On 23 May 2021, SUBX OFFICIAL conducted an AMA in the Cryptoscreen Community. Our guest is Adam of SUBX OFFICIAL.
Lots of questions as usual from the Community about SUBX OFFICIAL progress. The SUBX OFFICIAL team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Cryptoscreen community. If you missed the AMA in person, read this recap for a deeper insight into SUBX OFFICIAL.
Let’s take a look at the most interesting points of our conversation.
Q1. Can you tell the members a little about SUBX?
The Startup Boost Token (SUBX) is a deflationary token that is used to power a startup ecosystem. Our vision is to create the world’s most impactful startup ecosystem!
The ecosystem is developed by an award-winning web development company with plenty of experience in creating web applications and crypto products.
Our goal is to develop a network of mobile and web applications meant to support every stage of the startup journey – Done.
Q2. Can you explain how SUBX and what kind of services it offers to users?
That is a good question! Before that, here is the link to our whitepaper in case you want to do a quick read:
The $SUBX token is a deflationary token that rewards users from holding the token. Like most tokens, we do this via reflection rewards, automatic liquidity pool acquisition, and manual burn.
In order to access our ecosystem applications, users must hold SUBX in their wallets. In addition, users who hold SUBX are able to vote to get impactful startups funded! It is basically like a community venture capital fund! 😍
Q3. What products does SUBX have and in the future, will you add more products?
To start off our ecosystem, we are developing our 4 initial applications based on the best existing solutions currently in the market.
The marketplace app is a multi-vendor e-commerce store where approved startup partners can list their software products for sale. 🎉
The community app is a forum application where users of the SUBX ecosystem can discuss topics, ask for feedback, network and connect with one another. 📭
The learning app is a learning management system where we provide quality education for startups to learn new digital skills. Such skills include digital marketing, programming, project management, and more. ✏
The career app is a job portal application where startups can find great talents and for talents to join impactful startups. 🎯
Q4.How do you solve liquidity issues and how to ensure user asset security?
All transaction has a 8% tax. 4% of this tax goes into the liquidity pool on pancakeswap.
We have around 25% of our marketcap in the liquidity pool. We are a highly liquid asset.
Our contract has undergone security audits by MythX, which you can find on our website. You can check our contract on BSCscan as well, it is all public.
Do remember to store your private keys securely to prevent fraud! – Done
Q5. Have you met all your goals in the roadmap till now? And were there any difficulties that you didn’t expect and were not prepared for?
Being supported by a fantastic web development firm, we are planning to push all products out within 2 months.
We have been meeting all our milestones so far!
You can check out our milestones here: https://startupboost.app/white-paper/
what we left this month is to get our CMC listing up! we are already on coingecko!
I think the biggest challenge right now is the bleeding market. BSC price is really low and that people are liquidating their assets to cut losses on their investments.
However, our project continues to be funded by the web development firm and we are doubling down on our marketing during this period.
We see this bleeding market as an opportunity to stand out in the BSC space. Instead of hiding and hoping the bleeding market will end, we are spending more on marketing, more on development!
and are trying to get our products up faster so we can be prepared for when the market recovers.
QUESTION FROM TWITTER
Q1.What are your current plans to onboard new clients and what market are you targeting?
We are building an ecosystem, and it requires some education to explain what we are doing.
We are focusing on getting influencers and content creators to make informative videos about SUBX.
We are running ads targeting at entrepreneurs and business owners as well!
Q2.What role does the community play in the Subx? What have you done and will do to attract people to join Subx and build a thriving community?
Community is one of the highest priorities of SUBX. We understand that trust with our community is essential for us to grow sustainably.
The management team are fully transparent, and we are almost always online to answer any questions that the community members have. We’ve had video AMAs on zoom where we invited some of them to ask questions directly. This is going to continue, and once our community app is in place we will be able to manage this better and more tactfully.
the community have a vote in getting startups funded from our venture capital fund
we are decentralising venture capital with subx, and I am really excited for what is to come!
Q3.In the Subx ecosystem, you have developed four initial applications based on the market. Would you mind telling us what those applications are and please differentiate each application? And what are the benefits it will provide to the community?
I think this question has already been answered above!
But in general
these applications are meant to give startups an additional edge to succeed
you can read more about each app’s ecosystem and value proposition on our website:
Q4.What is the ultimate vision that Your project is trying to achieve within the cryptocurrencies market? Obviously the whole space will experience huge growth in the upcoming years, but what role would you like Your project play in this?
We want to be the world’s most impactful startup ecosystem. To be able to provide the tools and applications needed for startups to succeed, as well as providing funding for startups to sustain.
We have a decentralized venture capital fund that invests in startups, and we will use the profits to buy and burn SUBX tokens, increasing its value.
Defi, crypto and the startup space is growing exponentially, and we are a project that combines all 3 growth factors.
SUBX is at a discount right now due to the bleeding market, now is a really really good time to get some SUBX for yourself!
5) What can we expect to see from your platform in the short-term (at some point in 2021) & 2022?And beyond (long-term goals)?
we plan to fund at least 888 startups by 2022!
in the short term
we are launching our apps and getting users to participate in our ecosystem
LIVE/ FREE QUESTION
Q1. Nowdays So many Rug Pulls and exit scam happening . How Users can trust #Subx project and how you are different from others?
We are a registered company based in Singapore and our team is fully doxxed. We even have high-profile venture capitalists on our board of advisors. We are highly committed and passionately driven in making this project successful. 😎
Q2. Currently, many countries are enacting laws to regulate coins, and I am curious if the team has legal advisors and solutions to solve the related problems.
We currently have signed a letter of engagement with one of the top law firms in Singapore. Providing counsel to make sure we are fully compliant with Singapore and Global laws.
Q3. Amazing project, huge fan since day 0. I have few questions mainly on the Venture capital fund:
A) Is it really enough 1% of fees?
B) If it won’t be enough are you relying on other sources?
C) How will you be giving the financial resources?
Good question, thank you for the support.
A) Yes for now 1% tax to our venture fund is sustainable. with a 1 million 24 trading volume, that is 10k USD per day.
B) Yes. In the long run, we would want our apps to be revenue generating. In additional, our investments in promising startups can yield us profit depending of the terms of funding.
C) By community voting.
Q4. What makes you feel confident about the survival & sustainable success of Your project in the near future?While you build your project, do you take into account community feedbacks and demands?
We are funded by a web development firm in Singapore. We have 8 full time team and are in a healthy financial position. We will always listen to our community for features update and improvements. Our community will be the one voting to fund impactful startups. We also listen to our community for marketing!
We will continue to support this project because this is something we are passionate about!
Q5.-Are you a global project or a local project?
-Can anyone use your project anywhere without any restrictions?
We are a global project. Yes, anyone can use our ecosystem and get funded. Regardless of nationality, race, religion, gender and background.
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