BSOCIAL 12SEP21 Update


COO Alireza Dehghan Introduction
ERC Token Contract Upgrade
DAO Voted: Token Supply 10B
Contract Optimization Solidity 6.4 into 8.7
Tax/LP Tokenomics
Airdrop Specifics/Threshold
Ticker $BSL
Wallet Testing
Website Finalizing

Transcript (English)

Michael: John, how’s it going?

John: Fantastic, how are you doing, Michael?

Michael: I’m doing good. I’m doing good. Another beautiful sunday, the sunday update for our community here.

John: And we’ve got a new face with it. Yeah, you do so. Out further ado, let’s get it, let’s get to it and get Ali on here. Yeah, so introducing we made the announcement last week to a lot of fanfare. I think there was a good amount of engagement that happened on all the BSOCIAL posts. And even on LinkedIn, we had some great engagement. We are going to be bringing Ali on as he’s now full time part of the team. And so, Ali, Reza Token, why don’t you go ahead and introduce yourself as our new COO?

Alireza: So everybody here Alireza Dehghan, basically a serial entrepreneur like most of the team, but I’ve been kind of working as a consultant and on a business development perspective to some of the companies that we know from Crypto exchanges, even banks around the world. And I kind of when I met BankSocial, it was so exciting DAO revolution. And I remember the day that I reached out to John just talking about it, the features that we are going to implement and, you know, the sheer scale of it, what we can provide people. It was just so powerful that I could have used to join. So, yep, our full time part of the team and could be more proud to be so.

John: Yeah, and I think when when we say full time, we don’t just mean, you know, 9:00 to 5:00 or we are literally talking till midnight and starting at five, five a.m. So we’re literally talking 19, 20 hour days, pretty much seven days a week. So when when the team says full time, you know, especially the core group of guys, we are literally working full time for this thing. And so, yeah, just to kind of build upon what Ali said when he when we initially started talking and I found out more about, you know, I was just listening initially to who he was, where he had been, what he had done. And the more I listened, the more intrigued I was. And the more he listened, the more intrigued he got about what we were doing. And then we came to a after probably what it was about a month of going back and forth early. We came to the conclusion that we really need to bring you on as somebody with a significant amount of experience in the specific area that we’re wanting to travel, not just as a general Crypto person, but specifically in the regulatory, you know, lending, banking, financial portions of the ecosystems. And so once we figured that out and like you said, when you told me that you believed in this to the point to where you were willing to, you know, leave everything else behind that you were working on and do this and, you know, it was really humbling. And so we welcome you. I think everybody’s very excited to have you, including myself.

Alireza: Yeah, let’s get on with activity here.

John: Let’s get on with it. We got now we’re we’re psyched. We’re excited. So let’s get on to the exciting parts of this.

Michael: So next thing was the contract.

John: No, the DAO. So let’s talk about the DAO.

Michael: Yeah, that’s all right.

John: That’s it’s part of the contract up there. Right. So we had our BIP0001, our BankSocial improvement proposal, zero zero zero one, the first one. And it went off great. We had there was a request for your preference of ten billion or 100 billion total supply, a very short time. We had to get it done very, very quickly. And the community came through. I think we had close to eighty in a very short time votes. And ten billion is what the community voted on as far as as far as the DAO is concerned. Now, there were a couple of questions about will be BSC be able to vote in ERC be able to vote. There is an eventual migration that will happen that will take into consideration both chains. For now, the BSC side has to match the ERC side. So for this specific Beppie, the when we launched the BSC, the new BSC Token, it will match and mirror the ERC Token. Additionally, roughly 70 percent, 80 percent, 75 percent of the Token holders on the ERC side are also Token holders on the BSC side. So our R vote is really representative when we do the ERC side. It’s really representative of the entire community because we are doing a, you know, fifty one percent means a win. So that’s really what it would take to to push something out there that gets a vote. There were some questions also just specifically on the DAO of, you know, a future area to talk through potential proposals and that that’s something that we’ve been looking at and will have a solution for in the future. But again, the DAO, we want to remind you guys that the DAO is only for certain aspects and getting getting the thoughts of the community on certain aspects because we will be regulatory, you know, we will be adhering to regulatory compliance. There are definitely, you know, vast portions of the ecosystem that the technology built just has to be regulatory compliant. And so there won’t be voting and community decisions on a lot of the technology that’s built. But occasionally, as we have done here, putting it out for community thoughts is something that the DAO will continue to function as an operators’. Further, let’s get into the what everybody’s probably here for, which is the contract improvement. So I’ll talk through it really quickly and then I’ll turn it over to Ali to brief us a little bit more on some of the reasoning why. But some of the benefits or improvements that are coming out of this are we’ve upgraded the contract to no longer use a much older version of the solidity EVM, the Ethereum virtual machine, which is the the what essentially the solidity contract runs in or on. We’re on the latest version now. So the newest contract will be running on eight point seven. That’ll get us some increased or decreased gas VC’s an increase in efficiency. Three hundred lines, less lines of code. We’re almost talking about twenty five percent decrease in the size of the contract, which will also result in some and result in less gas. And really we lost zero functionality and we only added functionality. So the initial Token was a fork. As most of you know, the initial Token was a fork. We made changes to it. We made some significant improvements to it as far as gas costs were concerned. And we got with our with our first round, we got a very, very good contract out of it. This next one, we’ve improved significantly all the things that I’ve just said and we’ve added features. So, you know, ten billion supply is one of the first things we made it configurable. So that only sells get taxed. We can turn both on to where both buys and sells get taxed. But we have a lot of people who were really confused. And I think one of ours is going to be one of the first contracts that will allow us to only tax sells. So this is a big, big improvement because now the onboarding of of users is going to be a lot easier. The Token nomics will remain unchanged. So we still have the three percent in the four percent and then we’re splitting off the liquidity pool from the lending pool. So those will be diverge. They’ll no longer be mixed together. And that that in itself provides for a tremendous amount of benefit and security. Ali, I’ll let you go into really the reason why we did. I mean, these things that I just talked about were more like, hey, while we’re doing this mine as well, you know, significantly upgrade the Token, but we really had a reason why. So I’ll let you go ahead and go into that.

Alireza: Yeah, building up on that, John, this question is clear that sure, new features great, but why did we need to do this? This had to be done. Look, we’re going forward. This is not a Token anymore. This is a company that has to adhere to regulatory compliance if we want to provide financial services. That’s where we’re going. This upgrade was because we are moving forward, because they were moving forward and we want to offer financial services. I don’t want to mention all of them. I mean, lending is guaranteed

John: that you mention all of them right now.

Alireza: Yeah, there were other things, kind of like the financial infrastructure to be able to provide them and to be able to do that. We have to have certain features within the contract to be able to get the regulatory approval. These regulations differ by Australia that we’ve worked before. Was that and the Australian Securities and Investment Commission FCA and we’re exploring different kind of jurisdictions and they don’t want to, again, cover the jurisdictions. But you’re going to hear some exciting news about that soon as well. But yeah, this had to happen. It will happen to be sorry we couldn’t announce it. We can’t announce when it’s going to happen. It be a seaside as well, again, just because of the regular compliance. But it’s going to happen. And this is a move forward. This is a positive thing that is happening for the Token. We are getting regulatory compliance and then we do that, we can start offering financial services. So that was the basic reason why this had to happen. We thought now it’s happening. One of that more features. Why not decrease the supply and. That’s basically the reason it had to happen.

John: Yep, exactly, and, you know, like like Ali was saying, the moves that are being made are being made soon. And so we really had to put this at the forefront because, again, if the Token isn’t behaving in a compliant manner, then there’s really challenges going forward with how fast we can move forward and the additional measures that have to be taken down the road. We would prefer to get those out of the way, do what we need to do now and not have any side roads that need to be traveled as we’re heading down the main path with all these, you know, regulatory compliance, you know, milestones that are going to be in front of us. And so this is a I’m I’m you know, I like to say that I’m excited a lot, but this is a very exciting time for us because it does put us into the position of being able to move at faster and faster and faster paces towards these milestones as we hit them. There are several other features baked into the contract, but of course, since it’s open source, you guys will see that when it comes out. We went through kind of the ones that community was asking about the most and things that we implemented based on just the last three months, three and a half months of working through this. But yeah, it’s very, very exciting. And then, like Ali said, the BSC upgrade will roll out shortly after the ERC upgrade. One other thing here is that on the ERC side, there were about two thousand wallets that had less than seven dollars in them. And so we’re not going to just make those people lose out on that funds. But we we do think that those funds are better traded on the back side. And so what we’ll be doing is those two thousand wallets that are that have less than it’s about seven dollars, seven and a half dollars, those wallets will be airdropped, the equivalent amount on the BSC side. So absolutely no funds are are compromised at the end of the day. So just wanted to make that comment as well. We’ve taken that into consideration and that will be part of this move. On the ERC side. Was there anything else that we missed in there, Michael Ali?

Alireza: No, not really. I think so, the gist of it,

John: yeah, yeah, I think that was pretty much the gist of it. So we’ll be doing for those who have questions, will be doing a Twitter space’s right after this. A short Twitter space’s because we do have a lot of activities to wrap up today. The what we can say is that we will have an announcement come out as soon as possible regarding the new contract address and then you’ll start after that, you’ll start seeing the Token drop. So let’s talk about real quick. The process, I guess, is what we’re going to so the process will be the new contract will come out, will announce a new contract on Sociales as well as in telegram. Once we have that, we’ll start the air drops. You’ll start to notice those should come through fairly quickly after the contract address has come out. I guess anybody who was around for the BSC once we started the BSC air drops, they happened rather quickly. And so now that we have that under our belts, we can move forward a lot faster. On this side, we also put out the Token list of who who’s getting what, what the transfer down was. So it’s basically going to be a thousand to one. So a thousand tokens before would be worth one Token going forward with the ten billion supply from the ten trillion. And then once we have the air drops done, we’ll make an announcement of when the new liquidity pool will be funded on UniSwap. And we’ll have a specific day with the countdown, with a timeline. And it’ll happen. This will happen very quickly in succession. We have no plans on dragging any of this out. And there should be, as far as we can see right now, no roadblocks or even minor setbacks that would keep us from very quickly moving this along for the next twelve or twenty four hours. So just kind of keep keep those, you know, on the lookout for those and be ready once you see those. So literally, the only thing you’ll have to do is add the new Token contract address into whatever wallet you’re using and everything will show up as far as what else, maybe take another day or two for it to show up for the for the logo to show up and for the pricing to show up in the wallet. That may take another day or two while all those pieces get get coordinated out. But for the most part, everything will remain unchanged. When you log in to UniSwap, you’ll be able to see the exact Token value Token amount. How much is there everything? And you’ll be able to confirm all that. So was there anything I left out, Ali, Michael?

Alireza: The only thing that I want to note here is that you remember, if you want to do this correctly and fast, you don’t want to do it right now at the risk of failure or a glitch or something that basically make problems in the long run. So that’s the reason. I’m not sure if it’s going to be twelve hours or twenty four hours or forty eight hours. It’s going to happen pretty soon. But it’s the sure thing that you’re kind of managing is that it’s going to happen correctly. Yep. We want it.

John: Yeah, absolutely. Well said. That’s exactly right. So we’re going to do it with with the eliminate all negative impacts is our main focus because it is a we are migrating a bunch and then I’ll just touch on that really quickly. We’ve made a couple of posts, so we have started to draw down on the liquidity. You may see a couple other transactions occurring from the ERC side. All that liquidity is on a cold storage right now and will be migrated. We’ll be migrating portions of that into the new contract once we launch and go into the new UniSwap contract. So if you see that I know there were some questions last night, by the way, the community has been fantastic. I mean, there’s been minimal FUD. It’s great to see that the community puts this much trust in us. You know, the whale community has been excellent. The community at large has been excellent. And so, yeah, just know that everything is working as it needs to. We’ve got to drain down the liquidity on one side and then bring up the liquidity on the other side. And so that’s perfectly normal. It’s perfectly part of this. Let’s get on to some more exciting stuff. So we have been working and I think, Ali, you’re working on a draft of another email that’s going to come out regarding we’ve had a bunch of new sign ups for testing. So we’re going to send out another email with a reminder to everybody. Maybe I’ll just go into that really quick about the iOS and Android app real quick.

Alireza: Basically, we have the Android app and the other application also includes a wallet and so many features at the moment, the initial release, we have it ready and we’re kind of testing it. The people who have to test it, once it’s done, it’s going to be released to the public. The next one is going to be the Iosava, which is almost done, and then they’re going to basically test that out again. If you’re interested in passing out the iOS app, do register wherever we provide that. And so we can get it into your hands. Let’s get all the bugs out and, you know, release the final great version out there simultaneously. I wanted to note that. Even I don’t want to name any names, but even the ones, the famous ones don’t have an application right now. OK, you literally had to walk like in the past month or so, we’ve been working like. I don’t want to just throw out a number out there, but I’m pretty sure I’ve been working 16 hours per day, John.

John: Oh, yeah, 80 hour weeks. Easy, easy.

Alireza: So we’ve been trying to get this out as fast as possible, whatever we’re doing. You want to do it as fast as possible

John: and say

Alireza: let’s just say exactly. Yeah. So that’s. I was just released earlier. As safe as possible and features that you can’t even imagine right now, so stay tuned for that. Check the news come out better than you probably know. Great things happening here. Just stay tuned and wait for it.

John: Absolutely. And so you will be seeing an email, we’ll have an email coming out, it’s going to be outlining for the iOS testers, you’ll need to it’s a little bit different than the Android side. You’ll need to download test flight on iOS. And test flight will be your, you know, key to getting your invitation for the iOS app download. So we’ll be sending out an email sometime, you know, soon, very, very soon. Again, reminding the new sign ups where they can get their hands on the Android test app and then any iOS people, what they need to do to prep for the iOS app to come out through test kit or test flight. Yeah, great. So very excited on the app front because, again, like Ali was saying, we’ve been working so hard on it and we’ve gotten it to the point to where not only is it where we feel like the even the what’s coming back from the community as far as testing has been extremely positive. We have seen zero massive bugs. I think most of the bugs that we’re seeing are interface tweaks that need to happen. There were maybe a few spelling things that need to happen, but we’ve literally had nobody come with a massive bug and say there’s, you know, there’s this massive issue happening. So and I think that just speaks to is a testament to how hard we’ve been working to ensure not only a speedy the fastest delivery we can possibly bring to the community, but in the in a manner that provides the ultimate and most security and safest product that we can launch, especially given that this application deals with your Crypto. So we’re extremely excited. It’s going very, very well. And with that, let’s jump over to the website. So, Ali, you and I, we’ve been spending, you know, this week kind of put a little bit more time into the Token. But for the last week and a half, two weeks, we’ve been really honing in on the exact message and feature set really for the future of BankSocial. And I don’t think people are I don’t think they understand where we are now and what our aim and vision and goal is to be in the future. And we’re not going to announce it here on this on this chat. But, you know, the website, the reason why that’s just taken not only is the website just light years ahead of where most the vast majority of other cryptos are, it’s it’s light years ahead of where maybe a lot of other businesses are. And so with that, we want to utilize this new Web site as a launch pad, not only for the vision, but for the future of BankSocial and capability based set of operations that it intends to provide.

Alireza: Yeah, I think the website will speak for itself, it doesn’t need any kind of this, it doesn’t need any kind of, you know, advocating for it. People can see that once it’s released.

John: Yeah, absolutely. I agree wholeheartedly. So we’re very excited about that. And then, you know, wrapping up here, we made a post, a very interesting post this week. So part of what Ali and I do, you know, quite frequently is analytics and deep diving into the user base in the community just to understand who, where, what, how, you know, the personas that we’re dealing with. It’s important for marketing. It’s important for application development. It’s of utmost importance for just the future ecosystem. What what kind of users and what do they want to see? And what we found when we were doing this deep dove is that we are in we have holders in 80 percent of the countries around the world. It was an amazing it was an amazing find. When we were looking at this. We both kind of looked at each other through through the blockchain, through the through the the TV screens. But we both looked at each other and said, wow, this is incredible in, you know, three months, three and a half months, what we’ve been able to accomplish and how far we’ve come just in three months with being in 80 percent of the countries around the world. Exactly now, yeah, so I don’t know, Ali, was there anything else that we missed out on, Michael? Anything else that we missed out on for this update? I know we have a lot to do today, so we wanted to keep this one very informative and short, get through it and get back to it. No,.

Michael: On my side, really, I do know people are asked about the contract and we’re not going to tell them the contract exactly yet. But did you mention the ticker symbol? I don’t know if you mentioned that.

John: Oh, OK. So we can mention the ticker symbol, Ali. So we we’ve honed it down. And right now, the ticker symbol that we finalized on is BSL Bravo, Sierra Lima. So a three letter ticker symbol. It’s you know, we think it has a lot of benefits. We won’t go into all of them here now. We can maybe share them later. Yeah, we’ll share them on Twitter. So we’re going to do a space’s after this to answer everybody’s questions. We’ll all jump on there and we’ll be on there for about 15 minutes. We’re going to try to make these quick guys because we have a lot going on today. We need to get back to it. Ali, myself, several of the other core group members were all working pretty much tirelessly. We work till about one a.m., two a.m. last night and got up very early, got back on it. So we just need to get back to it. But we do want to give the community the feedback they need. And so we’ll jump on Twitter spaces. Anything else that we were. Wanting to get out, Ali, Michael.

Alireza: Lots of things to talk about, but, I mean, how can you just push whatever’s happening in BankSocial into 30 minutes?

John: Yeah, you can’t take it would take us, you know, months and months to describe everything. You’re absolutely right.

Alireza: Yeah.

John: All right, guys. Well, with that, all the love and all the power. We appreciate everybody joining us today. Jump on Twitter spaces will be on there in about 10, 15 minutes. And then we’ll spend about 10, 15 minutes going through anybody’s questions on the Twitter spaces. Anything else, guys? You guys want to sign off? I said, have a good day. All right, thanks so much, everybody. We’ll see how soon.