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Recap AMA Schain Wallet in Cryptowid Community

AMA series Schain Wallet  With Cryptowid

On August 22,2020 at 2pm UTC 10pm WIB Indonesia Time in the Cryptowid Telegram Group, AMA Schain Wallet started with CEO & Co-Founder Schain Wallet as guest speaker. When campaign,15 lucky AMA participants when best asking questions Twitter and AMA sessions will get a total prize of 150$ The following is a summary of AMA questions and answers announced by the moderator and guest speaker.

Introduct guest speaker (Mr. CEO & Co-Founder Schain Wallet ) ” Hi everyone. Thank you for support Schain Wallet. I’m CEO of Schain Wallet. Nice to see you. I’m Ceo and Co-founder of Schain Wallet. So the first time, we said team information will not public until main product launch. ”

SEGMENT 1 INTRODUCTION PROJECT

Q.1 Could you please introduce us the SChain Wallet in detail?

Schain Wallet is a mobile DeFi wallet designed to help people stake and earn profit, store and transfer coin & token with security and low fees.

There are features:

1. Mobile staking: Like another defi project, staking is excited function. But our project use wallet on mobile to do it.

It easy to use. With mobile, you can stake everywhere, everytime. You can unstake anytime.

The reward is paid by your assets used to stake + some SCHA token. Example: if you stake 10 ETH in 1 month, you can recieve 0.5 ETH and 500 SCHA tokens.

2. Timely payment: it’s very convenient for user who want send payment with time plan.

Our usecase: Automated employee payments. Have payments delivered at an exact time & date to any employee through an accountable smart contract.

3. Payment and gateway: With mobile, you can easy to use for payment with QR code.

All transaction will use SCHA token for fee. 90% wil be burn and 10% for team development. It will deflate the number of tokens and the price will improve.

Q.2 What background do you have in creating Schain Wallet ?

I graduated university in software engineer. In 2005, I have a master’s degree in computer science. Before I created Schain Wallet, I was web and mobile developer 5 years experience in blockchain company. I participated invest cryptocurrency market from 2017, so I have many experience about cryptocurrency investment. My team has 3 person, so good at all about blockchain technology, finance and business.

Q.3 As we know, every serious project always have their own roadmap. Could you please explain SChain Wallet roadmap and also what phase is currently ongoing?

Schain 1
So this is our roadmap

As you know we are new in the market. Our presale has over in Aug 08. After that, we have done listing coingecko, coinmarketcap and exchanges: Uniswap, Hotbit, Bilaxy.. In September, we will run many marketing campaign like AMA, promote by big leader in defi market.

The important in September is release final UI design for Schain Wallet. UI/UX is very important with user so we need to do it carefully. After that you can see, in Beta wallet will release in October and in December, main wallet will be release and staking will launch .

Q.4 What makes SChain Wallet unique and different than another DeFi projects that’s currently became a trend?

This makes it difficult for users because most of them do not have computers. Schain Wallet understands that problem and our Dapp allows users to be able to perform staking on mobile platforms (Android, IOS) at any time.

So first, currently most DEFI applications run on the website platform, it mean only staking through the website. Another we have good interest rate of up to 15%/1 year. so we think that will  gives us a big advantage than another competitor.

Q.5 Let’s talk about security. All people surely worried about their assets’ security. They afraid of losing their assets and stolen, let’s say. So, to ensure SChain security in this community I wanna ask: Is SChain developing a security system to protect the users’ assets?

Security is the top-up criterion for developing an application that achieves high credibility from its users. Schain Wallet uses a variety of security layers, from the transfer receipt to payment.

1. All transactions are backed up: All transactions are stored in the database for settlement and when necessary

2.Device, IP and location identification system: when user login to new ip or new device, our system will detect and use must confirm email before continue use wallet.

As you know, Schain Wallet is decentralize wallet, we don’t save user private key and seed phrases. So user must keep their private key and seed phrase safely.

If problem come from our system, we will use our Reserve funds to offset for user. so that, when use Schain Wallet, don’t worry about security. But the important that user need to keep their private key carefully from hacker . We recommend use AntiVirus software to avoid keylogger.

Q.6 We have already known that SChain Wallet has released SCHA as their token. Could you describe about its utilities, its total supply, and features it brings?

SCHA is the role of a utility token in the ecosystem of Schain Wallet. The functions of the SCHA token include:

1. Reduced transaction fees: All transfers and recipients using SCHA as fees will be reduced by 50% of transaction fees. For example, you make a ETH transfer from wallet A to wallet B and it costs $10 transaction fees. If you use SCHA to pay transaction fees, it only costs $5 (the value of the corresponding token).

2. Payment: We are aiming for the Asian retail market to integrate the payment gateway functionality on Schain Wallet. All customers using the Schain Wallet payment function need to purchase SCHA tokens. In additional there will be incentives when taking SCHA for payment such as 10% discount on product value.

3. Bring value for investors: use SCHA to staking with attractive interest rates that generate daily dynamic income. As the supply of tokens will diminishes over time, investors holding SCHA token will also get a profit.

4. Loyalty program: When customers use SCHA tokens for payment, this amount of SCHA will be saved to the database to earn points. When the loyalty function is launched, the system will base on the points data that will divide customers as different tiers: DIAMONDS, GOLD, SILVER and BRONZE. In each level, members will enjoy different incentives.

About token economis:
Total supply 10,000,000
Circulating supply 2,500,000

You can see detail here
You can see detail here

So where can we buy SCHA, sir?

You can buy SCHA at Uniswap, Hotbit and Bilaxy
uniswap
hotbit
bilaxy
You can find more here schainwallet

Q.7 What strategies do you have to move forward and succeed SChain Wallet Vision?

1. We will build strong community to support us about marketing and attract more investors know about our project.

2. MVP is very important. so that, We will concentrate to build product in the best way and bring best value for users.

3. Partnership: we will cooperate with many partnership in the future. Recently , we have make deal with Ferreum Network and will be process after few days. When our payment function release, we will contact with many retail company in Asia, to use our wallet.

SEGMENT 2 TWITTER

Q1. From @albacaner

I am a developer, I started a few months ago, I would like to know if you have bugbounty programs or hacking competitions that allow you to test the security of Schain wallet?

Yes, we think it is very necessary for success product. When beta wallet release in October, we will hiring testers to test our wallet. Test about security, functionality, UI/UX. Our plan is hold competition about finding some solution for speedup our wallet performance after release beta wallet.

Q2. From @DorukhanElfs

What are your plans to educate and raise awareness and adoption among the community to make more people understand SchainWallet and its technology?

1. This is our first AMA. After this AMA, we will contact with big groups to hold AMA. Our plan is join AMA every 2 weeks.

2. Promote our project on some major newspapers, ex Cointelegraph.

Q3. From @MappLe_212

Do you consider that staking would attempt against decentralization in a platform? If big stakers take control of the decisions… how could a platform that has the feature of staking prevent it?

Because SCHA token base on Ethereum network,not platform token, so that staking form is just lock coin in pools and earn profit.

About pool staking: For investors holding large amounts of SCHA tokens, they are able to vote themselves as masternodes in order to join staking. The minimum order to become masternode requires 200,000 SCHA tokens. The number of tokens in the Masternode has an staking period of 6 months or more, with a higher interest rate of 3% compared to conventional.

Q4. From @Chintyazah

Community is the key to the success of projects, So my question is what contributions can members of the SchainWallet community make to help SchainWallet Project? And how can we get some Token rewards in other ways?

Yes, community is very important for success of any project. We want to build stronger community. Currently, our community is just in global and Indonesia. We will open to more country, ex Viet Nam, China, Korea in the next time. Members can help us PR to another group, channel, twitter. Or can help us write good news and post it to your own Reddit, Bitcointalk, Medium and introduce to many people.

If it good and bring the good result (SCHA price increase..) , we will consider to pay SCHA rewards for contributors.

In September, we will create competitions to make project become hotter and more popular, ex: Logo Design competitions, social promote competions…Please join our channel Schainwallet and wait for new announcement.

Q5. From @pandalucu66

Blockchain is a rapidly-changing industry. Can Schain Wallet’s infrastructure design be promptly changed to be suitable with new blockchain updates?

Defi is hot trend in today. And we think it will just start. But if Defi trend has over, let remember our wallet has Payment and Gateway function. Maybe next trend is Payment and Gateway, so this will bring us to more popular. With partnership with many retail company, we think our wallet will success and not depend only on Defi and Staking

SEGMENT 3 FREE ASKING

Do you plan to add more security features & options such as email verification and other forms of verification before payments are sent from the wallet?

Yes, my boss has said it earlier that we have good security like email verification before allow any transaction and lot more, so about security we assured to put your mind at rest.

$SCHA circulating supply of 10 Million SCHA and So, are there any repurchase plans to burn or block tokens to increase the $SCHA value?

so look at SCHA token economics, When make a transaction, it will cost some SCHA. 90% will burn. so that, time by time, the supply of SCHA tokens will be decrease and so that the price can become better.

Vast majority of crypto hodlers don’t know the risks and consequences involved in keeping their funds on exchange and the benefits of storing it on Hardware wallet like SchainWallet. For this reason I concluded that most crypto influencers have failed in this aspect of educating people on the benefits of hardware wallet instead of focusing solely on the price. What is SchainWallet doing in ensuring that crypto users are educated on the risk involve in keeping funds on exchange and Benefits of Using Hardware wallet like SchainWallet?

so our wallet is not hardware wallet. It is decentralized wallet, where user can store coin and token . We don’t save private key, so don;t worry about stolen token from us.
The important you need to keep private key safely .

Definitely many more COMPETITORS will arise in the future!
How do you plan to keep trail off other COMPETITIVE PROJECTs when they arise in the nearest future ?

We know that very right, the world is a competitive world and the best would have the mases. Therefore, we will continually look our competitors products, increase our featuring usage inclusive and exclusive of wp.

What are the benefits of STAKING on your platform?

Benefit attached for holding $SCHA token is, has an investors holding large amounts of SCHA token, they are able to vote themselves as masternods in order to join staking. The minimum order to join masternods requires 200,000 SCHA token. The number of token in masternods has an staking period of 6 months or more.

AMA FINISHED

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