Wealthlocks AMA Transript

BSC.NEWS hosts Wealth Locks, a platform that guarantees Safety through Lockups. All questions answered by @BHejl (Bjarne Hejl) and @Wealthlock (Wealth Team)

By
CryptoShrimp
on
March 9, 2021
Category:
AMA

Crypto Shrimp (AMA Host):  Ladies and Gentlemen, on behalf of BSC News, I would like to welcome Wealth Locks Team and it’s my pleasure to host this event too


Wealth Team: Thanks for cordial invitation guys. We are really excited to be here


Q1 That’s great! Let’s start off with an introduction of you and your team members, how many do you have and what are their past experiences?


Wealth Team: I manage the marketing side of the wealth ecosystem. Bjarne Hejl is the lead developer in the Project. He has built smart contracts on Ethereum and BSC blockchain. He have already developed well known projects like $FST and $BASE2. 

Our team consist of 6 members at the moment. Two of them are front end developers and two of them are backend developers. Rest of the team works on ideas and marketing. Everyone in our team has almost more than 3–4 years working experience in the tech and blockchain industry.


Crypto Shrimp (AMA Host): Thats a good experienced team with a good number of dev too. So i would say Bjarne Hejl has quite a bit of experience in this line of work too


Wealth Team: Yeah he sure does




Q2 Tell us more about Wealth Locks, what does it do and how can one invest in them?


Wealth Team: Wealth locks is a decentralized application that allows blockchain projects to lock their BEP20 tokens and (LP) Liquidity tokens in a non-custodial, time-released smart contract vault. 

We are the only ones on BSC that provide Liquidity as well as team tokens lock. 

We are currently available on Pancake Swap. Here’s the link: https://pancakeswap.info/pair/0xcdff007f71e6986397bdb099160d37c3f194b642


Crypto Shrimp (AMA Host): locking of funds is interesting, cause it's normally what the project owner themselves offers to assure the investors that they won't cash out the token after the project launches



Q3 who should get their funds locked in wealth locks? is this targeted at individual or project owners?


Wealth Team: Anyone can get their funds locked in Wealthlocks. But it was created to Target Project owners to avoid any kind of Loss to Investors or the famous ‘Rug pull’.


Crypto Shrimp (AMA Host): that's good and you guys can make sure they won't have another code that allows them to secretly withdraw, so in a way it's to assure investors that the funds are really locked and no one can withdraw them is that right?


Wealth Team: Yeah exactly


Q4 Brings me to the next question, I'm sure withholding funds will need a certain level of security, will there be a tendency of being exploited? what have been done to prevent this?


Wealth Team: There is no Tendency of being exploited as the contract is fully secured and Audited. We’ve locked our Own Liquidity in the Smart Contract too. I am sharing the Audit report here. https://twitter.com/nightwatchaudit/status/1364768798943797250?s=21 All the future Audit reports will be shared with the community and on Website.


Wealth Team: Nightwatch Finance - Smart Contract Audit Service

Audit Result Announcement: We audited token lock contract of @Wealthlocks , check report here: https://t.co/x0Z4vsnAsr You may also visit this great project at https://t.co/z2R3nbe58t


Q5 That's great stuff, so once the funds are locked who will be able to call the funds? how do we call the funds out if there's an emergency for example, or is there no chance of getting the funds out before the stipulated time.


Wealth Team: No one can withdraw funds from lockup till the time is up, not even us. After specified time, only the Owner can claim the funds back.


Bjarne Hejl: only the person who locked will be able to withdraw it once the lock period is finished.

There is no other way around it. That's the beauty of it. No possible way to withdraw in any scenario. So investors are totally safe against liquidity rug pull and team tokens sell off In fact every community should push their projects there are investing in to lock funds


Crypto Shrimp (AMA Host): so does that mean in the future if we see a new project and its fund are locked in wealth locks, we can be more than assured that the funds won't be dumped by the team itself


Bjarne Hejl: yes. In most projects the team says that they will not sell. But they should prove by actions and lock it Using wealthlocks they can also do monthly vesting


Crypto Shrimp (AMA Host): i see so the locks can be customised to individual tokenomics that the projects wants



Q6 How does the investors come into play with wealth locks ? What is the use case of $WLT? say i would like to invest today what are the offers in the project for me?


Wealth Team: $WLT is the governance token of the WEALTH ecosystem. It is an integral part of the ecosystem and will be used for following features and many more.


Wealth locks

Safe and trusted lockup for Projects to lock their Liquidity and Team tokens. Revenue generated from lockup fee will be used to buy back Wlt Tokens and will be distributed among Wlt holders. We have big utilities planned for our upcoming products. Imagine a fixed monthly buy pressure on wlt from revenue across various products.


Bjarne Hejl: besides being the centre of action of all products of the wealth ecosystem, wlt holders bags grow with time from transaction fees revenue. Similar to rfi RFI market cap is 20 mil and wlt sitting at 1 mil. So wlt is like rfi use case + many more from actual working products backing it


Q7 That led me to this question; how much are the transaction fees? is there other ways the project generates income? The reason is that we wanna know how the project funds its future development and we also want the team members to be paid and not dump their own coins to pay themselves..


Wealth Team: There is a minimal fee of .5% to lock your tokens with us. Revenue generated from lock up fee will be used to buy back WLT tokens and will be distributed among holders. We already have $1 Million tokens locked in our Smart Contract.  MC of Unicrypt and Trust Swap is approximately between $5-200 Million and our MC is around 1 Million right now. We’re coming up with more features in near future which will help us in generating $200-300k monthly which will be used to buy back Wealth tokens.


Bjarne Hejl: For dev funding we recently secured an investment of 100k$ from a private firm.There won't be any team tokens sell for getting funds. We don't need it at the moment. I can assure this we have private funds backing to run years of development without need of selling any wlt token investors are completely safe from team tokens


Crypto Shrimp (AMA Host): that's really good and solid to know, with private fundings to tokens locked, I'm sure you guys will be here for the long run too


Bjarne Hejl: Dextools generate around 300k monthly revenue from ads. Imagine this much buy pressure on Small mcap of wlt


Crypto Shrimp (AMA Host): but I must say this is a good amount of money to buy back and create a decent buy pressure


Q8 It's mentioned about the buy back of $WLT, I believe this is to reduce the sell pressure, will there be other ways to maintain the value of the $WLT token?


Bjarne Hejl: For our next product, there will be many decentralised features planned which will need wlt as a payment system . 

Also we are planning on farming to increase the liquidity you can see the organic growth of WLT. We are up for weeks. today we got listed on coingecko and coinmarletcap let me share links here


Crypto Shrimp (AMA Host): yes sure that good stuff and congrats on listing on coingecko too


Bjarne Hejl: Good news we are now Live on Coingecko

https://www.coingecko.com/en/coins/wealth-locks

CMC next


Bjarne Hejl: WLT is now live on coinmarketcap

https://coinmarketcap.com/currencies/wealthlocks/


Bjarne Hejl: $WLT is in the top gainer list on coingecko

so price picking up automatically with the adoption users joining in and we are still around 500 holders


Crypto Shrimp (AMA Host): that's still early in the game!


Bjarne Hejl: yes its all organic growth without any unwanted twitter promotions. We believe in development price reflects automatically


Crypto Shrimp (AMA Host): I'm also a believer in organic growth, cause that will only mean the project is legit and with recognition of its quality


Bjarne Hejl: Here i would like to share something interesting


Crypto Shrimp (AMA Host): pls do


Bjarne Hejl: we made a bid of 10k to buy this tweet

https://twitter.com/binance/status/1367157833809166344?s=20

we want to start a campaign of bsc projects here this tweet will be passed on to one project to other

https://twitter.com/Wealthlocks/status/1368335190091792388?s=20

i think binance has not noticed this bid yet


Crypto Shrimp (AMA Host): That's a good bid too! I'm sure it will be picked up soon


Bjarne Hejl: would be interesting if they accepted our offer will give good exposure to wealth locks as well


Wealth Team: We would request community members to spread this msg as It can help all BSC projects


Crypto Shrimp (AMA Host): definitely good exposure and it's a great way to market the project too.



Q9 back to wealth locks: what are the short term developments that are ongoing or in place?


Wealth Team: We’re coming up with Wealthtools in 2-3 weeks. Wealthtools will be a Decentralised Coingecko+ Dextools kind of feature. It will help in listing of new projects as Coingecko is a bit slow and need Volume for new projects which is kinda difficult. It will also have their Official Social Media links and Charting features for new coins. Also, it will be the main Revenue generating tool for Wealth as some space on the Website will be used for Promotion of New projects similar to what Dextools do. Dextools has a MC of 60 Millions.



Q10 do you have any roadmap that you can share with the audience for the long term plans?


Bjarne Hejl: 

Wealth Roadmap — One Stop Solution for BSC Network

Hey Amazing Wealth Locks Community,


Bjarne Hejl: https://wealthlocks.medium.com/wealth-locks-roadmap-update-february-2021-214ecea563f we recently published our detailed roadmap wealth will be one stop solution for services on bsc

  • wealthlocks already live
  • wealthtools under development will be live this month


Crypto Shrimp (AMA Host):

this is amazing stuff


Wealth Team: One can also check details on wealthlocks.io


Bjarne Hejl: we approach on targets step by step and work on the adoption along the way



Q11 While we are talking about checking links, can you share with us some links of wealth locks, that will enable the audience to find out more about the project and also keep up to date about the development. Like social media/TG/Medium etc


Wealth Team: Yeah sure

🟠Useful Links🟠

🔸PanCake Swap Link to Buy

https://pancakeswap.info/pair/0xcdff007f71e6986397bdb099160d37c3f194b642

🔸WLT Token Contract 

0xb7b262b0Ac4939D8936685E20189D809BDB5daC6

https://bscscan.com/address/0xb7b262b0ac4939d8936685e20189d809bdb5dac6

🔸Wealthlocks Contract : Audit report here

🔸Website

https://wealthlocks.io/

🔸Coingecko

https://www.coingecko.com/en/coins/wealth-locks

🔸 Coinmarketcap

https://coinmarketcap.com/currencies/wealthlocks/

🔸Twitter

https://twitter.com/Wealthlocks?s=20

🔸Telegram

https://t.me/wealthlocks

🔸Announcement Channel

https://t.me/wealthannouncements

🔸WLT Price Chart

https://goswappcharts.web.app/?isbsc=true&tokenId=0xb7b262b0ac4939d8936685e20189d809bdb5dac6

🔸WLT Trades Channel

https://t.me/BinanceRocketWLT

🟠Informative Articles🟠

1) About WealthLocks

2) About WLT token

3) About Roadmap

🟠Tokenomics🟠

Total Supply : 100k WLT 

Circulating Supply : 60k WL


Q12 My famous last question for you guys today, are you able to disclose any alpha or juicy news for our audience today?


Bjarne Hejl: Although present priority is wealthtools to be launched as soon as possible But in the backend we are planning on to introduce NFT marketplace in wealth ecosystem


Crypto Shrimp (AMA Host): wow NFTs too


Bjarne Hejl: yes in research stage


Crypto Shrimp (AMA Host): That's a good juicy news you given us. Thank you for your time today, to help us understand Wealth Locks more. I hope you had a good time as well. I enjoyed it totally and learnt a great deal of Wealth Locks.


Bjarne Hejl: thanks for the great AMA. Big and active community here


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