💎AMA RECAP WITH #RISING COIN
Hosted by :MCGChatroom
Dated : 14th July 2021
Guest: Aykut Yilmaz(Founder)
Vishveshwara: Hello #MCG Community , Welcome to our special #AMA session with RISING COIN.
Aykut Yilmaz: Hi Everyone. I am happy to be here 😊
Aykut Yilmaz: Thank you for having me.
Vishveshwara: Chat please welcome @AykutYilmaz from Rising Coin.
Vishveshwara: I’m Extremely Excited and Happy to present RISING COIN project to our Community. Before we further proceed @aykutYilmaz sir. Please type “DONE” after answering each question.
Aykut Yilmaz: OK, will do 👍
Vishveshwara: Can you Please Introduce yourself to our Community and Share your background?
Aykut Yilmaz: I am the Founder of Rising Coin. I am 52 years old, I have more than 30 years of experience in the Information Technology sector. I have been in many different roles from developer to support to management and CTO roles, both in local and global companies and startups. I also have some background on algorithmic trading, which was an inspiration in creating Rising Coin game theory.
My partner Gokhan has 20 years of experience on development, IoT, big data, data science. We are both experts on blockchain technologies.
Vishveshwara: You had a Glorious Career, you have a lot of experience to share to with us.
Rising Coin is one of your contribution to Blockchain Industry. Welcome to MCG once again and Without making any further delay let’s start our Today’s Session with some basic questions.
Aykut Yilmaz: it is my pleasure to be here 👍
Ok sir I will start with basic questions.
Vishveshwara: Can you describe what is Rising Coin to MCG Community? We would like to know more about it and how it works?
Aykut Yilmaz: Rising Coin is founded to address a very clear problem we have in the cryptocurrency market: The whole market moves in 4 year boom-bust cycles created by Bitcoin and it is almost impossible to value individual projects properly.
As Bitcoin is the first and largest market-cap cryptocurrency, it acts like an index of the whole crypto market. This is similar to FAANG stocks working like an index of the whole technology industry. Bitcoin’s game theory based on halvings causes 4 year boom-bust cycles. After each halving a 1.5 year long bull market happens. Then prices move too high and a bubble happens. Then the bubble bursts and we have a 2.5 years bear run where almost everything loses 85–95% of their value.
Rising Coin is an attempt to break this cycle. RC is an algorithmic coin, more like a synthetic commodity which introduces some new and unique concepts, which are designed to create continuous upside potential on its price. This way we want to decorrelate from Bitcoin and break out of its 4 year cycles. If RC project is successful, the whole crypto industry will have a new price anchor and benefit hugely.
To put it in another perspective: Today we mainly have 2 type of coins: 1. Volatile coins 2. Stable coins. We want to add a new type of coin, something that could be named as “stable increasing coin”. If Rising Coin manages to add such an ambitious new concept to the industry, nothing will be the same. The whole market can base itself on this concept and break out of the boom-bust cycle and benefit hugely. Also, virtual commodities with totally new and interesting concepts will suddenly sound more viable.
Vishveshwara: A Great Start 👌 to our #AMA and a detailed information for our chat.
Let’s move on to 2nd Question.
2. What are your main features that distinguish you from other projects and what competitive advantages do you have?
Aykut Yilmaz: Rising Coin game theory is based on stock-to-flow and reverse-production-cost theories. It uses trader psychology as well. The project tries to remove boom-bust cycles by keeping price under control in a community managed, decentralized way. The production cost is on top of the market rather than bottom of it, and moves 1% up each day which equals about 37x in a year. In the short term price is limited by adding supply at production cost which is also the ATH, but in the long term the production cost moves quite fast. We believe this will create a controlled but sure price increase.
More details can be found in our white paper, I tried to write it as easy-to-read as possible: https://docs.risingcoin.org/whitepaper
On the competition side, RC is a unique concept so it doesn’t really have any competitors for now. Of course, if the project becomes successful, it will be proven that we can create very unique and different synthetic assets that can be coded to behave in certain ways. Then we may see many new and interesting ideas being brought to the market.
IMHO, our main competitive advantage is being first of our kind.😊
Vishveshwara: Impressive Sir. Honestly I never saw project like Rising Coin in 5 years. Let’s Quickly move to next Question.
3. How has the experience and background of your team been effective in the success of your project so far? Do you have plans to expand your Team?
Aykut Yilmaz: We have a 2 person core technical team who have expertise on software development, generic IT infrastructures, IoT, big data, algorithmic trading, data science and blockchain. We are using most of our skills in developing RC.
RC’s game theory is actually a legacy from my algorithmic trading days, imagining a virtual commodity that behaves in a coded, certain way but also behaves totally different from real world commodities.
We plan to expand the team on the marketing and community management side. When we get funded, we will be able to concentrate more on marketing.
Vishveshwara: That’s Great and Efficient team. I think small team is the secret of your success.
Aykut Yilmaz: there is a famous saying if you want to go fast go alone, if you want to go far, go with a team. So far we went fast but we also target to go far.
Vishveshwara: Yes sir it’s very famous and most of us have heard of it. Let’s move on to our 4th Question.
4. Are you working on any partnerships and marketing initiatives to help build awareness in Crypto Community?
Aykut Yilmaz: We have a good partnership with Starter, which is our main launchpad. For now, we are making as much marketing as we can. As we get funded, we will go heavy on marketing. Within a year, the development load will lighten and RC will basically turn into a marketing project and most of the income will be spent on marketing. DONE
Vishveshwara: Nice. Let’s go to our last question from Segment 1.
5. Can you please explain RISING COIN Road Map to Our Community? When $RC will be available in Dexs?
Aykut Yilmaz: Our Roadmap can be seen on our website https://risingcoin.org/
I think we are in a very good position. We already have the product ready on Ethereum and BSC, we are ready to go live right after our initial sale which will end on 15th July, which is tomorrow. That’s the date we plan to go live on DEXes.
To give more detail, Rising Coin is composed of 3 parts: The coin contract, the Adjuster smart contract and the User Interface. The coin contract is the easiest part as we used standard Open Zeppelin contracts, safe and sound.
Second part is the Adjuster development, which is done on Ethereum to work with Uniswap and also ported to BSC to work with PancakeSwap.
The third part is the User Interface where we forked Uniswap’s UI and based on it. It is also ported to work on BSC over PancakeSwap. So we can say that we are ready to go live on the largest exchanges on Ethereum and BSC.
Next step is Polygon and QuickSwap which we are concentrating on these days. After that we will work on a bridge to merge all these platforms, so that people can move RC between networks. We also have Uniswap v3 in our roadmap. This task requires us to port Adjuster and UI to Uniswap v3.
After that we scheduled to work on our Liquidity Reward Program
And in the long run our Marketeer is placed, which will be a decentralized way to manage marketing. It is highly likely that Marketeer could grow to be a project on its own though😃.
Vishveshwara: I will be very happy to have a part of my portfolio in $RC. This is unique technology and Clever implementation with Good marketing from Highly Talented team.
Vishveshwara: Let’s move on to our next segment @AykutYilmaz sir. Let’s take Questions from our Twitter Community.
Vishveshwara: @Nisansala_1 U claim rising coin is a project designed to keep the price of the cryptocurrency under persistent upward pressure. I’d like to hear how you plan to make this happen.That’s possible in a bull market but how will you react when the market turns bearish?
Aykut Yilmaz: Actually, we don’t manually react in bear markets. We trust in Rising Coin’s game theory which is based on stock-to-flow and reverse-production-cost. Rising Coin is set up in a way that it can not make sudden booms. When there is high demand, price is limited by adding supply in a decentralized way. New supply only happens at ATH, so it has minimal negative effect on market price.
When there is low demand, flow becomes zero, scarcity kicks in, and the production cost keeps increasing 1% daily. A combination of these factors create a natural force which pulls price towards production cost.
Ultimately, we are trying to create an asset which will always go up no matter where the rest of the industry goes.
Vishveshwara: That’s very Impressive Answer 😊.Lets move on to our 2nd Question
Vishveshwara: @Ipman15547444 Is your project fully decentralized? There i see many projects claiming to be fully decentralized but they done their work in centralized club. How can we sure that you are fully decentralized?
Aykut Yilmaz: I see myself as an avid decentralization supporter. In my opinion decentralization happens on more than one front. There is technical decentralization and management decentralization.
On the technical front, Rising Coin is very decentralized. It works on a DEX instead of a CEX, so that it doesn’t rely on centralized entities. Adjuster’s work could be done by code running on a server and could be even more efficient but instead it is designed to be decentralized. The inefficiency created by waiting for someone to run Adjuster is not a match for the risks of running it on a central server. When something like Rising Coin is decentralized, it will run forever with no risk of stopping.
On the management front, in my opinion, it is normal for a project to be centralized in the start and become decentralized by time. At early stages, only the project team makes decisions and creates a product, which is then launched to the world and users, investors, speculators start to have it. Once the project is live, decisions can be decentralized and the project can become more democratic. Our intention is to turn Rising Coin into a DAO where the main decision maker will be the community. This is not an overnight task and right now we are more focused on basic product features. Next we will focus on how to move to a DAO and replace the current model. The whole idea of Marketeer is to make the marketing of the project decentralized and remove reliance on the project team.
Vishveshwara: Amazing Sir.Let’s move on to our 3rd Question
Vishveshwara: @Alison_m2000 Rising Coin’s manufacturing price is determined in relation to USD, according to your whitepaper. Are you able to tell us whether your token will act like a stable coin? What economic mechanism will be implemented in your token?
Aykut Yilmaz: I am actually trying to say RC has the potential to act better than stable coins. Rising Coin isn’t a stable currency, it is trying to increase its price and it is trying to do this continuously. Of course under free market conditions there will be price action ups and downs but in the long term, RC is trying to create a continuous upside potential on its price. The reason we based RC’s production cost on USD is because everything is measured in USD terms, it is the easiest way for everyone to determine the value of any asset.
Vishveshwara: I think that Basic explanation will clear all the Doubts.Let’s move on to Next Question
Vishveshwara: @luckyjem02 A strong community not only brings interesting ideas to the project but also attracts larger partners. So how #RisingCoin planning to build its community? And is there a plan to recruit people with Blockchain experience to the #RisingCoin team?
Aykut Yilmaz: We already have the technical team up and running. Depending on funding, we may enlarge the technical team but that is not a pressing matter for now. More crucial next additions will be marketing, community management and operations functions.
In the start of a project we need to create the product. At this period the technical team is more important and crucial. When the product is ready to be taken to the market, we need marketing people. Right now our MVP is ready, so we reached the point where we need marketing. Our public sale is running until 15th July, which is tomorrow. Once we get funded, the marketing will start and we will push on that front while development continues.
At some point in the future, development will finish but marketing will never finish. As long as the project manages to increase its supply and receives income, we will have funds for marketing.
Vishveshwara: Excellent 👌. So we have a Last question from Twitter. Lucky Member of MCG
Vishveshwara: @Kowshik43211725 It’s seems we have many possible ways to.make money through this project Can u share some ways that will surely give us what I thought and how will ur rising coin token play a role in my earnings !!!
Aykut Yilmaz: There will be a few ways one can earn money through Rising Coin. First one is obviously “buy and hold”. If our game theory proves itself, we will have a continuous upward pressure which will inevitably lead to higher prices. As the upside is limited by production cost’s parabola and boom-bust cycles are removed, RC can’t really have too fast increases, so this is a long term strategy.
Second way to make money is to watch the Adjuster screen, especially at times when market price comes close to production cost. Adjuster is our decentralized method to add supply when market demand reaches the production cost. It is a smart contract that needs to be called by someone to work. The caller pays the gas fee and receives a reward for doing so. Our UI shows when there is an adjustment opportunity, so anyone can call it to receive the reward.
Third way will be our Liquidity Reward Program, which will be announced within a few months.
When Adjuster sells coins to the market, it makes an income and mints enough RC to match with the income to add to the liquidity pool, under the name of Rising Coin Treasury. This means at the start of the project the main liquidity provider will be Rising Coin Treasury, which is a centralized situation. Also means there is a hidden inflation because of the coins minted for the pair.
We want to make our liquidity pool decentralized, so that our infrastructure becomes more secure. So, instead of only the Treasury supplying liquidity, we want our investors to supply liquidity and we can distribute the RC in the Treasury to the LPs. With this way, we can also use the other side of the pair in marketing activities. This plan will make us more decentralized and secure, shift ownership of coins from treasury to the investors and release funds for marketing which is another indirect way to push the price up.
Vishveshwara: I guess everyone in our Chat know a lot more about Rising Coin and Excited about it now.
Vishveshwara: Now we are in The Last Segment of our Rising Coin #AMA Telegram Questions, many are waiting to ask their questions. But we also have Bots with us,so you need to you type Anti Bot Code 99999 below each Question
No Need to Panic you will get 60s to send your Questions.
Vishveshwara: Rules: Copied Questions will not rewarded. Please don’t repeat and Spam MCG Chatroom. We may decide to ban you for that.
Chat will be UnMuted soon
Vishveshwara: That was Enough time to Type a Question for Us.
@AykutYilmaz Sir please select 5 best questions.
Ra Green: You are free to answer as many questions you want to clear all doubts to our Community. @AykutYilmaz
Vishveshwara: @Boss02: Is your platform suitable for Crypto beginners? Or does it only appeal to professional users?99999
Aykut Yilmaz: We made our UI very easy to use. It works similar to Uniswap, no logins needed, you connect your wallet and go. Adjuster screen is very easy to use, when there is an opportunity it warns you with colors, you only need to press a button and approve the transaction.
Vishveshwara: 2. @killer_been11: Does your project support staking program?if yes. how is your stake system work, what is the requirement for user if they want to stake in your platform?
Aykut Yilmaz: We don’t have staking in the MVP but when we develop our Liquidity Reward Program, we want to add an option to stake as well. Staking can add a time commitment and strengthen the HODLer base by rewarding longer stakers.
Vishveshwara: 3. @killer_been11: Many investors hit and run in the sell and sell session after listing on the first exchange, How did your project prevent early investors from selling their tokens and what benefits you would give them?
Aykut Yilmaz: When a project launches through a launchpad, there is always a possibility that some investors might dump early. This is a calculated risk for us, no risk no funding. Launchpads let investors buy only a limited amount of tokens, so it is highly likely that there will also be a buy pressure. RC is a long term project, most of our investors like it because of this reason. Many will just buy and forget for a long while. I guess we will see what happens when we hit the DEX.
Vishveshwara: 4. @Yupp: Q1. will there be a specified tokenomics during the first launch or presale of rising coin or rising coin keeps getting minted according to the demand? 99999
Aykut Yilmaz: There is no fixed supply cap, but there is a natural mathematical force limiting supply, due to parabolic growth of production cost. I will paste here an excerpt from our White Paper: “On day 1, $1m adds 1m RC to the supply. 1 years into the project at day 365, $1m can add only about 27k RC. At the end of 2nd year; at day 730, $1m can add only about 700 RC.” As you can see, a natural supply cap will happen and it will happen where the market decides, which will be a more natural cap compared to us setting an arbitrary value. In the initial sale, we minted enough coins to add to the launchpad pools and pay their fees. All unsold coins will be burned and when project starts, coins will be in the hands of the investors, the Treasury due to liquidity pool. Team tokens will be locked, and some tokens will be spared for marketing/partnership purposes which will also be burned if unused for a year.
Vishveshwara: 5. @nguyenling23 What kind of people are you willing to attract: investors (waiting for the “to the moon” token price) or customers (those who benefit from your services)? Or maybe you expect investors to turn into your customers? 99999
Aykut Yilmaz: RC isn’t really appealing to people who expect fast returns, it is not a hype coin, it has a well defined game theory and it is trying to introduce a very unique and new concept to the world. There is no service where you need to hold/stake RC. It is a “store of value” coin. IMHO it fits best to long term investors for now. When the game theory proves itself, it may be appealing to shorter term investors as a place to “rest” when they are out of their positions on more volatile assets, hence become a hedge asset
Aykut Yilmaz: sorry if it took me a while, thanks for so many great questions
Vishveshwara: Before we end the session, would you like to address the chat for last time till we meet again and also share Rising Coin buy Link.
Aykut Yilmaz: first i want to thank you for organizing and the members for showing so much interest. Rising Coin is in pre-sale stage right now, which will end tomorrow 17:00 GMT. Hurry if it is appealing to you, as it is being sold for with a discount at $0.75 now.
Vishveshwara: Our passion is to promote good Projects. Thank You.
Aykut Yilmaz: Rising Coin Socials:
White Paper: https://docs.risingcoin.org/whitepaper
Rising Coin, world’s first reverse production cost asset, algorithmically designed to have a continuous price increase, is going live! Token Sale is LIVE on the following platforms:
Starter — BSC — BNB: https://starter.xyz/#/pool/126 Unicrypt — BSC — BUSD: https://app.unicrypt.network/amm/pancake-v2/ilo/0x06Aa967D9f9D2A4e978d12F86368B9494Ab9e379 Listing on PancakeSwap is planned to be on 15th July at 17:00 GMT All details about token sale are in this article: https://medium.com/risingcoin/rising-coin-token-sale-and-launch-4a9ae9af2d10
Aykut Yilmaz: thank you for having me, I will take a dinner break but i will keep answering your questions in our telegram channel afterwards.
Vishveshwara: Yes it’s time to end this AMA. We thank all Crypto Enthusiasts who attended our Full #ama.
AR: I think I m gonna stack up a mini bag of this amazing project.. It’s nice having you with us sir. 😊
Vishveshwara: Bots will not be rewarded. We gave enough time to Type a Question. We have only one reqt for for community. Please Don’t be Greedy
Vishveshwara: Unmuted Now.