Coil + IDCrypto — AMA Recap

Coil founder, Ghost was recently a guest on IDCrypto’s Ask Me Anything “AMA”, discussing the growth of Coil and how our projects operates. We received some great questions from the IDCrypto community, and you can follow the recap below.

RECAP AMA COIL — ID Crypto

September 16, 2020

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AMA Theme : All About Coil Crypto

Event Date: Sept 15, 2020 Organized By ID Crypto Official

Speaker : Mr. Ghost ( Founder Of Coil )

ID Crypto
before we start our first session, can you tell us a little about your background?

MR. GHOST
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. 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.

SESSION 1 POJECT INTRODUCTION

IDCRYPTO : 1. Could you Explain to Us, What is Coil Crypto?

MR. GHOST
Yes, so 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 addresses 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 addresses to stimulate more demand to drive the price back up, making less supply on the market and Coil more scarce. This makes Coil and excellent hedge asset in DeFi as it is less correlated, and it also makes it a great stable medium of exchange. Because instead of price volatility like BTC, Coil flips this and makes its Supply volatile to keep price more stable!

IDCRYPTO : 2. What ecosystem does Coil Crypto have? How much supply is available for the coil? and where will the coil be allocated?

MR. GHOST
Coil is built for the community. Coil has no max supply because it takes the volatility of price found in most crypto currencies and changes to that into supply volatility. Meaning just like other cryptos can go higher in price and not have a max price, Coil can stay stable in price, but not have a max of supply, so even though Coil targets $1, you will just have many many many more Coil. So instead of our price rising to say $10. We keep price close to $1, but you instead of having 100 Coil, it adds more to your address and you would have 1000 Coil. Currently, we are 14% in Team/Advisors, 11% Treasury, 24% Locked Liquidity, 18% Ecosystem Fund, 33% in Public. We believe liquidity is the most important thing, so as you can see, we dedicate 42% to this. Think of the Ecosystem fund as a faucet that rewards all users that provide liquidity into the Coil Spring. They are all rewarded over time for supporting Coil with their liqudity. The APY is over 200% and we will fund this for years. It is a safe and fair way to distribute Coil out to the world through supporters of the network!

IDCRYPTO : 3. Can you please inform and explain to us, what advantages and benefits will we get as investors if we buy and hold Coil tokens? Does Coil have great potential to be used as our favorite token?

MR. GHOST
Coil is much less correlated to BTC and other cryptocurrencies. Because of this it has an ideal use case as a hedge asset to minimize risk in all portfolios. This also makes it an excellent DeFi collateral asset, and we think it will be a future backbone in all of DeFi. In DeFi you need to minimize risk because if BTC and other cryptos fall, then all of DeFi can be in trouble. Coil since it is less correlated can help hedge this risk and protect from some of cryptocurrencies volatility. We also plan on being one of the pioneers into Private Defi. Many are not even talking about this yet, but Coil is built to play a key role in private DeFi ecosystems. It will surely be your favorite as when Coil is over $1.05, all addresses get more Coil! So if price is $2 for the last 24hr average, all addressed would get 10% more Coil. Meaning if you had 1000 Coil, in 23 hours you would have 1100 Coil! If price was $3 for 24hrs average, and you had 1000 Coil, in 23 hours you would have $1200 Coil! So we think this will be everyones favorite and you are here at just the start!

IDCRYPTO : The last question from this Session, 4. Can you please tell us the Coil Crypto roadmap, To what extent has the roadmap program been achieved? What things will be realized in the near future and what are the Coil Crypto targets for the future?

MR. GHOST
We launched about 3 weeks ago only. So we are very new and young, but we have already been added on Coingecko, CMC, Stex, and most everywhere. We have grown our community in discord and telegram, written articles, and completed development of our Spring. This Spring is a revolutionary development. There are so many scams on Uniswap. Our Spring locks liquidity in like a Certificate of Deposit. Meaning users lock liquidity, for the time they say. If they do as they say, they are rewarded, if they pull this liquidity early they are penalized. This penalty then buys Coil on the market and gives it back to all those in the Spring doing as they said! This ensures the liquidity stays making us more predictable, more stable, and harder to manipulate! This Spring was a milestone development for us, and will revolutionize Uniswap pools!
We will have more AMAs, Youtube videos, and we just launched our social ambassador program and other contests on the community front. We will begin work on Version 2 of our Spring. This will have a loan system built into it. More details in the next few weeks. We also plan to open up other liquidity pools and Springs as well. Coil will also be expanded into other ecosystems besides ETH, and we plan to be one of the first to explore and move into privacy ecosystems and be a backbone of private DeFi.

SESSION 2 FORWARD BEST QUESTION

IDCRYPTO : Q1 : from @Anisaulul : What is the difference between Rebase and Debase? Then what are the benefits of Rebase and Debase?

MR. GHOST
Rebase is when price for Coil is over $1.05. Coil adds supply to all addresses. It does this to add supply to incentivize people to sell. To try to get it back to $1. If we are at $2, Coil adds 10% more Coil to all wallets. If you have 100 Coil, then you would have 110 Coil.
Debase is when price for Coil is under 95c. Debase removes Coil from all addresses. It does this to make Coil more scarce and more demand to make its price go back to $1 slowly. So say it was 80c, Coil would remove 2% from all wallets. 100 Coil becomes 98. Rebase and debase is how Coil adds and removes supply to “coil and recoil” around its target price of $1. Think of it like a central bank that is expanding and contracting its monetary supply. Coil does this all daily and automated!

IDCRYPTO : Q2 : from @ritchi_yuu : Tokens of projects plummeted prices, causing a lot of loss for investors. With $COIL tokens, What will you
do to make your project stable and bring the highest return to investors in the long run? What are the real strengths of the project?

MR. GHOST
This is for sure a big issue with all of these new tokens. We will not be like this. We added and locked a large amount of liquidity to start. This made it hard for us to pump in price early, but gave us a high floor and stable base to build off of. What Coil does is have a Spring. The Spring acts like a faucet to those in the community that support Coil by providing liquidity. We are giving away 1% of our total supply over 90 days, and we will set up other Springs like this as well paying the community for adding liquidity. We put a Certificate of Deposit type of system built into the Spring. The user will choose 1–90 days to provide liquidity. The longer you provide liquidity the larger your rewards will be. Users can do any amount of time they want or as many different transactions as they want. Then they add the liquidity and stake their V2 Token in the Spring. The catch is if they choose 90 days, then decide on day 10 to pull their liquidity. They will pay a large penalty. This penalty buys Coil on the market and deposits the Coil back into the Spring rewarding all of those people that served their time! This will allow Coil to be much less volatile and much less manipulated.

IDCRYPTO : Q3 : from @washincha : For a project development first of all main priority is having enough fund. Does your team financially capable to run this project? Do you have enough fund for it’s developement Can you tell us that how your project generate the profit?

MR. GHOST
Yes we have plenty of funding. We have 11% or total supply for the treasury and and 18% for the ecosystem fund of the total supply. So 29% goes to operating expenses to market, build, and reward back to the community. Coil is a rebase coin so as we grow, our treasury and eco fund will multiply as well. It will grow very very fast as Coil grows too. We will be heavily funded to do lots of marketing and community rewards!

IDCRYPTO : Q4 : from @lusefar1
Do you have any plans to attract non-crypto investors to #your project Because it is the success of a project to get more investors who are still not in the crypto world. What are the plans to increase awareness around your in non-crypto space?

MR. GHOST
I think once everyone sees and learns how elastic supply and Coil work, they will be hooked for the long term. Right now most do not understand since the idea is so no, just like BTC was in the early days and ETH when it was born. But Coil is a ground breaking idea. 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. We are looking into setting up a referral program, and we already have a social ambassador program. On top of this we will work to get Coil accepted as payment to more and more merchants too. The best way to get awareness is through usecase and referral marketing to people outside of crypto. Coil will target these.

IDCRYPTO : Q5 : from @maharanigis
How do incentives work on Coil Ecosystem? What are the requirement we need to take a part on Coil incentive program?

MR. GHOST
Great question. Coil is not really a stable coin like most think. It can fluctuate to 50c or $10. What Coil does it once this happens, Coil reacts and every 23 hrs rebases itself to help meet these supply and demand shocks. If Coil held $10 for a 24 hr period every single address would then get 90% more coins. Many people would then sell pushing its price back lower and closer to its target. If price only fell to $3, then the next day Coil would add another 20% more to every address. Eventually it would add enough supply that people would sell and push it back near its target of $1. So the incentive is as we grow you will get many many more coins even if the price stays the same! Coils goal is to adjust to supply and demand shocks, reduce risk in the system and in DeFi, be a hedge asset, and be a stable medium of exchange. As far as 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!
Read more about our GROUNDBREAKING SPRING here
https://medium.com/@coilcrypto/coil-spring-guide-how-to-add-liquidity-da08d1ba7c0

SESSION 3 FREE ASKING

Q1 from @Rifat118molla : Where does the project name come from? What does it mean for you and why did you choose that name for your project?

MR. GHOST
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.

Q2 from @CryptoLove111 : At this point, do you think you need exchanges as a binance to keep growing? Or is it better to forget those things and focus on other activities.

MR. GHOST
We see more and more moving towards decentralized exchanges like Uniswap, Mooniswap and others. We thing over time exchanges that are centralized like Binance and others will slowly fade and lose marketshare. We will focus on DEXs as we can incentivize the community with our Spring to provide liquidity there making an even better market. Binance and all exchanges can list us, but paying their large expenses is not smart. We would rather give that back to the community!

Q3 from @imelruy : Can you give me 1–3 killer features about your project to convince me and other big investors to invest in $your project for Long-term?

MR. GHOST
I will do better. I will give you 4! 1. Rebase — get more coins. 2. Much more stable price than most cryptocurrencies. 3. Spring which rewards users to provide liquidity. 4. It is a less correlated hedge asset that minimizes risks!

Q4 from @cryotoman : Hello , I want to have a ” long term investment ” with this projects , but. I’m in doubts right now / how can you convince and assure me this project is safes?

MR. GHOST
We are very safe as everything is automated. Coil adjusts and rebases itself to supply and demand daily. So it can adjust to market shocks unlike most all other cryptos. 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. So this makes Coil more safe, stable, and harder to manipulate!

Q5 from @Brucedt : What problems do you see occurring in the blockchain industry nowadays and how does your project aims to solve these problems?

MR. GHOST
The biggest problem I see in Defi. Is all cryptos are correlated to each other. When BTC falls most all cryptos fall. This is a huge danger to DeFi, as people that take loans out get liquidated. Coil is designed to be less correlated, to adjust to large shocks in the market and to hedge this risk. I cannot emphasize how important this is. Coil makes it an excellent DeFi collateral asset, and we think it will be a future backbone in all of DeFi. In DeFi you need to minimize risk because if BTC and other cryptos fall, then all of DeFi can be in trouble. Coil since it is less correlated can help hedge this risk and protect from some of cryptos volatility. Coil is ideal to have in all portfolios to hedge risk.

Q6 from @Javendis : How do you planning to solve the scaling problem And how do you overcome the threat of centralization?

MR. GHOST
As far as scaling. We built on ETH because all the big DeFi is on ETH right now, but we can bridge and move to many other ecosystems like Cardano, Polkadot, NIX, Tezos, Binance, etc. We are in contact with projects building bridges to these other ecosystems that will allow Coil to migrate and solve scaling and gas issues on ETH, though we think ETH will solve these in the future too. Coil is very decentralized and our Spring stops whales from manipulating it as I explained above. Read more here.
https://medium.com/@coilcrypto/coil-spring-guide-how-to-add-liquidity-da08d1ba7c0

IDCRYPTO : Alright, We declare the AMA’s Series ID Crypto with Coil Crypto is complete.
Thank you, sir @Ghost8941 has provided knowledge about Crypto coils to us, hope this knowledge will make it easier for us to understand about crypto coils.
Thank you to the participants who have followed the event to the end.
Dont forget Join official group COIL Now Guys!! @coilcrypto

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COIL is a dynamic yet predictable decentralized elastic supply token with a built-in 23 hour rebase mechanism.

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COIL is a dynamic yet predictable decentralized elastic supply token with a built-in 23 hour rebase mechanism.

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