Recap Session of Chow chow Finance Ama held at Crypto Mansion
- Date: 3/03/2021
- Time: 3 PM UTC
Hello All, We have recently hosted a ama session with Quai Dao Chow Chow Finance .The Chowchow team was represented by Collin Casey. He shared a lot about the project in Details and many information about Chow chow Project.
Introduction Question by Crypto Mansion Team
Que 1) Could you Breifly Introduce yourself to our community?
Yes, I am Collin and am a manager at CHOW. Hey Everyone! I have been in the crypto world for several years and with all the money everyone has been making in crypto, I thought it would be nice to have a crypto that was developed to be entirely dedicated to helping others around the world with all the excess money that is being made!
Que 2) What is Chowchow Finance and what does it have to offer to the Crypto space?
Ans - $CHOW aims to
reimagine the concept of DeFi yield generation through a frictionless utility.
$CHOW is an innovative Ethereum token that charges a 3% transaction fee on
every buy, sell, and transfer. This fee is then redistributed immediately to all
$CHOW holders proportional to the amount of $CHOW they hold.
To maximize holder return, the $CHOW smart contract prevents certain addresses
like the Uniswap pool and exchange wallets from earning fees.
This utility allows for 100% of ALL fees generated to go directly to the holders of $CHOW, Because the transaction fee is higher than other tokens at 3%, this encourages holders to keep their $CHOW as the more they have, the more they earn
Que 3) How is Chowchow Finance Ecosystem looking to solve problems related to Interoperability, Scalability & Adoptability?
Ans - We have already been in talks with making CHOW a multichain asset and plan to do so in the future to increase interoperability. In terms of scalability, I believe the multichain asset characteristic will easily lend itself to more scalability alone. We plan on partnering with major influencers in the near future to spread the word more about CHOW and we are working towards helping others! In terms of adoptability, our website is currently being updated and will have an easier to understand and use user interface that will allow buying CHOW to be quite simple while at the same time letting others know what we are about with an adept genuiness that will be fantastic to see especially since our cause is a good one
Que 4) Since security of funds is paramount to users please What steps did you take to make sure the site is secured from hackers?
Ans - You will not buy or sell directly on the site to make sure there are no risks for security in terms of money. We will have links that will send you to the sites where you can buy CHOW(for example uniswap, and hopefully pancakeswap in the near future when the multichain aspect is fully delivered). No funds will be sent or recieved from the website until we are fully confident in its safety. Before we establish any type of money transfer of an type through the site we will make sure the cyber security aspects are done well. As a team we would higher an expert to go through everything, but as of now there is no need to worry about that since no money goes directly through the site. We will post the charity address of the wallet, so people can directly donate to that wallet if they wish too!
Que 5)Regarding $CHOW token, Do you have any option for token burn/buyback systems in order to increase and ensure the value of the Token & attract Investors to invest?
Ans - There is always an option to burn more of the token supply if we feel the need in order to increase the value. We will do so if needed, but as of now we see no need to. As of now our main goal is to get high volume of buys and sells. CHOW is most profitable to the investor when our daily volume is very high. Investors profit heavily in this way due to the 3% tax on every transaction that is redistributed back to all holders of CHOW
Que 6) $CHOW is hosted on the Ethereum blockchain, With the increasing gas fee, any plans to move to your own blockchain?
Ans - No plans to move to our own blockchain currently, but as mentioned earlier we do plan to make CHOW a multichain asset eventually. The next chain we add will have significantly lower gas fees than the ethereum blockchain. We also are not that concerned about the gas fees because we believe the whales of crypto are on the ethereum blockchain so we believe we will see some huge buys when more people hear about us. The whales of crypto are specific targets but NOT our only targets! We want everyone to invest in CHOW so that crypto charity wallet grows everyday! And everyday it will GROW because remember 3% of EVERY buy and sell goes to holders!
Que 7) Is Chowchow Finance internally or externally audited? Could you share with us the token distribution plan of $chow?
Ans - Yes internally audited. 100 million total supply of tokens. Holders will only recieve tokens from buying and the 3% rewards gained from every buy and sell
That 3% could easily double or triple their wallet supply in a matter of weeks
Que 8). In looking at the current position of blockchain technology, what would be the reason for mass adoption of $CHOW in the future?
Ans - CHOW plans on partnering with some other big name cryptos in the future to increase awareness for charities. Mass adoption of CHOW could easily happen with partnerships with other tokens being successful where investors are encouraged to buy CHOW or donate to the charity wallet which will still benefit all holders of CHOW. We at CHOW hope that people care more about the causes than anything else. We are just trying as best as we can to help promote those causes. With a huge CHOW community the amount of help we could do for the world would be monumental. I think when people see the potential that CHOW has to offer in terms of helping others, I think they will not hesitate to join our community and movement
Questions from Live Telegram Session
Q1) Most DeFi projects especially those ones offering yield farming are driven up by hype and scarcity, so when the hype dies the project dies. What's the key to sustaining project yield farming?
Ans - From a passive income generator, $CHOW exceeds other similar tokens in the
market with the 3% transaction fee which provides more incentive for holders to
keep their $CHOW. This utility has proven successful within other projects to
prevent rapid supply dumps which adversely effects price.
But this advantage by itself simply isn’t enough to maintain continuous attention
to the token that will optimize the investment from the holders. With this in
mind, we have created a utility that we have not yet seen in the crypto space as
this is constructed.
We want to introduce you to the $CHOW Charity Wallet. With each new charity drive comes a new partner with CHOW. We will partner with the charities we are donating to as well as continually get more and more influencers to promote CHOW. The 3% token distribution is what will attract and keep investors while the charity wallet will also attract new investors. If we have big whales say donate $100,000 to the charity wallet that is literally $3000 split up among holders just off that one transaction. CHOW will keep its momentum through continuous and never ending marketing for each new charity during each new charity drive
Q2) "Community" and "Partnership" are fundamental things required to grow a project.
How does your project perform in terms of these two things?
Ans - We will partner with each new charity on each new charity drive happening every 2-4 weeks for a new one. Community will start in telegram and will hopefully grow huge on social media. CHOW Twitter is: @ChowChowF and chow Instagram is:https://www.instagram.com/chowchowfinance/
Q3) DeFi project is very popular and there are many DeFi projects right now, what are your plans for now? what makes $CHOW CHOW unique
Ans - 3% token redistribution with charity wallet
Q4) Security and reliability are the factors that are most concerned by users in the blockchain system. Where is project transparency reflected?
Ans - Transparency of donations will be reflected in the telegram and on our social media’s where we will post a picture of the donations made to the respective charity for each charity drive
Q5)Dont you think that calling CHOW token as a MEME token will reduce the seriousness of investors in purchasing and holding it if so HOW DO YOU RESOLVE THIS
Ans- At this point we are trying to move away from the word MEME and more toward the word altcoin