (AMA) with Coil Crypto on Sept 8, 2020. With Founder (Ghost ). If you were unable to join the live AMA, no worries, you can read more here.
Welcome to the DVA community, thanks for taking the time for today’s AMA session!
We are glad to meet here:
Gost , @Ghost8941 Founder
Hello all, sorry couldnt type
Glad to finally be here!
How are you feel today @Ghost8941
Wonderful and excited our Spring launches tomorrow
I’m happy to hear it 😊, our community hopes to talk and learn more with the Coil Crypto
so let’s move to segment 1
Could you please introduce yourself and (CoilCrypto) to us at the first sesion.
I originally learned of Bitcoin back in 2013. Late 2016, was when I really began being much more involved in crypto and researching it deeply. From 2017 on I have been involved with a handful of projects and part of some teams and still help those projects to this day. I believe in privacy, decentralization, and this crypto will change the world. Once I learned of elastic supply and began deeply researching it, I realized how revolutionary it was. I believe it is the biggest development in crypto since BTC and ETH. There are other elastic supply projects, but I wanted to create one that is not controlled by VC firms or large investors. I wanted to make one make a more fair and decentralized version for the people, so I got a team together and we developed Coil.
ok thank for your explanation😊
Yes. Coil is an elastic supply cryptocurrency that adjusts itself to supply and demand of the market automatically every 23 hours. It is designed to be relatively stable in price, but “coil and recoil” around $1. While it is young is can go higher and lower in price, but as it matures and grows in the long term it will be very very stable. When demand is high and price goes up over $1.05, Coil automatically adds more Coil to all wallets to expand the supply to meet the demand and help push the price back to its target of $1. When supply is too high and price falls under $.95c, Coil removes supply from all wallets to stimulate more demand to drive the price back up, making less supply on the market and Coil more scarce.
please give me code when you done the answer with this emoticon 👍
Some introductory question have already been answered and we will enter segment 2.
5 QuestionTwitter best question comes from the twitter.
Q1:How would you attract Users ? And Biggest challenges challenges is USE CASE — How to apply COIL in real life?
I think once everyone sees and learns how elastic supply and Coil work, they will be hooked for the long term. Our system will appeal to everyone. Coil is an ideal hedge asset for ALL portfolios, which helps to minimize risk that everyone wants. On top of that, it is a stable medium of exchange, stable to borrow against, and appeals to all. Even just traders or arbitragers who want to trade around rebase. Coil appeals to risk adverse investors, long term investors, short term investors, traders, yield farmers, arbitragers, and commerce. It is fantastic asset that appeals to many different people for many different reasons. I don’t really see challenges in our use case because Coil is made to appeal and it is helpful for every single investor and portfolio.
Q2:Building Trust in business is the key of success but it’s very difficult, so what will #COIL do to attract more users while there are not too much successful projects in crypto industry?
As far as users, as I mentioned above in our usecase. Coil appeals to all investors and users because it is less correlated to BTC and an ideal hedge asset to minimize the risk of all portfolios. We will have social ambassador program that will be announced soon and other contests and bounties. As far as built in incentives we have our Spring, which is paid from our Ecosystem Fund rewards to everyone in the community that provides liquidity in the pools. Think of it like a faucet. 20% of our total supply goes to fund this to reward all people in our community that support the Coil Network. This is a safe and fair way for the Coil network to redistribute back network share to all supporters!
okay next questions!
Q3:HOW Rebase and debase help #COIL??
With the appearing of many blockchain projects, especially payment project which has newest technology, scalability, effiency, even no fee on transaction. Does $COIL feel pressure from this on the race of global payment solutions?
Coil is an elastic supply cryptocurrency that adjusts itself to supply and demand of the market automatically every 23 hours. It is designed to be relatively stable in price, but “coil and recoil” around $1. While it is young is can go higher and lower in price, but as it matures and grows in the long term it will be very very stable. When demand is high and price goes up over $1.05, Coil automatically adds more Coil to all wallets to expand the supply to meet the demand and help push the price back to its target of $1. When supply is too high and price falls under $.95c, Coil removes supply from all wallets to stimulate more demand to drive the price back up, making less supply on the market and Coil more scarce.
As far as predictability. Currently in liquidity pools and geysers like Ampl, large whales can remove liquidity and pull it without notice. This leads to a lot of manipulation and volatility. This can scare the market and make things very unstable. On top of that large whales can manipulate Ampl to bleed out the smaller investors so they have nothing left. We saw a huge problem and set out to fix it. We designed our Spring to have a Certificate of Deposit system ontop much like you find in the real world. This makes it so everyone can see how much liquidity is locked in, how long it is locked in for, which allows everyone to make better decisions. This will make our liquidity more predictable, and much harder to manipulate. It will help all investors be able to better see and adjust to the market, it will decrease volatility, and stop some of the manipulation. It incentivizes and rewards all of the good network supporters that do what they say they are going to do, and penalizes the bad actors and manipulators and keeps liquidity in the pool from being removed.
awesome Coil Crypto💪💪
Yep its a very unique system. Very exciting
Q4:What role does the community play in the #Elastic Supply? What have you done and will do to attract people to join #Elastic Supply and build a thriving community?
We believe that community is very important and Coil was built for the community. We did not sell out to large VC firms or large investors. We built this for the people. Coil is built for the community. Coil appears to everyone. We will continue to promote, do AMAs, youtube videos, other marketing as well. Though we feel having an engaged community is the best marketing, which is why we are the starting social ambassador program. You all are welcome to join us. Spreading the word, to more and more people about Coil is the best way. We will have social ambassador programs, contests, and bounties. Writing articles as well. If you are a developer you can develop tools for the community as well!
ok last questions !
Q5:What is your strategy for attracting more new users in the DeFi world, is your platform suitable for beginners or advanced crypto user?
We believe our system and Coil appeals to all users. Coil is build for new users that have never been or heard of DeFi and also the advanced yield farmers. Coil is building a stable asset to help hedge the risk for everyone. We believe our project is so ground breaking, all users will want to hold Coil. As far as new users we plan to have a welcoming community, who helps teach new members and DeFi users as well. But bottom line, Coil is a hedge asset, excellent DeFi collateral, and it is built for and will appeal to everyone!
Questions on segment 2 have been answered, It’s wonderful thank you @Ghost8941
My Pleasure! Look forward to more questions!
We will continue segment 3
Everyone please prepare your questions, chat will be opened for Telegram Segment
⭐ Where does the project name come from? What does it mean for you and why did you choose that name for your project?
Great Question. The Coil name as two meanings. First — Coil targets $1, so the price COILS and RECOILS around it. It can go to $.50 or $4, but eventually it will Coil and Recoil itself back to $1. Think of it like a rubberband that can stretch, but always comes back.
The second meaning of COIL is C(rypto) OIL. Oil is the backbone of our current world economy and the USD, and most everything in the world currently is in some way tied to oil. We see COIL as CRYPTO OIL. We think Coil will be the backbone of DeFi and the crypto economy much like oil is the backbone of today. COIL is a perfect hedge asset that every portfolio will desire because it is less correlated to Bitcoin and other cryptocurrencies. This makes it a wonderful DeFi collateral asset, a token everyone will want to hold to hedge their risk, and an excellent stable medium of exchange that can replace the need of stable coins. So just as OIL is important in the current economy COIL aka CRYPTO OIL will be an important backbone in the new age crypto economy.
• How do you avoid market manipulation if the rebases occur at a known time? Do you think that this could affect the good functioning of Coil?
This is why we designed our Spring. Currently in liquidity pools and geysers like Ampl, large whales can remove liquidity and pull it without notice. This leads to a lot of manipulation and volatility. This can scare the market and make things very unstable. On top of that large whales can manipulate Ampl to bleed out the smaller investors so they have nothing left. We saw a huge problem and set out to fix it. We designed our Spring to have a Certificate of Deposit system ontop much like you find in the real world. This makes it so everyone can see how much liquidity is locked in, how long it is locked in for, which allows everyone to make better decisions. If someone elects to enter our Spring, they can choose to add liquidity for 1–90 days and/or they can do many different contracts. The longer you provide liquidity, the more rewards you earn. But if you say you will enter for 90 days, but then want to pull out after 10 days, you will pay a large penalty which is very similar to what would happen in the real world. This penalty buys Coil on the market and deposits it back into the Spring rewards pool going back to everyone else in the Spring that did what they said. This will make our liquidity more predictable, and much harder to manipulate. It will help all investors be able to better see and adjust to the market, it will decrease volatility, and stop some of the manipulation. It incentivizes and rewards all of the good network supporters that do what they say they are going to do, and penalizes the bad actors and manipulators and keeps liquidity in the pool from being removed.
Q1) Why do you chose 23 H between REBASEDs? There exist a special reason?
Q2) Recently so many projects with rebased and Elastic supply are appearing, so can you tell me what are the competitive advantages over your competitors?
1. Coil features a 23hr rebase. So every 23hrs Coil adjusts and adds or removes its supply depending on the supply and demand of the market. We chose 23hrs to allow the rebase to change 1 hour earlier each day, so all parts of the world can experiece rebase during their peak hours at some point. We thought this is more fair to all parts of the world. 2. None of those projects actually are fixing the root issue which is manipulation and predictable liquidity. Coil has fixed this with our Spring that will make liquidity more predictable, harder to manipulate, and more stable.
How does token $COIL “roll and roll back” occur, to match market supply and demand, with a special algorithm or otherwise?
Our system is very unique and it is automated. We made the rebase every 23 hours in order to let the rebase move 1 hr every day. We believe this way everyone around the world has a fair chance to trade or experience a rebase in their peak hours. This is built into the code. Think of Coil like an automated central bank. When there is low demand and price is under 95c, it removes supply to make it more scarce which will help increase the price. When there is lots of demand and price is too high, it prints new supply to meet the demand. So Coil targets $1, but this does not mean it stays there. If Coil were to be $4 for a 24hr average, every address would get 30% more Coil. So if you had 100, you would have 130 Coil. This should make people sell to push price back to $1, but if people only sell it to $2 for the next 24hrs, then Coil would then add another 10% coils to all wallets, meaning your 130 coil, now is 143 coil. Even though you only started with 100!
Why did you choose the Ethereum blockchain and will you launch your own blockchain?
We choose ETH because all the big projects and all of DeFi is centered on Eth. However Coil can move to any blockchain, and we are in contact with teams working on bridges to allow Coil to get into all of these different ecosystems like Polkadot, Cardano, Tezos, and some others. In fact we are talking to a privacy blockchain named NIX, who is building a privacy bridge. This will open up and start a private DeFi revolution. Most in the space have not even thought of this, but Coil is preparing to move to many chains and also into private DeFi!
Question that @Ghost894 like is already answered
Great AMA Thanks to Coil Crypto for taking the time to join AMA today.!!
You can buy Coil here on Uniswap and on Stex. https://uniswap.info/pair/0xeaceac83cecca6beebc736edd6360d1633175b01
It was my pleasure. Thank you for setting this up and having me on!
Our AMA session is now over !
Social media COIL CRYPTO :
🗣 Discord :
🗣 Github :
*(minor edits were made to the original article for understanding and clarity)