RECAP OF CRYPTOLOCALLY AMA SESSION AT TEACH CRYPTO
This is a complete recap of the AMA session that took place at The Teach Crypto community with Cryptolocally on the 14th of july 2021.
Cryptolocally is a fast-growing peer-to-peer crypto exchange that has entered the African market with the intention to provide more crypto on- and off-ramps as well as DeFi earnings opportunities to Africa’s crypto community.
Cryptolocally is a secured and decentralized peer-to-peer Crypto-FIAT gateway where traders can buy and sell crypto in the fastest and most efficient way possible, for cash or via online payment (Paypal, Venmo, Zelle, Bank transfer etc…), in the currency of their choice.
Initially, it was an EOS marketplace (launched in November 2019), but later on, we added more cryptocurrencies, including $WAX, $TRX, Binance Coin ($BNB), Ethereum ($ETH), and so forth.
Put it simply, with CryptoLocally you can finally buy and sell $BTC and other Altcoins (+20) to/from another user in your area without the risk of getting scammed or the platform getting hacked! Thanks to our unique smart contract escrow!
You can visit the website here: cryptolocally.com
From the above explanation you probably have questions, hopefully this Recap will answer your questions about the Ecosystem.
How did and when did Cryptolocally start? and stated it was an EOS platform, but who launched it or what team or group?
Over the last few years we have traded a lot of cryptos, but we always noticed the difficulty to move in and out of crypto with FIAT. Even if we knew the industry pretty well we always bumped into problems. I had been using LocalBitcoins for OTC transactions for a couple years but it was becoming a real pain, depositing BTC on the platform is very slow and I remember anxiously waiting for a transaction to complete while hoping the price doesn’t tank before it arrives.
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 keeping ownership of our assets.
By that time, Jae (co-founder) 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, Solana and we even integrated DeFi smart contracts into the platform.
Cryptolocally has been around for about a year now can you tell us the greatest milestine Cryptolocally and GIV token has reached so far that the team are proud of? by Inemist
The greatest milestones might be the release of GIV token and also the release of the new Cryptolocally platform. I know that you can’t really see what’s going on behind the curtains, but trust me, the whole team put a lot of work to release the new platform and make P2P crypto trading easier for everyone.
I invite you all to have a look at the platform cryptolocally.com and give us your feedback.
What’s your marketing strategy in getting your project known and What has been your biggest challenge in launching.by Shekwoyemi
Our marketing strategy is to partner with great projects like recently Matic/Polygon ( you can find more here: https://cryptolocally.medium.com/cryptolocally-and-polygon-announce-the-p2p-listing-of-matic-and-the-integration-of-polygon-into-65bcc499011f )
Doing AMA with great communities/telegram group like Crypto Education & Trading :)
Contact crypto influencers and show them our platform, see if they are interested in doing reviews of our platform.
Doing monthly giveaways (usually partner with NFT projects) etc…
Do you have any measures to ensure to ensure a smooth p2p on your platform?
We actually released the new version of Cryptolocally to ensure that all transactions are “smooth” and secured for any type of users, whether novice or experienced P2P traders.
To ensure a smooth P2P transaction on Cryptolocally you simply have to follow the instructions on your screen, you will also see extra information to help you understand how each step of the trade works.
Don’t hesitate to check out our guides to see exactly how it works: https://cryptolocally.com/en/guides/how-to-buy-crypto
What should I do when the person I’m trading with refuses to send my funds on your P2P platform?
This question has been asked several times
In case the escrow has been funded, and you already have sent the payment to the seller. If the seller disappears or decides not to release the escrow, you can then open a dispute.
When a user commences the dispute resolution process, Cryptolocally will freeze the smart contract (the escrow). The next step is to determine which side of the transaction is being disputed (e.g. unreleased escrow or a missing/partial fiat). Cryptolocally will contact each party to obtain evidence to substantiate the claim. After reviewing the evidence, Cryptolocally will either ask for additional information or offer a decision on the claim. All decisions in the arbitration process are final and binding. Each party will be notified of the decision and the resolution will be executed within 24 hours of the decision
In this case an admin will manually release the escrow and the buyer will receives the crypto
What are the requirements for KYC on Cryptolocally?
Currently, to sign up and start using Cryptolocally, you simply have to enter:
- Your first and last name
- Your phone number
- And your email address which is as simple as that.
What’s the use case of the GIV token ?
Great question, GIV token is the native token of Cryptolocally. First, you can earn $GIV while trading on Cryptolocally, after each trade, both users are awarded GIV based on the traded amount.
You can also earn interest on your $GIV holdings directly on the DeFi wallet (currently 10%).
There’s a few more cool features like boosting your offers or buy fees rebates with your $GIV.
Staking enough GIV will unlock a VIP status, you will then earn more GIV per completed trade + get up to 50% transaction fee when you trade on Cryptolocally.
Finally, owning $GIV gives you the right to participate in our governance system, you can make proposals and vote for existing ones. Voting rights will offer GIV holders the ability to control the level of inflation, interest and free float (by way of token burns), vote on CLV strategies and finally vote for new listings on Cryptolocally.
Recently, proposals for new listings like Bitcoin, Solana and Dogecoin got passed through this mechanism.
here is the link to givernance: https://cryptolocally.com/en/givernance
Which exchanges has GIV been listed on?
GIV/ETH on Uniswap
(https://app.uniswap.org/#/swap?outputCurrency=0xf6537fe0df7f0cc0985cf00792cc98249e73efa0)GIV/USDT on Bithumb Global
(https://www.bithumb.pro/en-us/spot/trade?q=GIV-USDT)GIV/BNB on Binance Dex
(https://www.binance.org/en/trade/GIV-94E_BNB)GIV/SOL on Serum (https://swap.projectserum.com/#/?pair=SOL-5MqEiyKXi3bU2EDcwGoohb6tLe4zKRjWkycvp7Xa662E)
Been the first community #p2p market place with #defi interaction how do @cryptolocally want to solve the slow escrows I.e transaction might be confirmed on the blockchain within 5–10 mins but the escrow might be taking 30 mins to confirm and you need the assets very urgent?
What you’re talking about is actually the time it takes for the crypto that you sent to reach the escrow. If you send native BTC or ETH with low gas fee, of course it’s going to take a long time to reach the escrow and then to move on to the next step on cryptolocally, especially if you send from a centralised exchange like Binance. This is why you have great alternatives on Cryptolocally, like BTC and ETH on the binance chain (BEP2) or EOS, TRX, SOL… By trading with these crypto, you will save a lot on network transaction free but also save a lot of time because most of these chains offer instant crypto transactions.
What is your plan for expansion in Africa especially Nigeria.
Africa is one of the most promising markets in crypto, the use made of cryptocurrencies isn’t only speculative and that makes it very interesting. We are trying to develop all the necessary tools for our African users to take control of their finances. Our DeFi wallet is one example. In a couple clicks, they can start earning interest on stable coins like USDT or USDC, while not being exposed to market volatility.
Recently, we also acquired ‘Finance Bridge’, an African crypto trading education platform, we are planning to develop this educational angle and spread the knowledge among our African communities.
You can join the Crypto Trading Academy for free here https://cryptolocally.com/en/academy and take advantage of over 6 hours of video content.
Do you have any representative in Nigeria, we can interact with for events ?
Yes we do, you should join our African telegram account: https://t.me/cryptolocallyAfrica
If you have any questions or if you want to do any partnerships with us, don’t hesitate to contact an admin 😊
Can you elaborate more on your DeFi staking rewards?
With our Defi Earn Wallet, users can earn risk-adjusted, optimal yield through yield farming smart contracts on Ethereum. Thanks to our partnership with Idle Finance, Cryptolocally has now integrated some of the most popular lending protocols including Compound, dy/dx, Aave, and Maker, to increase yield based on risk tolerance and strategy. Without it, if you wanted similar results, you will be spending countless hours just monitoring all the different lending platforms to find the best yield strategies, and not only that it will result in spending gas fees every time you switch to multiple platforms! By using the Defi Earn Wallet, you are simply saving time and money, without doing anything!
Also, exchanges can ask you to have a minimum lock-up period of your staked funds ranging from 1 week to months but with our Defi Earn wallet you can literally start or stop your yield farm at any time of the day with no lock-up period. The finance wallet is non-custodial, meaning that we never hold your funds and you keep total control of your crypto.
Here is the link to our Defi Earn Wallet: https://cryptolocally.com/en/defi-earn/
Has the cryptolocally smart contract been audited by an external reputable company?
Yes sure, if you check the footer you will be able to find the audit or simply click on this link : https://github.com/CryptoLocally/Resources/blob/master/Cryptolocally%20-%20Smart%20contract%20audit%20report.pdf
What can token holders earn for staking GIV token? Are they any great apy?
If you use our Defi Earn Wallet you can earn GIV token with a fix APY of 10%, here is the link on how to use the wallet: https://cryptolocally.com/en/guides/how-to-earn-staking-rewards
For those of us on OAU campus, Cryptolocally will be hosting a physical meet up soon, Endeavor to stay In touch 👍
GIV Contract addresses 🚀
🦄GIV ERC20 (0xf6537fe0df7f0cc0985cf00792cc98249e73efa0):
GIV/ETH on Uniswap (https://app.uniswap.org/#/swap?outputCurrency=0xf6537fe0df7f0cc0985cf00792cc98249e73efa0)
GIV/USDT on Bithumb Global (https://www.bithumb.pro/en-us/spot/trade?q=GIV-USDT)
🐝GIV BEP2 (bnb13jzr6sqz72fl0edg2tpqp8tddyzvyt4su2490m):
GIV/BNB on Binance Dex (https://www.binance.org/en/trade/GIV-94E_BNB)
☀️GIV SPL (5MqEiyKXi3bU2EDcwGoohb6tLe4zKRjWkycvp7Xa662E):
GIV/SOL on Serum (https://swap.projectserum.com/#/?pair=SOL-5MqEiyKXi3bU2EDcwGoohb6tLe4zKRjWkycvp7Xa662E)
WEBSITE — https://cryptolocally.com/en/
Telegram Group — https://t.me/cryptolocally
Twitter — https://twitter.com/cryptolocally
Crypto Education & Trading 📊 — https://t.me/teachcryptocurrency