Last week was an eventful one for us at Egoras following the launch of the public testnet for Egoras Crypto loan on and Egoras Credit (EGC) listing on MEXC Global on November 28th, 2021.
The result was an explosion in the growth of our community members, who were budding with questions about Egoras and the many projects at hand. So we organized a community AMA with CEO Harry Ugoji on Egoras Telegram group on Friday, 3rd December 2021. Time was 19:00 (7pm) GMT+1
In case you missed it, here is a summary of how the AMA went down:
Moderator: Hi Harry, welcome LIVE. Glad to have you here.
Harry: Hello, thank you.
Moderator: This event is to let the community present their questions. We’ll try to answer as many as we can. The floor is yours!!
Q1: Even as EGC is a utility token, can we apply the strategy memes coins use to survive? We can put so much effort into the market and hype EGC and the likes of our projects.
Harry: EGC is the stability token and will be used to stabilize EGC. As the adoption of our credit system increases so as the demand for EGC and EGR. The team has been busy with crypto loans development at the moment.
Q2: Is the EGC project suitable for crypto beginners?
Harry: Yes, it is.
Q3: (Approximately), how many EGC (Egoras Credit) enter into circulation per month? Current distribution to private investors must be over by now.
Harry: 10 EGC will be distributed to EGR holders weekly and most of these tokens will be locked forever as second-tier collateral for eUSD. Yeah, (distribution to private investors is over). We will fix some issues with the token distribution this way.
Q4: Many (cryptocurrency) projects have problems with user interface & (user) experience. What is the plan to improve EGC on this?
Harry: We intend to improve EGC’s user experience by enabling our offline lenders to use it to pay for fees on all our branches.
Q5: When will the v2 (of Egoras Credit) be completely released?
Harry: 20th December, 2021.
Q6: I was glad to see EGC launched, and it did marvelously well. How will it positively affect EGR?
Harry: EGR holders will receive EGC as rewards for validating loans on Egoras governance protocol.
Q7: Are we still to vote to benefit from EGCs, or will (EGC rewards) be done automatically for any EGR holder?
Harry: Yeah, the voting still holds.
Q8: Non-crypto users are very important for mainstream adoption. How are you planning on attracting non-crypto users to the project? Is there any upcoming partnership that will bring non-crypto user and real-use cases?
Harry: We already have over 50,000 non-crypto users using our lending platform.
Q9: (Earlier), you mentioned an internal exchanger; when will it be available? Will it be just for exchanging EGR tokens for EGC or other tokens can be listed?
Harry: All tokens
Q10: Currently, NFT is very hot. Do you think you will apply NFT technology to your products in the future?
Harry: The Egoras project already incorporates NFTs.
Q11: Any paid promotion to attract (marketing) people, from Twitter influencers or YouTubers?
Harry: Yeah, in the coming days, we have started working on placing these ads on dextools.
Q12: In our telegram group here, at times we don’t have admins 24/7 in the room to always give answers/attention to the investors so as to motivate them.
Harry: We will add more admins here.
Q13: We need a hard marketing plan for EGC. [It has] only 3k supply right now but we have 250k mc it is too low. What is your plan for it? And is it possible (listing on) a new CEX (Centralized Exchange)?
Harry: Yeah but that’s after Kucoin listing of EGR.
Q14: Are we still going to have Kucoin (listing) in the 4th quarter, I.e. this month of December?
Harry: Yeah
Q15: Circulating supply is 3,000 EGC now. Next month it could raise to 3,040 if I understand well, plus the testnet reward.
Harry: Yeah .. that will be the circulating supply by end of December.
Q16: Have you already arrived at the last unlocking of the different private sales?
Harry: We have unlocked all already.
Moderator: Thank you everyone for your questions and for participating in the AMA. Be rest assured we noted the most pressing concerns and would bear them in mind as we further develop this project.
The best five (5) questions were selected to be rewarded $10 worth of EGC token each.
