Home Coins LYNC Network (LYNC) LYNC.Network AMA Recap with Facemelter | by LYNC Network | Oct, 2020

LYNC.Network AMA Recap with Facemelter | by LYNC Network | Oct, 2020


LYNC Network

AMA Facemelter x LYNC NETWORK

Jessy_LYNC:

No problem. My name is Jessy and I am leading the marketing of LYNC.Network project. Let me give you some insight about our team. We are a small team of six consisting of our Project Manager and main developer who are based in the UK. We also have a part-time developer assisting with the ReactUI also based in the UK, a VFX and Graphic Designer from the UK for our NFT artwork, upcoming promotional material and website maintenance.

Facemelter:

Thats a nice team setup.

Jessy_LYNC:

Our Marketing and Social Media management is based in Bulgaria and the Community Management is based in Canada and Europe, so we have a mix of time zones. Our Project Manager comes from an IT background and has worked with many large hotel chains such as Hilton, Interstate, Ibis and Holiday Inn managing hotel builds, migrations and IT infrastructure implementation. The Community Management team have been moderating forum communities for well over a decade. Our VFX designed has worked on promotional television commercials for Wacom tablets along with a string of freelance 3DFX work for the Metahleadz record label.

Facemelter:

The UK is representing tonight

Jessy_LYNC:

I will let Ross introduce himself as he is our main dev.

Facemelter:

Wow… This is impressive. Are your teams’ profiles visible?

Ross:

Hi everyone, so a bit about me, I’m based in the UK and have lived on this not-so-sunny Island for most of my life. I first got into cryptocurrency back in 2010 simply because I had to purchase 10 BTC for access to a usenet server, fast forward 6 years and I started looking into cryptocurrencies more seriously. I have worked within the IT industry for roughly 9 years as a Systems Engineer and have worked alongside clients such as Oracle, Micros and Atlassian.

With regards to the LYNC Network, I am currently playing a key roll alongside our PM to help develop the core of the systems that are in place, to say it’s been a hectic and stressful couple of months is an understatement but the team is super enthusiastic on what we are doing and what we have planned.

Jessy_LYNC:

Currently the team is anonymous, and we understand that this causes red flags for people but we aim to be as upfront with the community as possible, all wallet addresses, token allocations are clearly laid out, all smart contracts we create will be verified on etherscan so anyone is welcome to go over the code, we hope to have our contracts audited for additional piece of mind. The percentage of tokens held by the team is also extremely small.

All wallet addresses, smart contracts and owner functions (where implemented) are displayed and explained in detail on the website also: https://lync.network/tracking/

Facemelter:

Ok, thank you for sharing.

So now if we could get a high-level overview of the project,

Touching on the following if possible:

• Current stage of development/ timeline.

• Details about the project including the lync reward pool (staking v1 & v2), lotteries and move towards blockchain board games, trading cards & NFTs.

Jessy_LYNC:

Sure!

LYNC Network is a DeFi cryptocurrency ecosystem designed to offer passive income powered by token rewards and board game dApps on the blockchain. Users competing against each other in the games will be rewarded with unique NFT cards for rankings and repeatables. Let me touch briefly on each aspect of the project:

We started the token presale on 28th of September and we will end it 7 days later transferring all the unsold tokens to the staking rewards contract. After presale is done, Staking V1 will be live and LYNC holders will be able to stake LYNC tokens receiving rewards from the Staking rewards contract.

All token transactions come with a 1% fee on the receiving end, this is how the reward pool is funded along with a end-of-stake fee of 5%. The minimum required amount to be able to stake is 100 LYNC tokens. In order to stake your tokens, you will have to send the tokens to the staking, this creates a transaction and along with that the 1% transaction fee as this is fundamental to the funding of the rewards.

Facemelter:

How is the presale going? Did i read first 2 rounds sold out fast?

Ok understood. We will have 3 new stakers at the end of this session

Jessy_LYNC:

Yes, round 1 and 2 sold out in 3 hours basically but then we stalled a bit at the final round. To be honest we have been quite picky with our marketing, we really want to build a genuine community and we know that takes time. We avoided the ”pump and dump” promoters so to speak 😊

Facemelter:

Sure. Understood.

Jessy_LYNC:

You will be able to claim your current reward balance at any time, this does not affect your staked tokens, rewards DO NOT compound so you will need to claim your rewards and then add them to your current stake if you wish to compound. The second staking contract (hereinafter referred to as V2) will be introduced in December of 2020 12 and is intended to replace V1.

Facemelter:

Can you tell us more about these board games? Will they be recognizable games. What is the timeline on introducing this aspect?

Jessy_LYNC:

There will be four staking durations available for V2, each of these come with an end-of-stake penalty fee percentage equivalent to the number of days staked. For each day that is staked of the term, the penalty fee is reduced by 1% so at the end of the staking term, no fee is due, for example, if a stake is placed for 28 days and is terminated 18 days into the 28 day term, the remaining 10 days will be converted into a 10% termination fee. The termination fee will be sent directly to the Reward Pool.

Absolutely! in order to participate and compete with other users you will have to pay an entry in the form of LYNC tokens, then a reward pool is created, and the winner receives his reward in LYNC tokens.

We will charge a small fee of each entry and send these to the staking reward contract. our current roadmap shows that we will be releasing our first dApp in November, this will actually be 2 high percentage chance lottery/raffle games (not like actual lotteries where the odds are like 1 in 8 bazillion, we are talking in the ranges of 1 in 25) and we are confident they will be released in October.

One will be powered by LYNC to assist the reward pool, the next round and payout the winner, the other in ETH to buy tokens back which will be sent to the reward pool, to fund the next round and also the winner

The first board game we intent on bringing to market is our take on the board game Ludo. We hope to get the communities feedback on what they would like to see implemented to try and maximise the user participation. The game will let up to 4 people to compete against each other.

Ross:

To quickly touch on the boardgames aspect, on hurdle we now have to overcome since we originally came up with the concept is the fact the that the Ethereum blockchain is clogged and fees are to the point that playing a board game that costs $1-$2 a turn would simply not be viable, along with the confirmation times the game itself would feel slow and cumbersome so we are in the process of re-evaluating how this could be achieved, with the upcoming phase 0 of ETH2.0 this may help to alleviate the network but we are now looking to shift more of the work to the browser and rely on the blockchain for recording the more generic stats of the gameplay.

Facemelter:

Do you guys have any deflationary measures in place?

Lots of tokens are being sent to reward pool. How do you counteract these being dumped? Is it the 5% end of stake fee?

Ross:

Not deflationary in the normal sense, the 1% tx fee does go to the reward pool but we hope to create multiple use cases for the token itself

Jessy_LYNC:

Also the unstake penalty in V2.

Facemelter

Yes. I think making it more difficult to unstake would help.

Jessy_LYNC:

Pump and dumps are quite standard in crypto, especially defi space, we will be making constant strategic buybacks to support our token.

Facemelter:

Yes. I think this is important. It might be worth splitting some lottery winnings between rewards pool and token buybacks

The same with some of the other concepts

50 50 or whatever feels right

Jessy_LYNC:

The ETH lottery will generate fees in ETH which will be used for buybacks.

Just wanted to touch on NFT aspect as this is another vital aspect of our project. We intend to break the NFTs into two parts, the first will be tied into the core of the LYNC network and the second will be based around the games themselves, so for example we are currently planning on a set of 6 limited edition artworks that will be distributed to users who decide to stake within the first 24 hours, we have a very talented VFX/Graphic Designer who will be creating modified Banksy artwork incorporating LYNC in the very recognizable stencil style that Banksy is known for. We thought this would be fitting as no-one actually knows who Banksy is and our team is currently anonymous.

We intend to create a fully working marketplace for users to either sell or auction their NFTs of which fees will be deducted to fund the reward pool or used for buy backs.

Here are some important links 👇

Website : https://lync.network/

Telegram Discussion :https://t.me/lyncnetwork

Telegram ANN : https://t.me/lyncnetworkannouncements

Twitter: https://twitter.com/thelyncnetwork





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