Icarus Finance AMA Transcript

BSCNews hosts Icarus Finance, a decentralized mining protocol that is used to unlock a universe of open financial applications.

By
CryptoShrimp
on
April 1, 2021
Category:
AMA

Crypto Shrimp (AMA Host): Let us welcome Icarus Finance in the house today with another exciting AMA!

Tom_Everywhere "Always verify my username": :) lets go sir

JX_ Everywhere: Whoop Whoop!

Crypto Shrimp (AMA Host): I know Tom previously thru working on the same project together, really happy and excited for you to start this new project! and also to get to know JX as well. Hopefully you guys will educate us today at BSC News about it more 🙂

JX_ Everywhere: It's a pleasure to be here, thank you for having us :)

Tom_Everywhere "Always verify my username": JX is a childhood friend of mine, i'm really happy to have him on board. I've always been interested in spreading more education to our community that was one of the reasons you as a person, stood out for me

Crypto Shrimp (AMA Host): thats very kind of you my friend, until today I'm still learning and making mistakes so without further delays.


Q1 Let’s start off with an introduction of yourself and your team that are involved in this project.


Tom_Everywhere "Always verify my username": I’m Tom, this is JX, and together we are a team of 7 at icarus.finance. However, because of the nature of our project, the team is actually larger indirectly as we have overheads due to our mining facility, but keeping it simple! The team has a combined experience of around 20 years revolving around developing, project & account management, marketing & design, as well as support. We all have one thing in common though, we’re all Crypto enthusiasts!

Crypto Shrimp (AMA Host): thats a very experienced team you guys have there

so maybe let us know is there a specific role for each of you?

JX_ Everywhere: Yep! We all have our specific focus however

Tom_Everywhere "Always verify my username": We all try to help where we can, since there's so much to do _Everywhere

JX_ Everywhere: My personal experience revolves around project & account management, been in the industry for 6 years. When you combine all of us together, I think the 20 years may even be a conservative estimation.Our dev has been programming for over 10 years for instance, and has been in the crypto space for an equal amount of time

Crypto Shrimp (AMA Host): thats great stuff indeed a very strong team


Q2 Do tell us more about the project, and what are your visions for it?


JX_ Everywhere: Icarus.finance is a decentralized crypto mining protocol that combines traditional mining with defi applications. We will offer different asset options as well as different pools within that asset. Our vision is to be the #1 mining protocol in the whole space by not only offering the best mining yields in the industry, but also giving users the ability to snowball yields due to the defi applications and partnerships we will introduce

Crypto Shrimp (AMA Host): #1 is like what tom always says aiming to be the top!

JX_ Everywhere: Haha, that's Tom alright!


Q3 How did this project come about? It really is very nostalgic to me, cause I started off with crypto in 2017 time with mining rigs and ASIC.


Tom_Everywhere "Always verify my username": as long as i breath.. ill keep building.. thats for sure!

Crypto Shrimp (AMA Host): super!

Tom_Everywhere "Always verify my username": Before we created icarus.finance, we spent hours (and still do) just talking and sharing ideas about this space. We identified a gap in the market in the sense that there is no Ethereum hashrate token on the binance smart chain. From there, we also identified that the hashrate tokens that do exist, they don’t actually offer much more than simply staking for mining yields. We saw a huge opportunity here to combine the concept of mining as well as traditional Defi (farms, yield aggregators, etc), to create a long lasting ecosystem that’s more beneficial to all users. Icarus aims to be the single most sustainable and profitable crypto mining project in the entire space, because being on the BSC allows us to offer a service that the community has never seen or experienced fully before due to the low fees & fast tx speeds. We may all have mined some Bitcoin or Ethereum, we may all have staked in a farm or yield aggregator, but have any of us done both in the same protocol, with the same assets?
JX_ Everywhere: Not yet, but we will soon enough!

Crypto Shrimp (AMA Host): thats a great intro of how the project came about and also you have identified a gap indeed

JX_ Everywhere: Thank you, appreciate the support :)


Q4 tell us more about the tokenomics of the project. I believe there are $ZETH, $ICA


JX_ Everywhere: Yes, you're missing $ZBTC though! The project moves fast

Crypto Shrimp (AMA Host): oh wow thats quick!

JX_ Everywhere: $ZETH, $ZBTC, and $ICA are the 3 different tokens in our project. The first thing to note is that our hashrate tokens ($ZETH and $ZBTC) can, and will only be issued in accordance to the project’s mining power, they are directly correlated

Tom_Everywhere "Always verify my username": https://twitter.com/zetta_icarus/status/1376867555231547396

still hot

JX_ Everywhere: Currently, our mining power represents a limited token supply of 1M $ZETH as well as 1M $ZBTC. As the project’s grows (i.e. new facilities), so will the total number of $ZETH and $ZBTC tokens. Note that holding one of our hashrate tokens is the same as owning an actual piece of that mining power, but without having to buy hardware and create mining rigs.

$ICA is our governance token, and will also be used in defi applications. It’s tokenomics are far different from our hashrate tokens. $ICA is a deflationary token, with a total supply of 10M, which will be issued (minted) over a 2.5 year period, with emissions decreasing gradually over time (check whitepaper for specifics). A percentage of the $ETH and $BTCB pools will be used to buy-back and burn $ICA (market making pool), making it a deflationary asset

Crypto Shrimp (AMA Host): thats awesome by holding the token is equivalent to having mining power!

Crypto Shrimp (AMA Host): this is big news too!!

JX_ Everywhere: Yes! That was always the plan actually. You're mining without having to purchase any hardware, and without needing to get rid of it. If you want to stop mining, you simply sell your $ZETH or $ZBTC

Tom_Everywhere "Always verify my username": whitepaper v3 sneak peak 🤗 as a reward for those who are watching us!

Crypto Shrimp (AMA Host): I remember building my own rig back in 2017 is really fun but time wasting as well.. so now i think Icarus is the answer to all traditional miners

JX_ Everywhere: Can I ask, do you still have that rig? Is it still profitable? I beg to differ! So that's where we come in :)

Tom_Everywhere "Always verify my username": one day ill invite you for a live podcast ;) remember this post

Crypto Shrimp (AMA Host): yes i do remember that hahaa

Tom_Everywhere "Always verify my username": hint hint 😉

Crypto Shrimp (AMA Host): it would have been obsolete by now

JX_ Everywhere: You'll be most welcome!

Crypto Shrimp (AMA Host): brings me to the next question on that.


Q5 How are the rigs being maintained? will there be a fluctuations on the earnings if the price of ETH goes higher?


Tom_Everywhere "Always verify my username": We have a factory in China that has a full team supervising the operation, they’ve been operating for more than 10 years, so they know what's up! There are bound to be fluctuations on earnings depending on how many machines and hash power we have mining and how many people are staking our hashrate tokens. If Eth price goes up, everybody earns more, but the project has a set amount that it can mine on a daily basis and that will be distributed across all our hashrate stakers

Crypto Shrimp (AMA Host): I believe this bull run for crypto will be a much bigger one compared to the last round, no thanks to the virus as well, most ppl are stuck at home and crypto is the next time to read up more and also educate ourselves on. so ETH price going up is no doubt

JX_ Everywhere: I couldn't agree more. Especially with the institutional investors flooding into the crypto space, which wasn't the case in the last bull run

Crypto Shrimp (AMA Host): so we have the manpower and structure of the project set up;


Q6 will the electricity cost be a factor for the project too?


JX_ Everywhere: Absolutely! This is one of the reasons we’re able to offer great yields. We are very meticulous about where we setup to ensure low electricity costs, as this has a direct impact on everybody’s earning potential. A proportion of the market making pool will be used to cover this cost - this is currently set at 20%, for $ICA burns as well as electricity costs


Q7 How are the mining difficulty being curbed? will the machines be upgraded in the future when mining becomes not profitable?


Tom_Everywhere "Always verify my username": We only use RTX 3070 graphic cards or equivalent grade in our project. We will indeed upgrade the machines in the future depending on how the market moves, but that won’t be a necessity for at least another 18-24 months, if not more.

Crypto Shrimp (AMA Host): thats a really long term planning i would say

Tom_Everywhere "Always verify my username": welcome everyone!

JX_ Everywhere: We're here for the long term that much is for sure

Tom_Everywhere "Always verify my username": we're here to make a career! mining is just a % of our "cookings"

Crypto Shrimp (AMA Host): thats great stuff! cant wait when its fully developed!

JX_ Everywhere: You won't be waiting long 😉


Q8 will there be plans to mine other coins?


JX_ Everywhere: Great question! This is another variable that makes icarus.finance unique and the short answer to this is Yes! The slightly longer version is that $ICA holders will indeed have voting power via the DAO, allowing the project to change the asset that’s currently being mined. If a crypto is no longer profitable, we will vote on the next most viable & profitable crypto to mine.

Crypto Shrimp (AMA Host): nice now the community is also being taken care of too! and I'm sure they want the best for the project as well!

JX_ Everywhere: Absolutely, that has always been stipulated from the start - community rules!

Tom_Everywhere "Always verify my username": good code + use case + community = unlimited potential unlocked!

Crypto Shrimp (AMA Host): i definitely remember you saying that!

Tom_Everywhere "Always verify my username": 

🤜🤛


Q9 how are the security being taken care of ? are there audits? if not what have been done to ensure the safety ?


Tom_Everywhere "Always verify my username": Yes, the protocol & smart contracts have been audited by Solidity.finance and there were no critical or major issues, as well as no threats from external attacks.

You can check the audit report at icarus.finance 

👀👇

https://twitter.com/zetta_icarus/status/1376572195808370693

We will also have another 3rd party audit in the future. Our main developer has been coding in the crypto space for more than 10 years, one of the reasons this audit ran so smoothly.

Crypto Shrimp (AMA Host): nice with just 1-2 months we have actually seen quite a few rug codes, let alone 10 yrs i think that will be a very solid code for the project

Tom_Everywhere "Always verify my username": i've been publicly giving my oppinion about the "bad actors" in the space.. we must educate our community best as possible

Crypto Shrimp (AMA Host): hahaa so bad actors better watch out! i recently also asked the community to help flag out fudders in the chat too, which i think its very effective cause we want to end something bad right there and not let it spread

so totally agree on the educating and also involving community part

JX_ Everywhere: Exactly, the more educated people are, the less FUD there will be as well. Spot on


Q10 what are the ongoing development?


JX_ Everywhere: Haha where do we even start? Ok, we’re merging DHM with icarus.finance (Bitcoin hashrate), we’re developing a new website with all the different pools and services we offer, about to finish the last version of the whitepaper which will be released in the next few days, developing different partnerships as we speak, some to be announced soon, and more! We don't really sleep much, and that goes for both the devs and ourselves

Crypto Shrimp (AMA Host): sometimes i think tom is a bot too

Tom_Everywhere "Always verify my username": 😅 beep boop

Crypto Shrimp (AMA Host): we also saw earlier the tweet about DHM merging with Icarus this is really superb

Tom_Everywhere "Always verify my username": stealing my lines? 🤔 i see what you did there 🤗😆

Crypto Shrimp (AMA Host): lol

JX_ Everywhere: We are honoured to bring DHM into our project and can't wait to have their community join ours. Together we're all stronger


Q11 How are the future development/roadmap that are on the table now?


Tom_Everywhere "Always verify my username": We will introduce new defi partnerships, another audit, listing on public DEX such as Pancake Swap, as well as new mining facilities to take our project to the next level, and finally being able to offer a wider array of mineable assets!

Crypto Shrimp (AMA Host): that will definitely bring alot of value to the project!


Q12 Do share with us all your links to the project, so that our readers can read more and also keep up to date with the development


JX_ Everywhere: sure, You can find us at icarus.finance

Our whitepaper (final version is coming in the next few days  though!): https://icarus.finance/Whitepaper.pdf

Our Telegram: https://t.me/icarus_finance / https://t.me/icarusfinance_announcements  (announcements)

(You can expect multiple new announcements very soon, there really is a lot happening right now!)

Our Discord: https://discord.gg/YtDUZwXjkN this is the best place for elaborate discussions about our project

And finally, Twitter: https://twitter.com/zetta_icarus


Q13 Lastly our famous question, do you have any alpha or juicy news for us in BSC News today ?


JX_ Everywhere: Ok, so we already spilled the beans about $ZBTC, our Bitcoin hasrate token coming in literally days. But there's more!

Crypto Shrimp (AMA Host): oh wow

JX_ Everywhere: Our governance token, $ICA, will be issued for the first time tomorrow, on the 31st March! If you’re staking our hashrate tokens, you will receive $ICA either way as well as mining yields, but note that $ICA emissions will be at their highest point when we issue them initially. You know what they say, early bird gets the worm. Especially in Crypto 😁

Crypto Shrimp (AMA Host): haha in crypto we need to be earlier than that bird!

Tom_Everywhere "Always verify my username": Launch will take place in our dApp, same way as $ZETH, fair launch for everyone.

stay tuned!

JX_ Everywhere: I believe you guys are doing a giveaway currently on twitter, maybe let the audience know what that is about or a link to that to find out more ?

Tom_Everywhere "Always verify my username": i want to give a big big thank you for everyone who has been supporting this project! we really appreciate all the engagement everyone is showing!

its exciting ✨🔥✨

JX_ Everywhere: Yes we are indeed, and it's a big one too! details below: https://twitter.com/zetta_icarus/status/1376194871250276356

Crypto Shrimp (AMA Host): Wow this is really mind blowing with all the news and development! That will be all the questions I have for you guys today! Hope you guys enjoyed the AMA as much as I did and I really learnt alot about Icarus and also cant wait to see it develop as time passes by!!

JX_ Everywhere: It was an honour to be here, thank you for having us! We truly  appreciate all of your support and hope to see you in our community channels soon enough. We're always available to answer any questions you have! Again, together we're all stronger 🙌🏼

Tom_Everywhere "Always verify my username": Thank you for your friendship and support

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