KuCoin AMA With Verse (VERSE) — Bridging New Users to Decentralized Crypto Solutions

Dear KuCoin Users,

Time: June 03, 2024, 10:00 AM - 11:27 AM (UTC)

KuCoin hosted an AMA (Ask-Me-Anything) session featuring the Product Growth Lead of Verse, Alun Stern, in the KuCoin Exchange Group.

Official Website: https://getverse.com
Whitepaper: https://www.getverse.com/verse-whitepaper.pdf

Follow Verse on X, Telegram and Discord

Q: First, can you tell us a bit about yourself, about Bitcoin.com, and about Verse?

Alun: Sure thing! So, for some background on myself, I’m Alun Stern, Product Growth Lead at Bitcoin.com. I work on pretty much all things related to growth and marketing. As you’ve mentioned, I've been involved in the crypto space for over 7 years now, and I'm passionate about any technology that can radically improve the lives of everyone on the planet. I 100% believe crypto will improve humanity in unprecedented ways, so that’s where my focus is these days. You can learn more about me personally here.

Now, to tell you more about Bitcoin.com, we’ve been around since 2015, and our mission is to create more economic freedom in the world. Which basically means financially empowering people, so we build accessible products for everyone, all the way from beginners to experts and make them as easy as possible to use. Our Wallet App is the main product which has over 50 million wallets created. If you go directly to Bitcoin.com, you’ll be able to find the wallet. And we’ve also been building out quite an extensive DeFi ecosystem featuring the Verse token which as you all know is today’s topic. It’s still extremely new and you can get some right on KuCoin or via the Verse Dex.

Q: Could you delve into what Verse is a bit more? What are its tokenomics and unique features?

Alun: Sure! So, Verse launched in December 2022. It’s a very deflationary token that makes using DeFi easier for beginners. The whitepaper for the Verse Token can be found here, and we're building a powerful community on this link.

You asked about tokenomics - the maximum supply of VERSE tokens is 210 billion, issued over seven years. We did this for unit bias. And 70% of the entire supply is allocated for community and ecosystem developments specifically.

Burns are a huge part of the Verse ecosystem and the supply is extremely deflationary due to burns that come from:

1. Our buy back and burns - where revenue and liquidity to buy back VERSE from the market and send it to the Burn Engine.
2. Sustainable supply reductions - where VERSE from the Ecosystem Fund is allocated to the Burn Engine proportionally to activity in the Verse ecosystem
3. Individual contributors sending Verse to our burn engine.
   Have a look at the burns here and you can read the whitepaper on this link.

Q: What approaches has the team taken to cultivate and maintain an active and engaged community?

Alun: Community is absolutely vital in Web3.

At Bitcoin.com we recognize that. Web3 in general thrives on decentralization and the collective involvement of its participants. Because these are the people that drive innovation, governance, and growth. They basically shape the future direction of projects and platforms. As mentioned, we decided to build a community here.

For the more hardcore members, we have the Verse Lounge which is an exclusive space for our most dedicated members, requiring holding 1 million VERSE to join (which is just under $200).

It offers direct interaction with the entire Bitcoin.com team including the CEO who is very active there. I feel this is quite a unique thing for big projects, please check this one out. If you want to chat with the team, the most hardcore community members, and the CEO, @corbinf who is very active there, feel free to join!

Q: Can you provide some insights into the Verse NFT?

Alun: Absolutely! We’re super excited to announce the launch of our Verse Voyager NFT collection. These NFTs are designed to emphasize exploration and adventure, symbolizing that the holders are not just participants, but pioneers within the Verse ecosystem. It ties back to what I mentioned about communities earlier. And the art is really incredible. They were designed in collaboration with Evan Luza (founder of Cool Cat NFTs - one of the most successful NFT collections) and Alex Solis the artist behind Genzee.

Here's an example of a Voyager.

There’s only 10,000 that’ll be minted and they’re only $3 each. Feel free to check them out on this link. They're designed to be both exclusive and accessible at the same time, so that everyone can get a chance to get one. Keep in mind that you’ll need to first swap into Verse on the Polygon network to buy one here. Here's the minting process!

They're so much fun with the spinners! You may head over to check out the Verse Voyager NFTs.There are only 10,000 Voyager NFTs, only at $3 and they are already halfway gone, so don’t miss out!

Q: Could you give us an overview of some of the exciting initiatives within the Verse Ecosystem?

Alun: Definitely! So a really interesting one is the Verse Scratcher. And the scratchers are basically a really fun scratcher game that one of our developers made during an internal hackathon. You may check it here.

They're these virtual scratch cards where you win rewards if you match 3 numbers. And it's very innovative because the numbers you get are probably random. Compared to games in the traditional world that might be rigged, our one is fully transparent and fair, this is one of the big innovations in crypto. We have a Pizza Day campaign currently ongoing until June 2nd where users can win up to 8,888,888 VERSE in prizes. You may check here for more information.

If you want to try it out, you'll need some Verse on Polygon to get a scratcher ticket. This tutorial should help with that. So, definitely get some Verse and check out scratcher.bitcoin.com, they're super fun.

Q: What is the Verse V-Card, and how do you think crypto cards like this can influence the widespread adoption of cryptocurrencies for everyday use?

Alun: This is an exciting one! The Verse V-Card is an upcoming Web3 debit card we're releasing that allows users to spend their cryptocurrency anywhere Mastercard is accepted.

It's in its very early stages and we're designing it to be the best Web3 card out there. You can find it here and it’s essentially designed to make using crypto in everyday transactions as seamless and easy as possible.

The release of these cards shows how crypto is slowly transforming into a widely accepted payment method. The V-Card is set to launch in the first half of 2024, so join the waitlist! And actually we have a referral competition where you can refer friends and climb the leaderboard. The top 5 people will win a free V-Card! The way it'll work is you'll top up your V-Card in the Bitcoin.com Wallet app using BTC, BCH, ETH, USDC, USDT, and VERSE.

It's going to offer special perks for VERSE holders. So, stay tuned on that!

Q: What future developments or initiatives can we expect from Bitcoin.com and Verse?

Alun: We’ve got some pretty exciting stuff coming up for Bitcoin.com and Verse.

So first up, we’re adding more chains to the Verse DEX.

This means there'll be even more options for trading and swapping assets across different blockchains, making the whole process smoother and more efficient.

We've already expanded the DEX to support multichain swaps across tokens on Polygon, AVAX, BSC, etc. and we believe that crypto will be multi-chain so stay tuned for more innovation on that front here.

We’re also working on creating more earning opportunities for our users.

This includes expanding our introducing new ways to earn yield such as with staking. We believe earning should be easy for anyone whether you’re a seasoned DeFi user or just starting out, there will be plenty of opportunities to grow your assets within our ecosystem.

And actually, you can already stake your Verse here to earn passively on it! Stay tuned for more passive earning opportunities! We’re always exploring new partnerships and collaborations to expand our ecosystem and bring more value to our users.

Verse already has several hundred partnerships in under two years.

This includes integrating with other DeFi protocols, expanding our NFT offerings, and potentially launching new products that leverage the unique capabilities of blockchain technology. And finally, we’re also super excited about our community initiatives. Our public chat and the Verse Lounge will continue to grow!

Q: Beyond your core features, what's the hidden gem in your project that most users might miss?

Alun: One hidden gem in our project that many users might not immediately notice is the Verse Burn Engine. I touched up on it briefly as a key component for Verse.

This feature is a key part of our ecosystem but often flies under the radar compared to our more prominent features like the Wallet App or the Verse DEX. And there's several reasons for this. The most obvious one is the supply reduction.

Tokens are gradually collected from various sources, including a portion of revenue from our products and individual contributions. These tokens are then burned, reducing the total supply of VERSE and potentially increasing the value of the remaining tokens. But a portion of the revenue that comes from our company products actually is used to buy VERSE, and that VERSE gets deposited into the burn engine. So, basically the more products being built and the bigger the community, the more the Verse supply gets burned. You can imagine what sort of effect this could have over the next few years. And we’re also exploring additional rewards for those who initiate burns, such as exclusive NFTs or gamifying it.

Q: People always check about safety and security from any project because of the many hack issues right now. I would like to know how safe your project is? How did you make sure that you are secure?

Alun: Ok this is a great one, especially since most of our users are really new to crypto. Great question!

So we understand that safety and security are top concerns for everyone in the crypto space, especially with the number of hack incidents we've seen.

First off, our team consists of top-notch engineers with extensive experience in blockchain technology and cybersecurity. They've worked on both crypto and non-crypto projects, bringing a wealth of knowledge and expertise to the table, but don't take my word for it. We’ve subjected our products to rigorous security audits by industry leaders to ensure their robustness:

- The DEX has undergone two comprehensive security audits. One was conducted by CertiK, a leading blockchain security firm, and the other by 0xGuard, another industry leader. These audits help us identify and mitigate any potential vulnerabilities

- Our wallet is one of the safest options out there. It's a non-custodial wallet, meaning users have full control over their private keys and funds. The wallet itself has been extensively audited.

- The latest one being by Kudelski to ensure its security and reliability.

These audits are by the top auditing companies in the space and they showed outstanding results. You can even contact those companies directly to confirm.

Finally we prioritize self-custody because it allows users to have complete control over their assets. In a self-custodial setup, even if Bitcoin.com were to face any issues, your funds remain secure because you hold your private keys. So in that case, the security depends fully on you which is great. So check out the wallet at Bitcoin.com.

Q: Who is your ideal consumer for your product and did you take into account the community feedback and requests in the development process to generate new ideas? Failing to understand the target audience and clients often leads to project failures.

Alun: This is also a great question!

Our ideal consumer spans a wide range, from crypto beginners to people who want to keep up to date with news, to seasoned DeFi enthusiasts. We designed our products to be user-friendly and accessible to anyone who wants to explore and benefit from the crypto world.

So basically we target:

- Crypto Beginners

- DeFi Enthusiasts

- Everyday Users

For example, regardless of your experience level with crypto, you can stay up to date here or you can join the Verse Community at this link. Our goal is to create an ecosystem that empowers users at all levels, and our community is a crucial part of that journey.

Q: Do you have an ambassador program? If so, can you provide me with information on how to become an ambassador? Ambassadors play a crucial role in every project.

Alun: Great question! While we don’t have a program officially called an “ambassador program,” we do have a unique and highly engaging community setup that offers similar, if not better, benefits.

The Verse Lounge!

As I mentioned, our Verse Lounge is an exclusive space designed for our most dedicated community members. By holding at least 1 million VERSE tokens (which is just under $300), you can gain access to this vibrant community.

As a member, you’ll get early access to new features and initiatives. This includes beta testing exciting programs like our referral programs and other features with very rewarding incentives. Your feedback will directly influence the direction of Bitcoin.com and Verse.

To join the Verse Lounge, simply acquire at least 1 million VERSE tokens and hold them in your wallet. Once you have the required amount, head over to this link to gain access.

Q: Can you share your social media links so we can keep ourselves updated?

Alun: I'll give a short on how to stay involved in VERSE and our socials.

How to get VERSE:

-You can trade into it directly on KuCoin, you can buy it on the Bitcoin.com Wallet, or swap into it on the Verse DEX.

-Get the Scratchers here.

-Get the Verse V-Card here.

-Join the Verse Community on this link.

As for our socials:

-You can join our Telegram community.

-You can follow us on X for Verse Updates

-You can follow Bitcoin.com’s X account for Bitcoin.com updates

-And finally you can also follow me to read more opinions and thoughts on the space

🎁 Participate in the Verse AMA quiz now for a chance to win 47,321.428 VERSE.

The form will remain open for five days from publishing this AMA recap.

KuCoin and Verse have prepared a total of 8,695,000 VERSE to give away to AMA participants.

1. Pre-AMA activity: 3,312,500 VERSE

2. Free-ask section: 230,000 VERSE

3. Flash mini-game: 1,840,000 VERSE

4. Post-AMA quiz: 3,312,500 VERSE

Sign up for a KuCoin account if you haven’t done so yet, and ensure you complete your KYC verification to be eligible for the rewards.

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