AMA Recap Shiba Inu Classic
The session of AMA ( Ask Me Anything ) with Shiba Inu Classic was conducted on 19 th Jan 2022 at 5:30 PM IST (12 PM UTC) and lasted for 1:30 hours.
ADMIN ROUND
Siddharth Jain from Shiba Inu Classic has joined us for this AMA session.
Jonty|Host
Can you Introduce yourself and Tell us about your experience in this industry?
Shiba Inu Classic
Thanks for asking, I am Siddharth Jain, the founder and project lead of Shiba Inu Classic. I am a serial entrepreneur, I have done multiple ventures ranging from travel to textiles to IT. Mostly, I love technology and have a deep understanding of it across multiple domains. I have 10 years of experience in the technology space and I strongly believe in the decentralized ecosystem that blockchain provides.
Jonty|Host
What makes the Shiba Inu Classic different than other Defi Projects?
Shiba Inu Classic
Well to be honest we are observing a lot of de fi projects. Some of them are super cool and some not so much. This general trend of meme projects or projects lacks depth in vision and understanding.
I would like to start from the very core of how we reached this point. Shiba Inu founder Ryoshi (a pseudonym that may refer to a single person or a larger group) wanted to explore the power of a cryptocurrency project entirely controlled by a community of fans and developers. Saying “We are an experiment in decentralized spontaneous community building,” according to the original Woofpaper. With Shiba Inu Classic we are doing better, we are a transparent team with a face and real name and token with real purpose.
Shiba Inu ( the original One) is built on ERC-20, which leads to high gas fees, Shiba Inu Classic is built on BEP-20, which has very fewer transaction fees of nearly 0.5 USD. If you see, Dogecoin does offer a proven technology platform that does many of the same things as Litecoin or Bitcoin. But still, It’s a simple token that can store, carry, or trade monetary value as people buy and sell it. Advanced features such as smart contracts and sharding are nowhere to be found. Shiba Inu Classic has all those features which Shiba Inu and Dogecoin don’t have as I mentioned.
Shiba Inu’s classic is people’s token with actual Decentralized finance applications, which is built for the community, with community inputs, and to give back to the community with a charity every month with a strong governance model. the most important part is to build a payment solution that enables smaller payments for people. right now if you have to do a 10 dollar transaction the fees on the BTC chain are insane and on the ETh network, it is upward of 50$ which does not make sense. We want to build a full ecosystem that has proven utility and not just another asset that can be traded on multiple exchanges.
Jonty|Host
What features are you building in next 2 months within SHIBIC Dapp?
Shiba Inu Classic
We are about to complete the first and foremost promise to our community, which is a proposal voting system through which our community can actively participate in a very transparent manner. We have implemented it on testnet already and it will go into the alpha phase pretty soon. The reports are already public on GitHub.
Also
Project Has Four Core Functionality Engg wise — SHIBIC Wallet, SHIBIC Pay, SHIBIC TO FIAT & Gas Control From Product Side, all future sub-features will be built around them. SHIBIC Wallet will be a major part of enabling 0% transaction fee while paying merchants and users who are using the wallet, thus saving tax fees and enabling instant payment, also will enable voting and rewards programs by holding SHIBICs. SHIBIC Pay would align with the wallet to pay for payments by SHIBIC either internally from the app or by payment partners, for example, eventually, you would be able to pay for online merchant stores with SHIBIC Wallet because we will integrate with SHOPIFY via a payment gateway and more such engagement will be added. The third is SHIBIC TO FIAT — this is to enable SHIBIC withdrawal in FIAT via OTC partner / ATMs, as Wallet is built we will enable this with OTC partnerships, which should be done region by region in the coming months. Last is Gas Control intelligence — Growing Gas payment is a huge problem and we want to give insights to the user on how they can reduce it by providing details/options of paying by low fees either low load on-a chain or by time delay.
We are trying to finish the major part in Q1,
Jonty|Host
You team is doxxed, thats comforting but can your team guarantee 100% to the investors that this project is not a scam?
Shiba Inu Classic
We are super busy in engg department
Well, first of all, the team is very public, we are not anonymous like a lot of other projects. You can see us on linked in.
Secondly, we had delivered on all our promises till this point., you are more than welcome in our community and check for yourself. Projects which are a rug pull, behave in a different way. Our Source code is also public and we have just announced another exchange today afternoon. So all in all. i would say we are good for the money.
moreover, We are not a scam project because -
1. SHIBIC Is just one of the projects under a parent entity which is a registered business, SHIBIC is not the only project we are building, so no chance.
2. Yes, our team is doxxed, we are fully transparent, even are app/ smart contract does are transparent
3. Our smart contract is audited by Certik. and has a legal opinion from a reputed firm from the US, which required the team details to be verified.
Jonty|Host
We saw annoucement of SHIBIC Being listed on BIBOX, great, What exchanges are in pipeline?
Shiba Inu Classic
sure, we are talking with multiple exchanges (More than 10), we just announced listing on the bibox exchange. We are also talking to a tier 2 exchange which we intend to close in a week. Our target is set to Tier 1 exchange to close as soon as possible.
to summarise, We are looking forward from here to listing SHIBIC on Tier 2 Exchanges. Our aim for CEX listings is to go step by step. From Tier 3 to Tier 1, while gaining volume and adoption. and we are very excited about that.
TWITTER ROUND
There is already so many meme coins with no utility , What is the strongest advantage that you think will make Shiba inu classic lead the market?
Shiba Inu Classic
Shiba Inu Classic has three strong pillars that stand it apart from other projects in the same direction —
1. Complete Transparency of every step with the community
2. Direct Control of Community to influence every major decision in the project with polling/voting
3. Super Sharp focus of the project to solve one thing in Defi Space — Small to large payment with Super Small Transaction fees, other features are just built around it.
We are not trying to do too many things.
Shiba Inu Classic aims to make crypto use practical on day to day basis for general users for regular payment we do today with local currencies we have.
What we are trying to become is the Wechat/Paytm of the crypto world is a very wide sense with core technology to support it as and when govt open their nations for the transactions.
From what I read from the SHIBA INU CLASSIC project. Each transaction is subject to 6% tax. I think this is a pretty high number. why did you choose a starting rate of 6% and where will this 6% be distributed? Do you plan to reduce this number in the future?
Shiba Inu Classic
well, thanks for this question.
6% fees are not too much if you see where this is taking us.
3% is redistributed to wallet holders.
2% is auto burned ( Increases the value of token automatically)
1% is sent to a charity wallet which will be decided by the community to be distributed to.
So that fee not only rewards users to hold on to SHIBIC but also deposit funds to be donated for the good of the same community to which it caters.
so by the provision of fees, not only users are rewarded for their continued patronage, but also helps society and reduce the supply as well
Once more the charity will be decided in a very public poll and the community is our guiding force to do things.
Yes as the auto burn is reducing tokens with every transaction, when nearly 50T Tokens are left, we are asking the community for their opinion to turn off deflation, as it's critical to turn off deflation to go to the highest exchanges like Binance. So yes, there is a milestone to turn off tax at that stage, if the community takes the decision.
You comment that the SHIBA INU CLASSIC Super Dapp will allow the SHIBIC Token holder to vote for the next phase of product development and charity. Exactly what kind of charity initiatives do you hope to support from your project?
Shiba Inu Classic
We have a couple of charity initiatives in our minds. But the decision will be of community. We are going to ask the community to send us their names and from that name, we will run polls until only 4–5 charities are left. that way the community will be in the driving seat for the charity to be selected in the process. We would love to work with charities, which work in medical aid, child education, Senior citizen care, just to name a few.
We will also ensure the complete money should not flow to one single charity. we are building a system for that. One of the main points of building the voting system was to enable charity decision making, where the decision is stored on the blockchain as a final decision made by the community. So its governance model is led by default.
On the part of which types of charities we will work with, we are not restricting ourselves for that right now. We want to help in every way, along with the community’s collective decision.
I read that you at SHIBA INU CLASSIC are planning to develop a SHIBIC wallet. Taking into account that today there are many in the market, what will be the main advantages that this particular wallet will have over the rest? What would a user gain by using it?
Shiba Inu Classic
Our Dapp will have a feature of wallet, definitely and there are so many of the wallets out there in the market. But one thing which we are going to bring to the table, if the user is in our ecosystem there will be o fees. What should bind the user with our ecosystem as well as will allow the new user to enter in the world where they can actually use a token for utilities where ticket size is small as well.
To summarize
1. 0% tax and low Transaction fees while using SHIBIC as payment between two SHIBIC wallets.
2. Using the same wallet for Voting, Proposal making, Swapping, trading, charity donations and Merchant Payments (like paying over SHIPIFY one day is a possibility)
3. SHIBIC wallet will also allow stacking, SHIBIC to Fiat Withdrawals in supported OTC network areas
One of your cool features is SHIBIC Pay, Pay Online / Offline Merchants with QR Code. What type of business product or merchants is SHIBIC Pay targeting? How much does it cost to use your payment services and what are the requirements to get a business registered?
Shiba Inu Classic
If crypto goes on heavier adoption side with regulations allowing it faster in some countries, we will try to tie-ups with local business merchants, so that you can pay for utility bills like electricity, we will build integrations for the current online vendors and our plan is to see the mass adoption in the crypto space and people using SHIBIC in their normal life
So all in all, people should be able to use SHIBIC not just to buy a 30,000 USDT car, but also in 7/11 and any other mom and pop store to buy 5 dollars of sandwich or coffee at their fav coffee outlet or maybe buy things in the metaverse. where ever there is a scope of payment either in the physical world or in the virtual or augmented reality world, we should be able to penetrate that.
COMMUNITY ROUND
Opps
How safe is your platform? Has there been any Audit so that its safe from bugs and smart contract is fully audited?
Shiba Inu Classic
thanks for asking this question, we are audited by certik, and it is on our website shibainuclassic.io.
Tình Thương Mến Thương
Is your project only for elite investors, what about others with small funds, is it open to everyone?
Shiba Inu Classic
We are a community-based project so that means, we welcome everyone not just big investors, also the small ones. You guys who hold are our main support and guiding light. so i invite you guys to check our website shibainuclassic.io we are on PCS and cointiger, going to get listed on Bibox.
Kiều Thùy Nga
To survive in tough crypto market conditions is difficult, and we see that many projects are far from the targets. What is Tap project strategy to survive in this long blockchain marathon? Is everything going according to the roadmap?
Shiba Inu Classic
well to start with, we have a very experienced team behind the project, we know how to deliver, the combined experience of top leadership is about 50 years of work experience. We understand the technology and we are building solutions that will immediately cater to the community as and when govt starts allowing the market to open up widely. No govt can deny the crypto market. Till this point, we have delivered and we intend to do so. we are 100% committed, our code is public on GitHub, and will be audited.
At the end of this answer I would like to say that till there is a use case of payment, we will continue to build solutions for our community. Having said that Payment processing space is big, like huge. and we have full confidence to deliver on this Please go through our road map and you will see the project roadmap is a mature roadmap with practical use cases built into it.
Titlan Nina
Do you have any plan for burning tokens in the future to reduce the supply of the token and increase its investment attractiveness?
Shiba Inu Classic
We have the auto burn of 2% from every transaction, which basically reduces the supply and we have already burned the 90% of supply, the last manual burn was on 17th Dec. you can check that. As of now, there is no new manual burn planned.
Forid
Which area are you focusing on at the moment? (DeFi, Stake,Dapps..Yield Farming,,NFTs,,Gameing) and what is your goals in this year ?
Shiba Inu Classic
Right now we are focusing on the Dapp,, which caters to the complete Defi solutions. having said that we are very close to releasing the voting feature of the Dapp. We have our eyes set on Staking and Yield farming which is beneficial for the community but we are targeting the bigger aim to change the payment processing world in the crypto space.
The AMA recorded many great questions from the Crypto Players India community, as well as meticulous answers from our guest Siddharth Jain from Shiba Inu Classic. AMA Concluded at 7 pm IST.
