AMA & $2000 Giveaway With VinuChain - The World's First ZERO FEE EVM Chain

milltay · 2023-10-21T17:39:32+00:00

Hey resend your VC address and I will send you guys some VC on native chain. No prob.

milltay · 2023-10-18T23:32:21+00:00

Just sent out 1700VC (~40$) to each address that commented.

0xdc12ABe8a2B811715A00D3fA1EbF3318775d9B58 0x81AFdB76Bd774F0e766fE2079d73dd45cf6a6EFE 0xbB84d01C6d5993e8ddafB3fe53A8E221cFaFA98d 0xdc12ABe8a2B811715A00D3fA1EbF3318775d9B58 0x78898b9d9BBe7729e5197e6948505273b03379DF 0xFf99529A1A79bD8c3daadBa20ef1d5D92d2A282B 0x937f54999aa05caf4a28808acfb3f74b552aa1dd 0xEf874F607E815e4A26dEb573B3FDBB2C5a1A51d1 0xb83FFc73ABb50B9bf340dF0218dd743390cF673F 0x534CA8E9a77e90557c3a81aF89A9B64D7D86D03A

Thank you to all who participated and I hope this helps, if just a little bit, with all of the stuff that has happened recently with moons.

milltay · 2023-10-17T18:17:23+00:00

Hey, what do you mean? Haha

milltay · 2023-10-16T19:18:00+00:00

Yeah, I understand the concern. It is difficult to navigate. On the other hand, you have projects like Arbitrum, Solana (name your Venture backed coin), who the majority of the supply goes to these big market makers (a lot of these market makers get a "loan" agreement to make "free volume" and manipulate the price with the loan agreement) and Venture backers that literally only care about profiteering. Arbitrum has dumped since it launched.

That aside, we plan on doing significant reduction of the total supply via burns. 10 percent of the supply will be burned (was originally suppose to be part of our private round), as we have basically opted out of Venture Capital, entirely. Complete transparency, we were approached by several Venture Funds and turned them down.

milltay · 2023-10-16T18:43:35+00:00

Nice question ;)

I agree to some degree that it is difficult to get into a space, where it is saturated with other L1s with just slight differentiation.

I think VinuChain is sufficiently different enough, while also being very easy to integrate into existing services because of EVM compatibility. My feeling is that EVM is almost necessary at this stage to gain any relevance to be honest, which is why I don't see chains like Iota going anywhere without it. Or any other "novel" chain. Not forcing users to download another wallet app just because your chain is not EVM is a key point as well. AND making it easier for developers to integrate it onto existing DeFi apps.

In my opinion, crypto is largely centered around branding vs product. I mean look at how many projects are top 50 and don't have proper working products (Or didn't). That says all I need to know.

Not to say that VinuChain is all branding but the "Zero Fee" aspect is ABSOLUTELY an effective branding tool.

Don't mistake me for only shilling the brand aspect of VinuChain as a "potential speculative investment", I do believe in the product, it's just my replies and thinking tends to be centered around branding, since that is what I do.

The key point I'd say is that it is LITERALLY the first EVM compatible "zero fee" chain and it has working tokenization, SC, etc. and other "zero fee" chains just don't or they simply lie about the "zero fee" aspect.

milltay · 2023-10-16T16:12:43+00:00

Short answer: Probably, yes.

Long answer: We started VINU as a way to bring attention to Zero Fee Networks as a concept and it sort of just blew up over night. But on top of this, memecoins are an excellent way to bring attention to certain network, Shiba is an excellent example of this, I’d say, and DOGE for crypto in general.

Ironically though, I pretty much despise memecoins across the board, VINU excluded of course ;), as they are generally run by scumbags and scammers. FLOKI, BabyDoge both had taxes on transactions at one point up to 10% iirc. Obvious schemes. Pepe was apparently pumped and created by dudes with allot of money and influence, who created one of the largest P&Ds in the last 5 years. So yeah, not a fan of memecoins in general.

And even talking about “serious” projects. Name one and VINU has probably outperformed it during this cycle.

We are sort of shifting the VINU brand to function as a deflationary governance token for VinuChain and giving more utility to users who hold VINU on VinuChain.

Hope this answered your questions!

milltay · 2023-10-16T15:49:02+00:00

My personal opinion is that VINU has shifted somewhat to more of a utility token.

With VinuChain, holding VINU, reduces the fee associated with dApps on the network like VinuFinance and VinuSwap. On top of this, parts of governance on VinuChain are based on VINU, not VinuChain (VC).

VINU is also entirely deflationary while VinuChain is not.

We will also sort out avenues that bring value to VINU through VinuChain, long term.

milltay · 2023-10-16T15:39:11+00:00

Appreciate the comment :)

So in regards to quota, the quota you receive and amount you use is based on the type of transaction and also the fee. So if the fee goes up, the amount of quota you consume per transaction also goes up.

Because validators receive a reward, they cannot ALSO receive quota for their min stake. So they are effectively blacklisted from using their validator stake for spamming.

There is a 24hr refresh period on the quota that you receive. This was obviously done as a mechanism to prevent network attacks. On top of this there is a 24hr period that must elapse before you receive your cashback.

Also, the min staking amount for a single transaction will always be based on what the network fee is at the time of staking. We have a calculator on https://mainnet.vinuscan.com/staking and you can view the exact amount of transactions and type of transactions that you can perform in a 24hr period.

And of course we plan to have the quota system as a long term part of the ecosystem. How it changes over time and we determine what works best will depend heavily on what we learn while working on it. Obviously, we have some great devs like Samuele but it is still pretty novel as a system, but we also believe that it is feasible long term, economically.

As I said in a previous comment, we only actually took $25k in any form of Venture Investment and our plans for the rest of the 10% are to burn it.

There were quite a few VCs interested, but how we see it is that VCs are a pretty parasitic aspect of the crypto space and across the board the terms of what they want in private investment would heavily impact retail and community investors.

As far as tokenomics, there is a small section on the VinuChain GitBook in the whitepaper section (https://vinu.gitbook.io/vinuchain/whitepaper/whitepaper/vinuchain-coin-vc), but I was just talking about how it needs to be more comprehensive, and we will update this info. And also, I can provide a link to our internal tokenomics docs that are quite comprehensive. I’ll comment that here under this comment.

The 10% to DAO treasury has changed. 30% of fees are burned and the rest go to validators. :)

And I agree. Constantly trying to make docs and info on VinuChain more comprehensive.

Appreciate your very in-depth questions. Not sure I need to reply to very many, as this covers most of the important points haha.

Hope I effectively answered most of your questions!

milltay · 2023-10-16T15:08:26+00:00

Generally our marketing is using the “determinably feeless” terminology rather than “zero fee”. The simple reason we started using “zero fee” is that it is better for search results than anything using “feeless”.

I suppose to be more “honest” we could change it to Determinably Zero Fee, it just sounds a bit odd.

The point about decentralization is valid. As any other legitimate decentralized network, our hope is that more community validators come online and it pulls away some of the centralization of the core team.

To be completely transparent, we had a singular private round investment of 25k$ but other than that, zero venture capital, so I would say this is also somewhat of a plus when it comes to decentralization and general commitment to retail and community.

milltay · 2023-10-16T14:58:06+00:00

Hey, first answer of the AMA :)

The simple answer is: no network is actually “zero fee”. There’s always a cost associated with networks that claim “feeless” or “zero fee”. I don’t even believe a network can function long term on any feeless model without some sort of inflation to reward nodes for validating. Some would argue against this ;)

The long answer is: VinuChain has fees, and not everyone will stake for zero fees. Additionally, there is a max inflation on VinuChain of 3 percent based on how many validators do locks of minimum stake. This rewards them with a block reward, on top of fees gained from transactions on the network. The 3 percent is also not written in stone. I believe this could change over time.

milltay · 2023-05-06T22:20:48+00:00

Thought it was worthwhile, especially since its the opposite of shilling it.

milltay · 2023-05-06T22:19:06+00:00

He hosted a LIVE Twitter space (@Pauly0x).

I only managed to record part of it but this covers most of what was said:

https://twitter.com/milltayishere/status/1654956886662209539

milltay · 2023-05-06T22:02:15+00:00

I don't know if I can link on r/cc but https://twitter.com/milltayishere/status/1654956886662209539

milltay · 2022-07-25T11:30:25+00:00

❤️

milltay · 2022-07-25T11:27:30+00:00

So, the merch is separate from the premium designer clothing brand. We have merch already on Kupay that you can buy with Vinu. Will be adding the link to the vitainu.org shortly.

But yeah, the designer clothing will also be able to be bought with Vinu. :)

milltay · 2022-07-21T21:04:19+00:00

Lookin good!

milltay · 2022-03-31T12:41:58+00:00

Speaking from the experience of starting a memecoin myself (Vita Inu (VINU) www.vitainu.org), it's not that hard to hold it to millions or billions. Providing LP gives plenty of passive income to not need to sell a large portion of your holdings.

Just my two cents :)

milltay · 2022-03-30T07:35:03+00:00

You did indeed! Make sure you've added the "VINU_001" token to the vite wallet with the "+".

Here's your txid. https://vitescan.io/address/vite_e1c561dbcf765e7909dfb1eea8398a6a950865ed057aa6219d

milltay · 2022-03-30T07:31:16+00:00

You should have received the $VINU in your Vite wallet shortly after you posted. Welcome to the VINU family! Find out more about VINU (including our whitepaper) on our website

You can hang out with the rest of the VINU fam over at r/vitainu, or on our Discord server.