Cthulu Coin AMA in Telegram https://t.me/cthu_chat on Sun November 1st 8:00 PM EST
Cthulhu Coin is building a DEFI project on the Ethereum blockchain. Staking is live with the expectation of burns, DAO, LP mining and more. Our website is up here. We have achieved our first coin launch, CTHU with staking, the Dao SOULS token in now also live.
CTHU is officially recognized on Etherscan with appropriate token information.
A small pre-sale accumulated enough Ethereum to begin a Uniswap exchange listing.
Our telegram group continues to grow.
The following has been edited for improved flow;
🐻🐡, [02.11.20 01:04]
What’s the ultimate goal of CTHU project?
Cthulhu Coin CT-HU.com, [02.11.20 01:09]
[In reply to 🐻🐡]
I think the de-fi meme opened up some eyes in what the sense of what Ethereum is capable of doing. As ETH 2.0 is released and hopefully more scalable, smart contracts will continue to expand in use.
In this context we will likely see a rise in new financial instruments capable of streamlining and on boarding new users.
Cthulhu Coin aims to be a part of that, utilizing smart contracts to create an autonomous crypto hedge fund.
🐻🐡, [02.11.20 01:13]
Is this your first crypto project?
Cthulhu Coin CT-HU.com, [02.11.20 01:17]
[In reply to 🐻🐡]
This is not my first project. I have done other projects in the past, but to maintain anonymity I’ll not name them. Suffice to say that one lesson I’ve learned is the importance of concrete results for investors. Another is keeping community engagement high and organic. Hence the hosting of this AMA.
Cthulhu Coin CT-HU.com, [02.11.20 01:17]
It’s funny when you start a project how many spam messages you get promising thousands of bots to join your telegram channel.
Cthulhu Coin CT-HU.com, [02.11.20 01:18]
Don’t fall for a group with thousands of members. They are probably not real.
Cthulhu Coin CT-HU.com, [02.11.20 01:19]
Another point is that you need to maintain the soft spot between rewarding early investors and keeping things long term.
For example, we recently increased the ROI on SOULS staking. Despite a desire to make it even higher, that could potentially lead to price dumps and detractors.
🐻🐡, [02.11.20 01:21]
I like your use of word — “organic”, which describes this project well…
🐻🐡, [02.11.20 01:22]
the current reward rate for SOULS is 9% year and it says SOULS are generated from each ETH block.
Cthulhu Coin CT-HU.com, [02.11.20 01:23]
[In reply to 🐻🐡]
It’s higher
🐻🐡, [02.11.20 01:24]
how does it actually work? for each ETH block, how many SOULS are generated?
Cthulhu Coin CT-HU.com, [02.11.20 01:25]
You can look at the code on the contract on Etherscan. It’s a function of staking amount and the reward variable set by the contract owner (currently me)
🐻🐡, [02.11.20 01:34]
You mentioned that the team is currently working on DAGON. What’s the role of DAGON in CTHU’s ecosystem?
Cthulhu Coin CT-HU.com, [02.11.20 01:38]
DAGON will have multiple functions.
1. Dagon will be mined by staking LP tokens. Accepting both CTHU and SOULS
2. Dagon will accept NFT mining boosts
3. Dagon will function ultimately as the Cthulhu Vault’s hedge investment tool. Users will be able to put their Dagon up for investment on voted / approved bids. This will involve risk, as it is essentially putting the asset up for whatever the bid is. Users will also stand to gain for whatever the reward is.
🐻🐡, [02.11.20 01:44]
So there aren’t fixed supply of Dagon?
Cthulhu Coin CT-HU.com, [02.11.20 01:46]
It is mined based on invested/staked LP. A large supply would only be possible if there was massive investment, and that would be a very nice problem to have.
Cthulhu Coin CT-HU.com, [02.11.20 01:46]
It will be rare.
Tolga, [02.11.20 01:48]
How many exchanges are you aiming at being listed on in near future?
Cthulhu Coin CT-HU.com, [02.11.20 01:49]
It’s a difficult question. Exchanges are dependent on project growth and funding.
Tolga, [02.11.20 01:53]
Will you have any buyback/burn mechanisms?
Cthulhu Coin CT-HU.com, [02.11.20 01:54]
[In reply to Tolga]
SOULS is burnable. It functions as a DAO. Votes = burned
Horizen Light, [02.11.20 01:53]
Do you have any upcoming features or projects for the nearest future that you’re yet to launch?
Can you tell us about it?
Cthulhu Coin CT-HU.com, [02.11.20 01:55]
[In reply to Horizen Light]
We have two tokens out already. Our third will be out this month. We are not on paper. We are verified and live on Ethereum now and you can see and confirm for yourself.
Tolga, [02.11.20 01:55]
Soon plans for any audit?
Cthulhu Coin CT-HU.com, [02.11.20 01:56]
Audits were done already on CTHU and SOULS.
Cthulhu Coin CT-HU.com, [02.11.20 01:56]
We wouldn’t post anything live without running tests first
Horizen Light, [02.11.20 01:56]
Strong security and stable performance are of immense importance in this crypto currency industry!
What’s CTHU’s plans with these great attributes ?
Cthulhu Coin CT-HU.com, [02.11.20 01:56]
[In reply to Horizen Light]
Giving appropriate time to test code before going live is the first step.
🐻🐡, [02.11.20 01:57]
I want to ask a development related question. Recently there have been several hacks/exploits. Nyan also introduced an error when releasing their new V2 contract. I noticed that you undertake a lot of testing before releasing anything. Is is generally harder to test smart contracts than say testing a Python or Haskell program?
Cthulhu Coin CT-HU.com, [02.11.20 01:58]
[In reply to 🐻🐡]
I’d say it’s harder to test for Ethereum because your dealing with money. But exploits are always possible if they code is vulnerable, because of the immutability of smart contracts. It’s a strength and weakness.
Cthulhu Coin CT-HU.com, [02.11.20 01:59]
In normal software you can simply update code. Depending on your smart contract, this may not be an option
Horizen Light, [02.11.20 01:58]
What is the objective of CTHU in 2020? What are CTHU strengths compared to other projects?
Cthulhu Coin CT-HU.com, [02.11.20 01:59]
[In reply to Horizen Light]
Have our three coins out and build up stable liquidity. 2021 is the movement towards bids, votes, asset acquisition
Never Losing, [02.11.20 01:59]
1.What is your background and how did you come to the idea to create your project?
2.What problems do you see occurring in the blockchain industry nowadays and how does your project aims to solve these problems? What difficulties have you faced during the development of CTHU
Cthulhu Coin CT-HU.com, [02.11.20 02:02]
[In reply to Never Losing]
1. See my answer above.
2. As far as Ethereum, scalability is the single largest issue. You can’t expect industries to use it when a single transaction can cost $7 depending on how many gamblers are buying gender-bending ETH cat NFTs
Bzuin Bhai, [02.11.20 02:01]
1.What is your long-term vision of the industry in which the #CTHU project is working? The cryptocurrency industry is always thriving, what are your plans to keep up with technology trends?
2.How did you choose / end with a ‘CTHU name’? Where does the idea of the name come from for money and why does the logo have any special meaning?
Horizen Light, [02.11.20 02:02]
[In reply to Cthulhu Coin CT-HU.com]
thanks for the information
Cthulhu Coin CT-HU.com, [02.11.20 02:02]
[In reply to Bzuin Bhai]
1. See my answer above.
2. If you don’t know than you don’t know