The AMA with the Co-founder of Cryptofinally, Jae Chung took place in the Telegram group on…
By: Ada Nnewi
Tags: Collaboration, Cryptocurrency, Defi, Altcoins, Blockchain

The AMA with the Co-founder of Cryptofinally, Jae Chung took place in the Telegram group on December 22nd, 2020. This meeting’s intent is to give a view of the behind the scenes in the inner workings of Unilend’s relationship with CryptoLocally as they look forward to the Alpha release.

Ayush Garg-, Unilend’s Marketing Lead interviews Jae Chung before opening the floor for ambassadors to ask questions.

Below is the brief of the AMA:

Ayush Garg-

Welcome @jaechung to our community!

It is pleasure to have you here. Our community is very keen to know about the developments with CryptoLocally CryptoLocally

Jae Chung:

Great, very happy to be here with you guys!

Ayush:

So for the starters, please introduce yourself to UniLend community?

What is your background and how did you come to the idea to create Cryptolocally?

Chung:

Hi, I started coding when I was 13, and started working at a couple tech startups as a teenager. I met Hugo (co-founder) at a company called Jobable in Hong Kong, where we got to work on a blockchain project together. I was impressed by both the technology and community behind it, and I started contributing to the EOS community as a developer. I wrote open source scripts that helped start and peer nodes, and launch a network (Ghostbusters infrastructure standards). I found a vulnerability in EOS.IO that qualified for a bug bounty and wrote an automated testing suite for EOS system smart contracts (now integrated into Block.one’s codebase). I also helped launch the EOS mainnet along with a few other developers. Outside of starting HKEOS, I advised Lumeos and Uncloak, worked as a tech consultant, and started CryptoLocally with Hugo.

We kind of got the idea of building CryptoLocally out of necessity, we wanted a quick way to get in and out of crypto, while minimising the risk of losing value along the way and also keep ownership of our assets.

By that time, I already had a strong knowledge about smart contracts and it became obvious we could build something that would fit our needs and potentially help a lot of people.

We started by building the product on the EOS blockchain because it was the ecosystem we knew the best, after a couple months we decided to open up to other blockchains and we kept adding new protocols regularly since then, Binance Chain, Tron, Ethereum, and now we have even integrating DeFi smart contracts into the platform.

Ayush Garg:

Wow at 13!

So moving to next question, can you explain briefly (in simple words) how your smart-contract-based escrow system works?

Chung:

Our smart contract generates a single-use address used as escrow for each new trade. The seller sends the agreed amount to this address, once received, the smart contract notifies the buyer that the funds have been successfully deposited. The FIAT transaction then takes place between the traders, once received by the seller, he/she notifies the smart contract that the funds can be released to the buyer. That’s it.

Ayush:

Alright, so are smart-contracts more secure than conventional escrow systems(because people are still more comfortable with them)? If so, why? And what are their limitations?

Chung:

Traditional escrows are basically cold wallets managed by a 3rd party, usually a company. This 3rd party becomes a custodial and holds the funds as long as a user doesn’t sell or withdraw. This approach requires users to trust the custodial on two levels; first, that they are honest and will in fact act as they are supposed to, second, that they are technically capable of protecting your funds from external attacks.

As mentioned above, thanks to fully automated and trustless escrows our approach removes cold wallets and 3rd parties from this equation. CryptoLocally never gets full control of users’ funds and is not directly involved in any transactions that take place on the platform.

Ayush:

We believe good partnerships in addition to a supportive community are vital to a project's success. Our community is eager to know about partnership with Unilend Finance?

Chung:

With this collaboration, we intend to integrate ERC-20 based staking into our Finance Wallet, expand the possibilities of P2P exchange by pioneering new DeFi integrations, and eventually help cultivate a P2P community in India. Clearly, the partnership holds immense potential and is vital to CryptoLocally’s initiative to provide users with ways to earn staking rewards on their digital assets.

Being the first P2P exchange to integrate UFT tokens the governance token of the UniLend protocol does not only expand our token offering but also helps us accelerate user acquisition. Now UFT traders will be able to enjoy our secure, easy-to-use, and first truly decentralized P2P exchange to buy and sell UFT Tokens.

More importantly, we share the vision of empowering the communities we build and giving them the opportunity to have a more active role in governance and determining the future of our respective platform. These attributes are making our platforms more inclusive and embrace the ideals of true decentralization.

Ayush Garg:

So this one is last from my side, then we will open the floor for the community!

Your DeFi feature allows users to earn staking rewards on their assets by setting up a “finance wallet” directly on CryptoLocally’s platform. Can you explain how does this work ?

Chung:

The Finance Wallet lets you earn staking rewards on cryptocurrencies like DAI, GIV, USDT and USDC in the easiest and fastest way possible, right from CryptoLocally!

What do you need to do in order to get started? Create a password to set up your Finance wallet, deposit ETH, DAI… to your finance wallet and then simply toggle the button under “earn interest” to passively earn interest from your digital assets. There is no minimum lockup period and you can stop whenever you want by toggling the button to “Off”. That’s all you need to do to start/stop earning interest on your cryptocurrencies :)

Most importantly, our DeFi feature let users yield farm crypto without the need of doing any research, our smart contract-based algorithms work 24/7 to find the best yield strategies to provide the highest returns to our users in the safest, easiest and cheapest way possible as compared to other platforms.

Some questions asked by Unilend Ambassadors

Anurag:

How do you plan to spread awareness about your project in different countries/regions where English is not spoken well? Do you have local communities for them to let them better understand about your project?

Chung:

Yes, we have local community groups for CryptoLocally:

https://t.me/cryptolocally_Indonesia

https://t.me/cryptolocallyAfrica

https://t.me/cryptolocallyPH

https://t.me/cryptolocallykorean

https://t.me/cryptolocallychinese

https://t.me/cryptolocallyArabia

We also just created a new group for CryptoLocally India: https://t.me/cryptolocally_india

Special event for the Indian group — 10 Lucky Members who join the group between 22nd Dec - 29th December will get $10 in crypto each 👍

DrDent:

Will there be a token released for your platform in the near future?

Chung:

We already have a native token called GIV. With GIV, CryptoLocally users are able to take advantage of a number of additional special features like:

- Welcome Gift (earn GIV by signing up)

- Referral ( you and your referee earn GIV when he completes a trade)

- Trading on CryptoLocally (you earn GIV everytime you complete a trade

- Staking rewards (stake your GIV and earn 20% APY!)

- Buy Discount and Boost coupons

- Decide how CryptoLocally evolves (You can create and vote for a proposal via our new governance system: GIVernance)

Kuluk and Uhuk:

The security is the priority, what can the Cryptolocally platform guarantee or promise in terms of the security and privacy of its users? Also your smart contract was audited?

Chung:

We have been audited by Sentnl — you can find the audit report here:

https://github.com/CryptoLocally/Resources/blob/master/Cryptolocally%20-%20Smart%20contract%20audit%20report.pdf

We can't guarantee everything but as you can see, we are doing everything we can to make CryptoLocally as secure as possible. In terms of privacy, you could check our privacy policy here.

Crypto genius: How is your P2P trading platform any different than any other in the market? Such as WazirX in India has P2P buying/selling as well.

Chung:

Great question, here are the main differences imo:

CryptoLocally is non-Custodial, we upgraded traditional escrow systems (used on other P2P platforms) by using smart contracts. This feature completely removes the third party from a trade while keeping a tight security layer throughout the trading process.

Large range of altcoins listed, we all know how much hassle it is to go from FIAT to a specific altcoin, we are removing those hurdles and making it a one step process.

We are now supporting ERC20, BEP2, TRC20 and EOS.IO tokens and the list will keep growing.

Same process for our DeFi wallet, you can deposit or buy on USDT on CryptoLocally for example and start earning interest in one click. Also, CryptoLocally is the first P2P trading platform with a DeFi feature.

We are now the only truly decentralised P2P exchange with GIVernance. Our unique governance system, GIVernance, makes the platform completely decentralized, non-custodial and fully governed by the community.

Rahul:

What about the transaction fees for the exchange? Wouldn't it be too high with so many smart contracts?

Chung: Our fees are quite low compared to other P2P exchanges. <1% for all users, and even less if you have VIP status by staking GIV on the platform (as low as 0.5%). By buying coupons, you can also enjoy half fees.

We are actually already working on this, to spread awareness about CryptoLocally in different regions where English is not spoken well, we decided to open an ambassador programs and to choose local ambassadors that are helping us reach local communities and show them the benefits of using CryptoLocally.

As of right now, we have an African, Philippines, Indonesian and Arabic communities.

We also just opened our Indian TG and we have a special promotion for anyone that join it now: 10 Lucky Members who join https://t.me/cryptolocally_india between 22nd Dec - 29th December get 10$ in crypto Each

If you want to become one of our ambassadors, don't hesitate to apply here: https://cryptolocally.com/en/ambassador

Ayush Garg:

Pheww.. that was an intense session!

Let me thank @jaechung from CryptoLocally team for joining our community today and sharing insights about our partnership 😎

We wish you and your team great success for future.

😇😇

Thank you everyone for participating in this exciting AMA. 😊

Too many questions however time is always a limitation.

Jae Chung:

Thanks for having us! :)

It was indeed an enlightening and interesting Questions and Answer session. We look forward to another AMA from UniLend Finance