Today Rubic had an AMA session for our Chinese community!
This AMA session was interesting with a lot of tough questions and we are happy to share a transcript of it with you!
- Please introduce yourself, and tell us by what chance did you join the crypto industry? What’s core team members’ working experience before Rubic?
My name is Vladimir, Co-Founder of Rubic, Ph.D. in Computer science.
Our team: In crypto since 2017, focusing mostly on development. We have built many projects with collaboration with top leaders like NEO and Binance. We have won TRON accelerator, Grant from WAVES and Matic (Polygon). Created the most popular smart contract builder — Mywish.io.
Now we are working on Rubic project.
It started in 2015 when I bought 1 bitcoin to try and understand what it is. Then sold it when the price came to $800 :) In 2017 we started development of cryptowill — the problem of losing crypto because of death or losing keys still sounds very important
My name is Alexandra, Co-Founder of Rubic, PR and Marketing, have more than 7 years experience in this area, and have worked globally with different crypto projects such as Cointelegraph, Blockshow, Cryptofriends, NEO and many others.
I have been in crypto since 2017. And it all started because we were invited to organize a crypto event. I was impressed by people who were involved and by the technology itself. And it was the first time when I received my first BTC.
2. Please briefly introduce what is Rubic? What existing problems do you want to solve? What role does Rubic play in the future DeFi ecosystem?
Rubic — the first platform where users can trade and make cross-chain swaps in one place. For example, you need to buy BUSD and have ETH only. Thanks to Rubic you can easily do it by simple steps. Decentralized and open-source protocol.
Despite many other projects, we are combining the blockchains and providing service for all the holders.
For the moment, Rubic supports trades on Ethereum, Polygon(ex Matic), and Binance Smart Chain networks.
Generally what we see in DeFi and Rubic can solve is to create a world-wide universal swap/trading solution, and for that users need:
Extremely low swap costs, cross-chain, high speed (L2), anonymous transactions as option, and support all popular blockchains.
After achieving this, we will get a unique solution on the market for all users. That’s the goal for Rubic in 2021.
3. Has Rubic already crossed Ethereum, BSC, TRON, and Matic? In terms of technical principles, how to implement cross-chain transactions between different blockchains?
Has Rubic already crossed Ethereum, BSC, TRON and Matic? In terms of technical principles, how to implement cross-chain transactions between different blockchains?
Our main goal — connect all solutions at one-place and provide the most convenient interface for the user. At the moment we have cross swaps between Ethereum and BSC only. If we are talking about technical details: unfortunately, there is still no solid (and live) decentralized solution on the market. Panama bridge is centralized. We have also developed several bridges, but it had a centralized part also (backend) for exchanging the events. Looking forward to new decentralized solutions and integrations (From Andre, Gravity Hub, Polygon).
4. DeFi is still a trend now, there are a lot of projects involved. What made you decide to enter the DeFi market? And how do you plan to be different from others?
In addition to the very idea of DeFi, we see plenty of opportunities for services that are easy to use and do not require weeks of training plus there is a competition between blockchains for users. Rubic’s goal is to solve these two problems: to develop a simple service for use in various blockchains. The user can choose the required blockchain depending on his tasks.
And yes the market is very competitive. However let’s go back to the core idea of Rubic — Multichain DeFi Platform.
So there are main 2 strengths of our product: extremely simple to use and Multi and cross-chain swaps. Plus we will release by the end of April the first version of Anonymizer.
5. In terms of trading, compared with CEX, does Rubic have advantages in liquidity, trading depth, fee rate, and quality of trading pairs?
Personally, I think that users who trade on CEX and DEX are different. CEX is providing a comprehensive set of functions for professional trading. DEXs (at the moment) are perfect for instant swaps in the most convenient way and for Liquidity Providers.
We are decentralization adopters and think that DEXs will dominate very soon.
Rubic, except for traditional instant swaps, provides unique features: limit orders for uniswap (for some pairs), private and public p2p trades, unique links generation for the trades, brokerage fees for custom trades and others.
Our key advantage — privacy (Anonymizer tool). We believe that the anonymizer tool is needed for the market. There are a number of scenarios where you need to be able to trade with privacy: Buying or selling tokens under closed agreements, paying bonuses to team members, or making an investment if you’re famous.
Rubic will become a fusion of Tornado Cash and Uniswap, where you will be able to get any tokens into the smart contract and trade and withdraw them completely anonymously. There is no such solution on the market — and, in our opinion, it’s necessary.
6. Will Rubic has a specific target user group? How to develop a more targeted customer acquisition strategy? How big is the Chinese community now?
Thanks for this question. First of all China is one of the main target markets for us. We just started to build the community here. However since 2017 we have worked with many Chinese projects: NEO, EOS and EOSPark, BW.com. We believe that Rubic will disrupt the industry and it is good to start in China. We are the first who are doing cross-chain swaps and instant trades at one place and propose a unique Anonymizer solution.
Regarding the target users group — at the moment we already have a very active community of approximately 10k members on different social media and more than 6k holders. The majority of them are from the US and Europe.
We love our community for their creativity and support. We usually have on a monthly basis live AMA sessions also we share our weekly updates and have many different contests (Meme contests, UI or merchant design) and campaigns. We also work with different media and influencers, partner with many well-know crypto projects such as Dash, Polygon (ex-Matic), Binance Smart Chain, CryptoKek and many others.
7. At present, the multi-chain aggregation trading platform is still subject to centralization problems. How does Rubic avoid centralization risks? And what risk control protection does Rubic have, like auditing and insurance compensation mechanisms for accidents such as hacking?
Yes, you are right — if we are talking about centralization we will always have risks which can be caused by staff, legal or external hacks. Our focus is decentralization and we have fully decentralized p2p trades, instant trades done by external DEXs (you can choose the best rate) and centralized cross-chain swaps,implemented by Binance which has a SAFU program. Security is a priority for us — code was audited by many developers and a bug bounty program is set.
8. Rubic also mentioned launching the crowdfunding function in the white paper. What’s new compared with the existing platform?
Our main advantage is the simplification — you can start crowdfunding in a minute. Set the desired rate for your token and get a unique link which you can share with different groups.
No KYC, AML needed.
9. Rubic once issued a code-free smart contract generation platform, Mywish. Who was served by Mywish and what are its main functions?
Rubic once issued a code-free smart contract generation platform, Mywish. Who were served by Mywish and what are its main functions?
MyWish leading smart contract builder, more than 15000 (!) contracts created by different projects. We helped many projects which you might know. Partnered with Binance, NEO, EOS Park, Waves and others.
The main idea — create standard contracts in several clicks on any blockchain. We support EOS, NEO, Ethereum, TRON, Binance Smart Chain, Matic, RSK.
10. What are the functions (usage scenarios) of Rubic’s token RBC? What is the specific distribution proportion?
RBC is the fuel for the Platform, all revenues are converted to RBC and used for buy back and Liquidity providing.
Also we have a Staking campaign for LPs and it’s popular among our community.
66% of tokens on the market after sale
8% of tokens were directed at conducting marketing and bounty campaigns. 4% of tokens were frozen for 4 months.
10% of tokens are reserved for the team. All tokens are locked, and every 3 months they will be unlocked by 2% (over a year).
8% of tokens are distributed to MyWish holders and will be unlocked every 3 months by 2% (over a year).
8% of tokens are allocated for Uniswap/Pancake Liquidity
At the moment the Circulating Supply is 100,400,000 out of 124,000,000
11.What will Rubic achieve before the end of this year? Your roadmap/plans
This year we plan to release a lot of features such as:
Instant trades on Binance Smart Chain (this week)
Anonymizer (end of April)
Instant trades on Polygon (ex Matic) (Q2)
Mobile support (Q2)
More blockchains (Q3)
Updated UI with charts (Q2)
Own AMM DEX on L2 (Q4)
Anonymizer for Own Dex on L2 (Q4)
Well it is not all the features that we will release we are constantly checking what is going on on the market and doing our best to meet all new possibilities to make Rubic even more friendly for all users.
12. Where can I buy RBC? What are your plans for RBC listing on CEX/DEX?
You can easily buy RBC on rubic.exchange.
And on Probit: https://www.probit.com/app/exchange/RBC-USDT
Next week you will be able to buy wrapped bRBC on BSC on Pancake and all that you will be able also to do through rubic.exchange
And regarding CEX listing — we plan to be listed on one of the Tier1/Tier2 CEXes such as Huobi, Okex, Gate.io, Kucoin and others.
13. At present, the Ethereum network is congested and transaction fees are expensive. Rubic is the main function of Instant Trade. How does Rubic do it? Can you provide some specific outcome by data?
Well I would say that there are several main functions on Rubic.
One of them is Instant Trades. The accumulated transactions volume for the last 1.5 month is $3,131,304 at the moment. It is still small however we see the potential and how our users started to use it more often because of the gas comparison feature and friendly UI.
The second popular feature is cross-chain swaps (ETH and BSC), the volume for the last month was $1,378,965. The most popular pairs are ETH and WETH and a few more: DAI, BUSD-T, USDT, USDC.
We will release instant trades on Binance Smart Chain in the next few days and we are sure that more users will come to Rubic. It will be easy for them to swap from Ethereum to Binance Smart Chain and then trade on BSC immediately, without leaving one place and without huge gas fees.
14. How much is the gas fee for each transaction?
You can always see it on our platform if you are talking about instant trades. For p2p trades they are standard for Ethereum (mostly as on uniswap)
15. What is the benefits of anonymizer to traders?
No one can identify that the whale bought/sold specific tokens. For example, you can participate in private sale and nobody will know that you bought projects tokens and affect the rate based on this information
16. Which wallets currently support RBC access? Does Rubic have an official wallet app?
Currently Metamask only, Walletconnect to be integrated very soon.
17. Auditing has a lag, how can we guarantee the safety of code and customer’s funds in real-time
Thanks for the question. Regarding instant trades — we are using other DEXs for best rate guatantee, no backend needed for the interaction. For p2p trades: our code is open-sourced and were used since 2019, audited by several independent developers and will be audited again after new version release. For cross-chain: using external solutions and project based bridges
We do not plan to replace all DEXs / bridges by our solutions. Our goal is to integrate the best players, combine it and add own developed uniqiue features.
18. How to solve the problem of the high transaction cost of ETH
There are 2 main directions: 1. Since we are multichain you can use Binance Smart Chain or Polygon (ex-Matic) if gas fees are so high. And we will add more blockchain. 2. We are looking into Layer 2 solutions as we have mentioned already, which can mitigate the issue if you are doing many trades
19. What are the advantages over other cross-chain methods? In particular, the dot
Polkadot hopefully will be the leader for cross-chain, and if it happens we will immediately integrate it to us. Currently, polka is not ready for integrations — let’s wait for several months.
While Polka is not ready we integrate other solutions (anyswap, Panama, project-specific bridges)
20. Does the EIP1559 proposal have any effect on the commission fee? Many miners are against the proposal. Can we only transfer to POS?
Yes, I think it will affect the fees. But Rubic is multichain — if you care about fees (as 99% of users now) make swap to BSC, trade there, and back to Ethereum — all in one place on rubic.exchange
n the nearest future we will create unique routes not only inside of one blockchain (let’s say ETH->WETH->USDT->USDC for ETH-USDC pair), but also using cross-chain bridge like “ETH-> wrapped ETH on BSC-> USDС on BSC-> USDС on ETH”
21. What advantages do you have over Polkadot’s cross-chain technology
We are not competing with Polkadot or any other solution. Our goal to combine all the solution in one place with friendly UI and add own features for better experince (like anonymizer).
I personally like Polkadot a lot, and think it’s one of the most promising projects in crypto
22. Once the fee issue is resolved, ETH will take off
Let’s see, others blockchains have own pluses / minuses and we can’t ignore them also
That was our AMA session for the Chinese Community!
Thank you for your precious support!
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