On May 29th, 2022, the 5ROI Global community had the opportunity to welcome David Do – CEO of 5ROI Global (ROI) to participate in the AMA to provide useful information and answer questions. investors about 5ROI Global conducting its maintenance in the next two months.
– Time: 13:00 (UTC) on May 29th, 2022.
– Organization form: Livestream via Zoom.
Here are some key takeaways from this AMA:
I. Questions asked from the community before the AMA:
1. Question: Why does the 5ROI exchange say it has a license but now it says it is applying for a license? What is the old license?
Mr. David Do replied: 5ROI Global registered the company license in Cayman in 2021 and the company set up a headquarters in Dubai. In September 2021, 5ROI Global started applying for an exchange license in Dubai, but the approval process was affected due to the host country’s mechanism, resulting in a delay from the original plan. However, at the beginning of 2022, two major exchanges, Binance and FTX, have been working with the Dubai government in widenning the policies. Currently, Dubai has just started accepting and opening the doors for licensing, which is a good signal for 5ROI Global to be able to quickly apply for a license in Dubai.
2. Question: Why do Users have to re-do account registration when applying for a license? And do KYC again?
Mr. David Do replied: All transactions on the exchange are like the combined model of two bodies, namely a bank and a stock exchange, which both keep investors’ cash flows and at the same time trade assets – future value of the project. Therefore, all financial transactions need to transparently report at each cash flow. 5ROI Global’s KYC system was mostly handled by hand in the past, then although we have used a 3rd party’s technology to check KYC by AI, still it has not met the international standards, leading to many issue in validating the cash flow. On some exchanges in the world, most of the funds that users withdrawn from them will be locked out or even user’s accounts if the money flơ can not be proven to be legitimate by the users. This is something 5ROI Global has not been able to strictly control so far. Therefore, in order to get the Dubai’s license, 5ROI Global is required to to completely check the KYC of all accounts according to the new standard, this is to help make the exchange’s cash flows transparent.
Regarding the fact that 5ROI Global requires users to withdraw all assets from the exchange, this is actually a good thing because most exchanges in the world would not dare to open for users to withdraw, because they might have used user’s funds.
3. Question: Why is the withdrawal fee so high? What is the fee based on?
David Do replied: 5ROI Global does not keep user’s assets at all, but we use a third party management system, Cobo Custody, to manage the cold wallets. So, all the fees when withdraw is from Cobo that charges 5ROI Global, and those fee are charged by 5ROI Global to the user. When the tokens have low value, and low liquidity, 5ROI Global almost has to buy back those tokens on the market and use BNB to pay back to Cobo. Therefore, all costs will be calculated by the system, so when the token have low price, token withdrawal fee actually increases.
4. Question: Why did users have to withdraw all assets? Why do the remaining unwithdrawn tokens get demonetized?
Mr. David Do replied: This is the project’s fault. Before the announcement, we expected that in about 10 days people would withdraw all out instead of wanting to keep it on the exchange. After listening to users’ comments, we decided to record the number of tokens/coins and when we reopen, the exchange will base on the user’s email data to refund to their 5ROI account. Another option is 5ROI Global will keep the user data and proceed to re-do all KYC, just like before when we was migrating the system infrastructure, the exchange had to delete all transaction data and retransfer assets. This way, people will not have to re-register. However, it is imperative that everyone needs to KYC again according to the new standard.
5. Question: Why remove the name of the project’s founding teams from the whitepaper?
Mr. David Do replied: Founding team members have existed from the project. The project has not yet selected the right people who will be on board in long term. Therefore, we have not been able to announce new core team for the time being. However, it is normal for a blockchain project to not public its core team, the important thing is who is responsible for the project, and that person is me; and I will never abandon the project.
6. Question: Why is the ROI price falling? Did the dev team sell out token to dump the price?
Mr. David Do replied: 5ROI Global in the early stage conducted a large volume airdrop, more than 500,000 users have received free ROI Token. At that time, the project miscalculated when opening the airdroped tokens to the public. Just in terms of value when opening the airdrop has reached up to 6-7 million USD, which makes the market illiquid compared to the total amount of tokens airdropped. In addition, having no other options but to buy back a large technology infrastructure of BHEX, while the technology team of 5ROI Global had have the time to fully understand this large infrastructure, which led to continuous issue within our operation. Thus, the community lost confidence and prices kept falling. However, I can assure that we never sell out coins to the market. Even when the price is lower than the IEO, the project still does not sell the private price to outside. It’s completely checkabe, you can see on ROI on-chain data or check ROI transaction flow.
7. Question: When 5ROI is on maintenance, what worth does ROI Token have and where can we trade ROI?
Mr. David Do replied: ROI Chain is on schedule and will launch in the second quarter of 2022. By then, ROI Token will be used for multi-platforms, this does not change or reschedule the ROI Chain launch at all. The maintenance of 5ROI Global exchange is to standardize the process and technology infrastructure to be able to apply and be licensed in Dubai. In addition, everyone can see that the major exchanges in the world follow the model of raising funds from large international ventures to be able to do promotion – product development – system operation. Therefore, 5ROI Global go in to maintenance to upgrade everything so that we can access big funds and more international investors in the world. This is a step forward for 5ROI Global, not a step back. In addition, the ROI token is being listed on the Coin Tiger exchange, shortly, the project will work with our partners in order to list the ROI token on many other major exchanges.
II. Questions directly from the community in the program:
Hoang Doan asked: Will ROI Chain be released this June as planned? Why is 5ROI Global going so differently from the roadmap?
Mr. David Do replied: Firstly, ROIChain will be launched this June and 5ROI Global does not deviate from the roadmap at all. 5ROI Global is one of the projects that have accepted to invest a lot right from the beginning before officially launched to the market. We were willing to pay a large sums to buy back our partner – BHEX’s infrastructure, which is something few start ups in the world were able to.
Tran Ngoc Thuyet asked: If now the exchange opens staking on June 1, is it okay if I don’t transfer assets?
Mr. David Do replied: According to the project’s announcement, all users’ assets that have not been withdrawn will be reserved by the exchange. When the exchange reopens, all assets will be returned to users, according to an accounting mechanism that transfers debits or airdrops back.
Phu Tran asked: So how much will the ROI Token burn to the total supply?
Mr. David Do replied: According to the information published in the Whitepaper, the ROI Token will be burned to a maximum total supply of 25,000,000,000 ROI. However, people should look at our market capitalization instead of the circulating supply. Currently comparing to our market capitalization, if an exchange simply just burn Tokens, it cannot have the market capitalization as we do now. The main problem with low ROI price right now comes from issues with system operation as I mentioned; so people sell more than buy so the price dropped, but for example, imagine if there is an investor now buying in just 100,000 USD worth of ROI, how many times will the ROI price increase?
Currently, people’s mentality is not buying, soon we will launch ROI Chain and develop the decentralized ecosystem, will support Gamefi projects when operating a platform token is required. At that time, ROI will increase the percentage of long-term holders (because this is mandatory when conducting cooperation), then the spirit of investors will be excited again and make the ROI price increase.
Linh Phan asked: Why does 5ROI Global have to maintain for two months?
Mr. David Do replied: Firstly, the exchange has some errors that need time to complete. Second, the floor needs to integrate a lot of new features related in accordance with applying for legal documents. At the same time, when 5ROI Global has completed the legal procedures, new investment proposals from new funds are officially implemented. So two-month maintenance is the time it takes to make sure you stay on track with the roadmap. However, during the maintenance period, 5ROI Global continues to promote the ecosystem and release ROI Chain and many other features.
Takeme Takeme asked: If you can’t get a license in Dubai, does 5ROI Global have another option to legalize it?
Mr. David Do replied: In fact, 5ROI Global has implemented and spent a lot of money and resources in the past to deploy a few events in Dubai in the year 2021. 5ROI Global during that time, in addition to establishing a new headquarters as well as having relationships to obtain a license from Dubai. As previously mentioned, 5ROI Global had intended to leave Dubai to move to the US or Malaysia. However, in the US, the law is extremely strict in terms of legal procedures, which is not suitable for 5ROI Global’s resources and development orientation.
Thanks to the movement of major exchanges like Binance and FTX, in recent times, Dubai began to give the green light to apply for a license. 5ROI Global with previous relationships will have a high probability of getting an official license. In addition, the direction of 5ROI Global will become a decentralized ecosystem, and the exchange will follow the direction of compulsory licensing. I affirm that shortly, exchanges in Vietnam without a license will certainly not be able to operate.
Hoang Nghia Trong asked: Soon, how to call investors back to the exchenge. Which direction to get ROI back on old prices? How do investors believe in the future?
Mr. David Do replied: As for the 5ROI Global exchange, it will complete the legal procedures and investors’ cash flow when transferring to the exchange. At that time, 5ROI Global will be able to receive great resources from investment funds around the world, to be able to promote marketing. Next, 5ROI Global will focus on applications and platforms built on the ROI Chain that is about to be launched in June. These factors will add to the benefits for investors and previous customers of 5ROI Global.
Host 5ROI Global: Thank you Mr. David Do for taking the time to attend the AMA program to answer questions from the community. Members who have not had their questions answered, please directly message the above two channels of 5ROI Global on telegram so that the project can respond. Thank you for taking the time to participate, see you all at the exciting AMAs in the future!
Risk Disclaimer:
For investors, trading digital assets is both an opportunity and a challenge with outstanding profit potential. 5ROI Global only provides useful information for investors to grasp, refer to and not provide financial investment advice of any kind.
5ROI Global
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