We recently had an AMA session with ICO Speaks and Decentralized Club. We have put together a list of the more insightful and important questions in the hopes this can help users answer any questions about our project and what we do.
About the project:
Soku Swap is a fully decentralized global cryptocurrency exchange that lives on the Binance Smart Chain and Ethereum Network. Our focus is customer service and crypto education
Bitcoin was made out of the need for decentralization and the need to give everyone financial freedom and control over their funds.
Centralized exchanges have pulled the rug, scamming millions of traders over the years — and now the importance of decentralization in crypto is more evident than ever.
Soku Swap is here to make sure everyone has access to crypto education — boosting mainstream cryptocurrency adoption and access to amazing customer support. The goal is to help all users from absolute basics to troubleshooting.
What makes us different?
There are a few answers to this! To put it simply — we focus on the users.
- We offer payouts in the form of SOKU tokens to users based on weekly volume. If you use the exchange a few times a week and have tokens staked, you’ll receive a weekly payout.
- We offer educational content that new and experienced traders have access to, and we provide tools that allow them to make informed trades.
- Our Soku Rating Tool helps users check the validity of tokens to make sure they are safe to buy
- Our platform offers Soku Boxes which contain bundles of top gaining and top trading cryptocurrencies to make it easier for you to diversify your portfolio
- Our walk through guides allow for new users to get help in setting up their wallets, purchasing their first cryptocurrency and making trades on the exchange
- Our customer support is available 24/7 to answer all questions
- Since we run on two chains — the Binance Smart Chain and the Ethereum Network, our exchange runs fast with the lowest gas prices around!
Ticker name: SOKU
Token type: BEP-20
Total token supply: 222,222,222
Total tokens available for sale: 111,111,111
Legal and compliance: 15%
Educational programs: 10%
Token lock up: The equivalent value of 0.05% of all trades that take place on the exchange will be locked up in SOKU Tokens every 30 days for 30 days.
These tokens will be released and a new lock up will start. As the trading volume grows, the amount of tokens locked every 30 days will increase.
Users can earn tokens on the Soku Swap platform through several ways -
1) providing liquidity on the exchange, staking, yield farms, and IFO’s
2) watching and reading educational articles and videos
3) weekly payouts when you stake and trade
How do you use flash loans on the platform?
You can use the flash loans to set up arbitrage trades with exchanges like Pancake Swap and Uniswap. Our flash loans are not just for developers but for the people. You’ll be able to set up a flash loan in a few easy steps.
1. Choose the token you want and how much you want to borrow.
2. Choose the token you’re going to buy.
3. Pick the exchange that you’ll buy from and the one you’ll send to.
4. Submit the order.
What is the Soku Token Rating Tool?
It’s actually a really cool feature! Our team will review the whitepapers of new project tokens and give you their liquidity, total supply, team members, use cases, and whether or not you will be able to sell the tokens. This way traders get all the information they need to make informed trades. It’s also a way to teach new traders what to look for when researching a project.
What is a Soku Swap Box?
This is my personal favorite! Each week, our team goes through a list of the top gainers and most traded tokens in crypto. We make sure the tokens are verified and do the research for you! All users have to do is buy a package, ranging from $50-$1000 and pick the amount of tokens they would like to receive. It gives traders a fun way to diversify their portfolio and discover new cryptocurrencies.
When is the ICO?
The Soku tokens are available for sale at $0.05 during our ICO starting May 3rd at 10AM Central Time (3PM UTC) and ending on May 7th (Friday). After this, we will be on a launchpad where the tokens will be available for $0.07
US participants must fill out the whitelisting form on our website. If you are in the United States you must go to https://www.sokuswap.org/token-sale to fill out the form. All other participants don’t need to fill out the whitelisting form.
When you participate in the Presale starting today you’ll receive SSOKU. These will be used to redeem your SOKU on our site on June 1st. Here’s the contract info for SSOKU.
How does running on two chains help users?
The Ethereum Network and Binance Smart Chain collectively allows us to offer competitive rates on every transaction that takes place on our exchange. It also allows users to trade several additional cryptocurrencies
What does Soku Swap offer in terms of crypto education and how would this benefit users?
It’s been said a lot, the only way to increase mainstream cryptocurrency adoption is by providing education. We offer crypto classes in the form of videos and articles.
The videos are short, fun and easy to understand making it easy for everyone to learn. Along with offering this content the users are rewarded for the classes they attend and every successful referral.
So for example, if you were to refer one of your friends to our classes, you get rewarded in SOKU tokens for every lesson they attend! We believe educating our users and offering a large range of features on one platform is extremely important and something that is missing in the industry.
This segment of the AMA included a live session in which users were able to ask about our project.
People like to invest in the projects which they believe in and, more importantly, where they feel like in a family. Community connections have a key role nowadays for a successful project. My question is, what are your plans to create a CORE COMMUNITY?
This is our favorite aspect of any project — building a community. We love active members and understand the importance of it. It can honestly make or break any project!
We want to build an authentic community — it’s all about quality over quantity here
Could you share what is currently the main focus of the Soku Swap team? What are your plans for the nearest year in terms of marketing and business development? How do you plan to expand the network, community, partnerships, etc?
Our main focus is on building our user base and forming strategic partnerships.
On the marketing front, we plan on using all aspects — guerilla marketing, partnership marketing, affiliate marketing, influencers, articles and publications and creative marketing campaigns
On the business development front, we are aiming for strategic partnerships to help better our platform every step of the way
We plan on expanding through our years of experience in cryptocurrency, through our personal network, outreach and more
Hacking incidents can be seen even on systems with the world’s most secure infrastructures. Does your system secure enough from hackers? What about auditing?
We’ll be using an in-house Security Operations Center (SOC) to monitor for any security risks 24 hours a day.
We have security protocols to protect our domains to prevent attacks similar to what happened to Pancake Swap a couple months ago.
As for auditing, we plan on getting audited before our launch, within the next few weeks.
Do you have any substantial developments in the pipeline for the rest of the year?
Of course! It wouldn’t be worth launching if we were planning to be just another boring exchange! Our timeline can be found on our website, but to sum it up for you:
We plan on launching the Soku Swap platform at the end of the month.
In June we plan on adding our easy to use flash loans to both, the Binance Smart Chain and Ethereum Network.
By Q3 we plan on rolling out our incredible customer service chat and educational platform.
Finally, at the end of the year we plan on launching our own stable coin.
Among the features on offer the Swap Box and Token Score seems most interesting to me. How do you make sure that your users will not be at a loss by trusting the above features for their investment?
The token score is meant to help users make informed trades — as a means to make sure they have all the information right in front of them. We just make it easier to see the information.
In terms of the Token Score — these are basic things that every trader must be looking into with every token:
- The use cases
- Whether the token is sellable or not
- The team members of the project
- The supply of the token
- Trading Volume
Our team basically goes through the whitepapers of newly listed projects and compiles all the information into a Soku Swap Rating.
The Soku Swap Boxes are a way for users to diversify their portfolio in a faster and safer manner. Many traders are actively looking for new projects and upcoming tokens. Rather than spending time doing the research, we do the research for you — making it faster and easier than ever.
The Soku Swap Box mechanism allows users to see the top trading tokens and choose to invest or not.
As an exchange, we certainly cannot guarantee profits or losses, and all investments are made on your own accord, however, we can definitely make the process easier for everyone. Our aim is to educate users, new and old, and to make sure all users have the same opportunities.
We highly recommend all users do their own research before making any investments.