Velorex AMA Transcript

" Save. Send. Receive. Using your Velorex Smart Wallet"

By
BSCNews
on
October 24, 2021
Category:
AMA

Andrew (BSC.News)

Hello everyone and welcome to the AMA with Velorex!

Today we have @CryptoMaster_77 joining us to talk about their innovative product

Great to have you here

CryptoMaster77 (Velorex Co-Owner)

It's very good to be here, thanks for hosting us guys

Andrew (BSC.News)

Of course

hahaha

So how this will work is, the AMA will consist of two rounds. The first round will be us going through the questions that I had prepared for you before hand. And then the second round will be a community round where I will open up the room to allow questions to come in. The second round is also where we will select the two winners of our giveaway

That sound good with you guys?

CryptoMaster77 (Velorex Co-Owner)

I have a video I would like to share before we start, so people get into what Velorex quickly and smooth! Yes fine by me!

Andrew (BSC.News)

yup, give me one minute to watch it as well

CryptoMaster77 (Velorex Co-Owner)

Sound on!

Andrew (BSC.News)

Very neat!

So first off


1. Please introduce yourself and the team behind Velorex.


CryptoMaster77 (Velorex Co-Owner)

My name is Thanos Lampropoulos, I'm 29 years old and I'm Co-Owner of Velorex. I have studied business administration at one of the top institutions in my country, which has given me the vast knowledge I need to be able to succeed in the business area. I have also worked in the private sector in marketing & human resources, plus attending a lot of business and marketing seminars. I'm currently acting COO and marketing manager of Velorex. My vision and goal with Velorex is to be able to get the people out of the centralized bank's control as much as possible and to help the unbanked people of the world that do not have access to any banking system to store & manage their funds, which is also a huge gap in the market because the numbers are big, and Velorex can fill that 100% with its usecases.

Todd Taylor is my partner and owner of Velorex, and is the lead developer of the project. He has vast experience over internet marketing as well as he was occupied with that for years. He is in charge of the developing teams we are cooperating with and he's making sure everything is smooth and running properly on the technical side of things.

Our team is consisted out of around 18 people in all areas  plus the people we are outsourcing

That's pretty much it 😊

Andrew (BSC.News)

Okay nice thank you!


2. So what is Velorex?


CryptoMaster77 (Velorex Co-Owner)

Velorex is a token operating on the binance smart chain. It's consisted out of 3 real life utilities with unique features that we are going to analyze further. The first utility is the cryptocurrency ATM's and Software, the second is the Velorex Smart Wallet and the third is the Velorex Debit cards.

Let's proceed to the next question!

Andrew (BSC.News)

Okay nice, so let's touch more on the ATM


3. What inherent issue is there regarding crypto ATMs that Velorex can resolve?


CryptoMaster77 (Velorex Co-Owner)

Ok sure. The traditional cryptocurrency ATM's existing are outdated. Their software is old as the machines themselves, and sometimes laggy. The taxation also is really high and they are fully centralized.

This is where Velorex comes. We aim to have the first decentralized banking system in the world. That means that the atms will not be owned by one entity, and will be operating without the "master" wallet, but by their owners themselves, providing their own liquidity on the machine.

Velorex will not own any atms, at least for now, letting investors grab the chance to make a good, passive income out of the machines.

The taxation on the Velorex machine will be way less than the traditional ones, 8% max.

While the other crypto atms vary from 10% to 20%

Andrew (BSC.News)

Ok Im glad you bring up the liquidity issue because that is one thing I wanted to touch upon, but first let's talk about your token

CryptoMaster77 (Velorex Co-Owner)

Sure let's do that

Andrew (BSC.News)


4. What is $VEX and what are its use cases?


CryptoMaster77

$VEX is the token powering the Velorex project and our utilities. The token is needed in order to be able to participate in the "Reflections'' program through our tokenomics which is a huge benefit for the Velorex holders.

Through our tokenomics, it's price will be constantly rising, having as less dumps as possible. It's a unique and innovative token surrounded by the ATM's, Smart Wallet and debit cards.

Andrew (BSC.News)

Okay great, so to circle back on the ATMs because I find this so interesting


5. How do the Velorex ATMs and Software work?


CryptoMaster77 (Velorex Co-Owner)

That's a great question. Our moto is that "Everybody can become an ATM owner". Let me elaborate.

We will provide a detailed catalogue of machines that people will order through us, then download our open source software for the ATM's and install it (will have a very detailed video for the procedure, it's very easy) and you are good to go! You are now an owner of a Velorex ATM!

Mr Todd ツ 

Feel free to PM me for technical details or tag me in our main chat and I will respond as soon as I'm available

CryptoMaster77 (Velorex Co-Owner)

All you need after that is to have a good spot to set it in, and you are good to go for a nice passive income. The owner provides & controls his own liquidity (bnb + cash if it's a 2 way machine).

About the software now.

For every transaction happening on the ATM's, the Velorex holders will be gaining reflections.

This is a unique idea and feature for our software, making sure we provide value to the Velorex community.

So even if you go to the Atm and you buy BTC or sell Ada, the VEX holders will be gaining reflections, as well as there will be burning, as every transaction is programmed to be going through the Velorex tokenomics.

Now imagine if there is a network of 10.000 atms, plus the DEX transactions on pancake swap. Reflections & burning will be immense.

Andrew (BSC.News)

So Velorex holders gaining reflections is from providing liquidity or simply rewards for holding $VEX through fees?

CryptoMaster77 (Velorex Co-Owner)

It's reward for holding the $VEX token.

Andrew (BSC.News)

Gotcha, thanks for the clarification

CryptoMaster77 (Velorex Co-Owner)

Owners will be profiting from each transaction up to 3%

Happening on their machine.

Andrew (BSC.News)

So where does the liquidity come from?

CryptoMaster77 (Velorex Co-Owner)

The liquidity is provided by the owner of the machine. Let's say I buy a 2 way ATM for both deposit and withdraw. I need to put BNB and Fiat currency inside myself, so it can operate.

I'm always in control of my machine.

Andrew (BSC.News)

Ah gotcha


6. What are some advantages of using Velorex?


CryptoMaster77 (Velorex Co-Owner)

As I mentioned before the biggest advantage is the deflation of the token and the rewards.

1) There will be constant burning of tokens, driving the price always up. Our current supply is around 385m out of 500m that was the starting one. Imagine when the ATM's roll out, how much burning there will be. Tokenomics will be 5% tax on each transaction, which is 3% for marketing and development, 1% burning and 1% reflections.

2) Rewards, as we keep spreading the ATM's will be enormous. Cryptocurrencies are being adopted more day by day, and in a depth of I believe 3-5 years, the adoption will be way more big than it is now.

We plan to get Velorex to the top Altcoins, and make people wanna store their funds in the VEX token.

Andrew (BSC.News)

Okay nice, so my next question


7. If users wanted to withdraw cash, would they need to have their assets in the Velorex Smart Wallet or could they import other wallets?


CryptoMaster77 (Velorex Co-Owner)

If they want to withdraw cash via the Atm machine, they can import other wallets as well, scanning the QR code and logging in. This of course is subject to change, if we see the benefits for the Velorex will be more by another option.

We are all about the community here 😊

Andrew (BSC.News)

Okay and last but not least


8. Is your platform audited? How can users know that their funds are safe in the smart wallet, debit card, and the ATM machine itself?


CryptoMaster77 (Velorex Co-Owner)

We are currently undergoing a Certik audit, with a very good preliminary result. Our score will be 90+. The software once it's done will be audited too. The debit card is provided by a 3rd party company and security is very important for them as well, as the debit cards will be provided by a huge brand.

About the Velorex wallet upon completion, will be audited and always be monitored by a big cyber security firm.

So funds are SAFU with Velorex 💪

Andrew (BSC.News)

Wonderful!

And would you be able to provide us with links to your social media pages?

CryptoMaster77 (Velorex Co-Owner)

Of course

Telegram

Twitter

Website

Instagram

Andrew (BSC.News)

Nice, make sure to go and check out Velorex everyone. They are looking to bring crypto ATMs worldwide, that are not only decentralized but profitable as well !

CryptoMaster77 (Velorex Co-Owner)

Every corner in the world!

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