BinStarter is a decentralized insurance protocol that possesses a mining-style approval mechanism that brings both projects and liquidity providers together.
The General Manager of Altcoin Buzz, Anindya (Ani) Baidya, anchored the BinStarter AMA session on our Telegram channel with Mihir Magudia, the Communications Director of BinStarter.
Below is a recap of the AMA session with Mihir Magudia to understand what they are about. Notably, the AMA is in three segments: introduction, deep dive, and community questions and answers.
Segment 1: Introduction to BinStarter
Q – Tell us a bit about your journey until now, a small summary.
So BinStarter was started to create something different in the industry. Our founders wanted to offer a decentralized platform that, nonetheless, protected its members and participants. It started with the launch of the $BSR token and grew from there.
Since our start, we’ve supported projects all over the world from many different sectors of the industry. This month, we’ll be celebrating our 30th IDO, and projects that we have supported have had incredible success.
Q – Tell us a bit about yourself and your team. Where is the team based?
I’m Mihir – I’ve been in crypto and blockchain in various ways since 2012. I’ve been spending most of my time over the past few years doing public speaking all around the world about crypto and blockchain tech. I created the Digital Currency Foundation, the Parliamentary Group in the UK for Digital Currencies, and recently published my first book about Bitcoin.
The team is based all over the world, I’m in the UK. We have a large support team in the Philippines and staff in central Europe and Georgia.
Shelby is our visionary CEO – he’s got several years of experience in the sector and has led some really exciting projects. He’s the clever mind behind the success of BinStarter.
Angel runs our operations. She’s also been in crypto since at least 2014 and really gets this sector. She understands how it fits together and what we need to do to give the best possible service to projects and look after our investors.
Cag runs business development. He’s got a long track record working for large and small corporate businesses based around the world, and he’s really talented and working out how BinStarter can do the best job for every project on the platform
Ana runs our Quality Control. She’s one of the key people who makes sure that every single project on BinStarter is as good as possible and our supporters can have confidence in the projects we work with.
Finally, Bryan makes everything happen. I’ve never seen anyone work as hard as him. He’s the guy who investigates the projects from day one and vets them before we even see them. Without Bryan, nothing would ever get on to the platform.
Segment 2: Deep Dive
More Information About the Project
Q – Tell us about BinStarter in a nutshell. What are your offerings?
So, BinStarter is a launchpad for exciting new blockchain projects. We’re here to connect fantastic projects with fantastic people who want to support them.
Of course, there are so many other launchpads in the industry, but I think there are a few things that are special about BinStarter.
The main one (and I won’t go into all of them) is Partnership Working. We understand that success for our community and success for our projects is the only way that BinStarter achieves success. Because of this, we work really closely with every single project on our platform. We look and advise them wherever we can, from marketing to market-making, and always share our expertise.
For our community, our insurance protocol makes sure that they are always protected from rogue elements in the industry, and we always put them first.
Q – Concerning the insurance part, you said you are an “insurance protocol with decentralized approval mechanism.” What does this mean?
Right now, the insurance protocol is managed by the BinStarter team, and our forthcoming roadmap will contain exciting new information about how that is developing.
In practice, it means that first we take an extra careful view and check how each project is planned – such as liquidation strategy, tokenomics, bugs, market-making strategies, and ensuring they are sticking to their plan.
Where our community is disadvantaged in the IDO/listing process, the insurance system kicks in and our community is directly refunded. Sometimes, projects don’t succeed. That’s part of the industry. But, we never allow our community to be disadvantaged or treated unfairly because of decisions that a project has taken or could have foreseen. That’s how we protect our community and why we’ve built up so much trust with them.
Q – Coming to the community being disadvantaged by an IDO, what are the points that you consider to be of disadvantage to the users? One example may be team dumping before the vesting period.
We’ve only ever had to use the protocol twice – so these are fortunately not common events. If the team, or indeed another launchpad working on the project, releases tokens at different times that don’t give everyone the same chance at listing, then that could trigger the protocol.
If there is a last-minute bug that pops up and destroys the token vesting plan, that might be another. These are not common events (which is how it should be), but essentially, it comes down to a question of, “Have BinStarter members been treated unfairly in this process?” If they have, then we take action.
Q – You have launched approximately 29 projects until now? Which projects are your biggest wins so far?
Hah – I don’t like to pick favorites. We love every single project on our platform, and we’ve got fantastic working relationships with every single one of them.
Q – The ecosystem has become very competitive with so many launchpads and many project launches that are not up to the mark. In this scenario, it is important to keep a competitive advantage. How do you compete with big names like Red Kite and Seedify? Will your core offering of insurance and good projects be enough?
There are some incredible launchpads out there, and I don’t see us as hard competitors. The industry is still too young for that sort of approach. Competition only comes when we’re dealing with finite resources, and we’re not even close to that yet in this ecosystem.
There are loads of fantastic projects out there, and we are always keen for them to launch on multiple launchpads.
Today, the size of the community is still tiny. If all the launchpads try to grab sections of the current community, then we’ll all fail.
Instead, the challenge and the opportunity for all of us is to reach out to the community who have never considered an IDO and who don’t know how to participate. Those are the next market, and it’s not about competing to do it, it’s about growing the industry together.
At BinStarter, when we see one of our projects is launching on multiple launchpads, we’re always pleased. It helps their chances of success, which means the industry had more successful projects, which means more developers choose to an IDO, which means more success for launchpads, etc.
Q – What plans do you have in your upcoming roadmap?
I’ll only share some headlines now as we want to make sure the whole community gets the news at the same time. But lots of it is about reaching that mass market I just mentioned. A simpler approach to getting involved in our IDOs is a chain-agnostic structure that lets more and more projects partner with us. And probably the most exciting thing is even more utility for $BSR.
This has been a hugely successful token so far, and a section of the new roadmap will show how much more it can and will do.
Segment 3: Community Questions and Answers
For this segment, the five best questions shared $500 $BUSD. One of the questions is as follows:
Q – What will be an advantage of holding $BSR when it comes to launchpad projects? Is there a minimum amount required or is it tiered? I’ve seen before that there is potential for $BSR holders to receive Private Pools and Whitelisting. Can that be insisted?
Yes. When it comes to IDOs, $BSR is about access to pools and guaranteed allocations. You can see the pool amounts and requirements on our Telegram channel. They’re published by the admins very regularly.
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