SATO AMA Recap Crypto Revolution Community
On 11th of April SATO conducted an AMA in Crypto Revolution Community. Our guests were Luke Montaine, Chief Strategy Officer of SATO Token and Blues Qin, CTO of SATO.Let’s take a look at most interesting points from our Conversation.
Danny | Crypto Revolution: Okay guys. SATO AMA is starting Welcome Luke and Blues! Happy to have you with us today!
Luke Montaine: Hello everyone at Crypto Revolution. Thanks Danny for having us.
Danny | Crypto Revolution: Could you please introduce yourselves guys and tell us how did you get involved into Crypto?
Blues: Hello everyone!
Luke Montaine: Okay, I will go first! My name is Luke Montaine and I have been involved in the capital markets for over 15 years in various capacities including the roles of investment advisor, corporate development, corporate finance and I organized fund raising for many venture capital and private equity situations. After studying economics at the University of British Columbia, I began my career as an investment advisor at Global Securities Corporation, a boutique securities and futures brokerage firm in Vancouver, British Columbia prior to being acquired by PI Financial Corp. I have had extensive experience in structuring, financing and sourcing assets for various public and private companies.
Compared with the first and second generations of stablecoins, the third and fourth generations of stablecoins abandoned the original anchoring model, and instead established a “currency” system through market supply and demand.
The third generation of stablecoins attempts to build native tokens in the cryptocurrency industry. These stablecoins do not require the users to use collateral and are mainly regulated by algorithms and automated mechanisms. For example, Amplforth, based on the Ethereum smart contract, its most important feature is the “Rebase” mechanism, that is, it automatically adjusts the number of AMPL tokens in all user wallets based on market prices. This adjustment will not cause the tokens to be diluted but will increase or decrease the number of tokens at the same percentage. The adjustment is mainly based on changes in the market supply and demand relationship, which prompts AMPL to locate a price balance point. AMPL is very innovative. It is worthy of recognition to try to find the native currency of the encrypted world through market supply and demand, but this kind of attempt lacks experience and is highly speculative, and is not suitable as the “currency” envisioned by Satoshi Nakamoto.
I currently serves as CEO and director of Roadman Investments Corp. Roadman is an investment company listed on Toronto Venture Exchange and Chief Strategy Officer of SATO Token. We have always been very interested in cryptocurrency and this year we decided to take a close look at the bitcoin and blockchain markets and we have made 2 investments in blockchain powered businesses.
Danny | Crypto Revolution: This is such an impressive background
Luke Montaine: One is a tokenized e-Commerce loyalty platform called “iCashRewards” with over 500 top brands in the world. Their loyalty points can be redeemed as USDT or SATO. The second investment we have made is a new NFT art exchange called “The Art of Teaswap.” There will be over 100 artists join the TSA platform including a world rewarded artist from China, Cao Jun, and the other one from UK, Sir Peter Blake, the godfather of pop artist. SATO will also be one of the payment choices on TeaSwap.
Danny | Crypto Revolution: Wow that sounds really interesting! What made you go into Crypto? Except looking closer at Bitcoin and Blockchain Technology?
Luke Montaine: I have always been following the news with Bitcoin and Ether. I think with the news talking about how Elon Musk bought bitcoin at 30k and how tesla is accepting bitcoin, it’s time for me to get into the space as well.
Danny | Crypto Revolution: Definitely. Wise desicion.
Blues: I am Blues Qin. I was a Lead software engineer in Thomson Reuters. Now I am the CEO of Yesbit and CTO of SATO.
Blues: I started to know Bitcoin In 2011 dec. I visited a game website about world of warcraft. I saw a news that a boy from US had used all his money to buy bitcoin. His mom was so angry and told this story to the public as a bad case. She wanted teenagers could stay away from playing TV game. I didn’t really pay much attention, I thought bitcoin was only a type of game coins. But two years later, I found another news that an organization had received bitcoin for earthquake relief work. I noticed that it was not a game coin, it could solve some problems in the real world.
Danny | Crypto Revolution: Hah. That’s interesting!
Blues: As a computer science graduate, I researched the fundamentals of Bitcoin overnight, and found that Bitcoin consisted of a very large system, including cryptography, sociology, economics, and game theory, and its existence was of great significance.
Danny | Crypto Revolution: You still play Warcraft sometimes?
Blues: Watch the video only! Too busy to run a business!
SATO is now available on several exchanges (such as SwapAll, BurgerSwap, LAVAswap, etc.) on April 14, 2021.
Blues: At that time, I also started to buy Bitcoin and became a believer in Jan 2013, hoping to make cross-border donations in the future; but unfortunately, I lost some of my Bitcoin in the MTGOX incident in 2014.
Danny | Crypto Revolution: Oh man. That’s bad. Hopefully you managed to save some.
Blues: However, I did not lose faith in Bitcoin. Instead, I started to research on the safety of the technology of Bitcoin, and launched an enterprise-level hot and cold wallet solution in 2015. some of Canadian companies asked me to help them with bitcoin payment system. So I startup Yesbit as a bitcoin consulting tech company. Yes, I still hold half of them
Danny | Crypto Revolution: Awesome!
Blues: Yesbit joined the incubator “Communitech” in Waterloo at the beginning stage and then moved to Toronto.
Danny | Crypto Revolution: Thank you. Could you please introduce SATO in Layman’s term to the Community?
Luke Montaine: Let me try to explain :)
Danny | Crypto Revolution: Go ahead please.
Luke Montaine: SATO is an algorithmic token that is based on the Amplforth algorithm
but with cross-chain function and layer2 solution. SATO is neither fiat backed or
collateral based. It is purely algorithmic and relies on market forces of supply and
demand to maintain its price.
Every day there will be supply adjustments depending on the price of $SATO. These
adjustments are called rebases.
for example: when the price of the token goes above 1 dollar, the total amount of the token increases. (expansion) when the price of $SATO is blow 1 dollar, the total amount of the token decreases (contraction) Although the total amount of token changes, the overall percentage of the network owned by a user remains the same.
Luke Montaine: That’s the understanding from a financial background guy lol. Yes, very much like Amplforth token.
Danny | Crypto Revolution: Okay 🙂 So there is huge SATO Airdrop going on at the moment. Why you decided to do such an Airdrop and how people can participate?
Here is the token distribution for SATO btw!
Danny | Crypto Revolution: Thanks for sharing :+1:
Luke Montaine: The total supply of SATO is 5 million with 30% of the supply for airdrop, 60% for liquidity mining, 5% for the team, and 5% for the referral. At the airdrop phase, there are two ways to get SATO tokens. One is to participate in mining at SwapAll exchange. The circulation at SwapAll is 500,000 as an incentive for all the ppl that supported the exchange from the very beginning. The 500,000 SATO tokens at SwapAll can be earned by staking USDT, ETH, SAP (governance tokens in the SwapAll financial system). We also have the 500,000 SATO airdrop event for these three communities. badger/ampl/gitcoin. The Badger community is selected as they are the real contributors to the DeFi industry. The Badger project has already done a screening round for us and it meets our selection criteria of truly understanding DeFi and making contributions to the development of DeFi. The second qualified community is the Amplforth. We admire the algorithm of Amplforth and we’d like to airdrop SATO as an incentive for all friends in the Amplforth community. Last but not least, Gitcoin, a commonweal community designed for developers, has made a great contribution to the development of cryptocurrency. If you held Badger, Digg, or Ampleforth token, or donated to Gircoin before March 25th, you are eligible to claim the airdrop.
Danny | Crypto Revolution: Really great initiative.
Blues: We prefer to distribute initial coins through airdrop rather than ICO/IEO.
Danny | Crypto Revolution: Got you!
Luke Montaine: Our goal is to get as many users as possible to use SATO, so that’s why we want to airdrop to as many people as possible. It’s also a very defi way to do it, similar to what Uni did. As more people started to know SATO and use SATO, the token will be more valuable.
Danny | Crypto Revolution: Oh yeah Definitely. A lot of people will remember what UNI did and after that 1inch
Luke Montaine: The price of SATO will purely set by all the community members. It’s not like ICO project, which the price is heavy impact by the ICO price.