we hosted an amazing AMA with Polywhirl on the 24th of July
And here we will put some of the best questions:
Q1) Can you introduce yourself to our community?
Sure! Whirl and I are both Web3 developers who previously worked at the same company and have been good friends for the last 3–4 years. We were both fans of Polygon when it launched and were using it actively when we realised there was a need for something like the PolyWhirl protocol to exist — and set out to build it ourselves. As a team, we have 3–4 years of experience developing for Web 3 protocols. I was also previously a project manager at a large cryptocurrency project, and am using that experience to lead up the project side of PolyWhirl. We also recently added superhero full-stack developer to the team who is even more experienced in Cryptocurrency than us and has been developing for just as long.
Q2) Can you briefly tell us what is PolyWhirl ?
Sure — PolyWhirl is a way for anyone on chain to regain anonymity if they somehow manage to link their identity and address on chain. Many DeFi participants do not fully realize the consequences of doxxing and linking their wallets to their identities, which can lead to unwanted scrutiny from peers, scammers and regulatory bodies. PolyWhirl will effectively provide a way to reverse a loss of anonymity by allowing users to transfer funds to a completely new address. This is also particularly useful for institutions or professional traders who trade in large volumes; without anonymity, they may not be able to obtain best trade execution due to issues such as front-running.
Q3) Let’s now talk about the milestones you have achieved so far and about your upcoming plans?
We recently raised over $500k last week combined from our IDO on Polystarter and private sales.
Now our full focus will be to build the product and keep the community engaged. Educating new members of the overall blockchain community at large on privacy onchain is one of our top priorities too. We have a few strategic partners who will be helping us on that aspect!
We have a public roadmap available at: https://polywhirl.cash/#Roadmap
Q4) Every project has a story behind their name, Can you tell us more about the story behind this? Who are the team behind this project? can tell us their background?
Yes! The inspiration for the name name from the concept of a Whirl – move or cause to move rapidly round and round. The protocol effectively mixes your deposits making them untraceable when they come out the other end.
Poly came from Polygon ecosystem as we were building it for the Polygon ecosystem.
As for the background of the team I mentioned it in my first answer, I’ll add that here again –
“Whirl and I are both Web3 developers who previously worked at the same company and have been good friends for the last 3–4 years. We were both fans of Polygon when it launched and were using it actively when we realised there was a need for something like the PolyWhirl protocol to exist — and set out to build it ourselves. As a team, we have 3–4 years of experience developing for Web 3 protocols. I was also previously a project manager at a large cryptocurrency project, and am using that experience to lead up the project side of PolyWhirl. We also recently added superhero full-stack developer to the team who is even more experienced in Cryptocurrency than us and has been developing for just as long.
Q5) DeFi is one of the hottest and most sought-after topics in the blockchain space right now. Can you share your opinion on DeFi with us? Do you think DeFi will disrupt the current financial system? What is PolyWhirl’s approach to the DeFi sector?
Yes definitely! DeFi adds a completely whole new dimension to the traditional finance.
But what traditional finance used to provide to us (privacy), that is lacking in DeFi. With PolyWhirl we aim to solve that problem. Ensuring your financial history is private as it’s supposed to be.
PolyWhirl is built completely onchain without compromising the security and benefits of the underlying Polygon chain!
Another thing to point out it is that privacy should be opted and accessible to all. It’s not only for people with malicious intents.
And here we will put best questions from our members and PolyWhirl fans:
Q1) Are the transactions within the platform really private? What happens to those input and output operations performed with CEX applications? Do they put user privacy at risk?
They are yes.
In PolyWhirl, more people that use the protocol, the better it will be for everyone, since it will help everyone gain a higher anonymity score.
In CEX applications, there is an inherent problem that the control flow of the funds – they land into an account controlled by the CEX itself. Which means they can chose to not send you back their funds, or atleast can with hold your funds.
In PolyWhirl the process is controlled by a smart contract, which means the process is purely controlled by audited code, which ensures pure private transactions with no history of your IP or your Identity.
Q2) In PolyWhirl 20% of the protocol revenue is used to buy back $WHIRL tokens from the market and then burned. Will that 20% always be a fixed parameter or could you consider modifying it later depending on the market or the needs of the project?
The 20% parameter is going to be fixed initially, until the DAO kicks in. After it does, the DAO will be able to control the parameters of the platform, which means the people will be able to vote on what is an optimised balance between the burn funds and the staking rewards funds.
Q3) At the moment, all tokens go down in price even with great partnerships, hype, marketing, and working products, etc. So, what the challenges do you have and the plan to make PolyWhirl strong popular? Are you see it as an opportunity while the current market decline?
All projects do face challenges to keep the price stable. And the main driver is bad tokenomics. During our token design we paid attention to that aspect and kept it so, especially the value accrual through revenue sharing and token burn and vesting of early stakeholders such that volatility of the price is reduced.
You can see it from our current price action that it has worked!
Q4) From what I read, you mention that you are working hard to try as much as possible to make $WHIRL a deflationary token, but how often does the development team execute a token burn and what specific amount or percentage is burned?
This is a great question, and something that we are proud to announce we have a unique solution to.
The team is building a smart contract that will execute these burns without the intervention of a human being – which means that the burns are not subject to the bias and prejudice that comes with manual token burns.
The amount of token burned will be decided by the amount of protocol revenue generated (20% of revenue is used to burn the tokens), and the burn will automatically be executed by the contract once a month on a randomised date.
Q5) Without a doubt, the #PolyWhirl token will have great potential in the market. Could you tell me a little more about this token? And I really would like to buy it, where can I do it? Can you give me the link?
Sure, as you can see from the messages above, the token is designed to increase in value over time.
Currently $WHIRL is available on Quickswap – https://polywhirl.cash/quickswap , and will soon be available on Sushiswap on Polygon!
Q6) good day sir, Do you have AUDIT certificates, or are you working to AUDIT your project, to make it more secure and reliable?
We’re getting an audit by Certik for our main protocol, who is known to be the de facto group for getting extremely secure audits for protocols as sensitive as ours.
Q7) I’ve seen you’ve done many AMAs, my question is, what do you expect to get from many AMAs and what are your goals with the community? Do you consider the community a key role in the project?
Yes! We aim to do multiple AMAs to amplify our reach and educate the community at large about PolyWhirl’s usecase and privacy onchain.
It also acts as a feedback mechanism as we get a lot of questions and feeback which we get tot think about while building our product and engaging the stakeholders.
Q8) Do you have any plans for ambassador programme role for your project growth and awareness? If yes how may I apply?
We do not have specific plans for such a role but if we find someone really talented with potential we may consider creating a role! Please DM me if you are interested.
Q9) The private transactions and other main services that PolyWhirl may offer are and will be targeted only to high caliber users and investors, institutions and so on or are common retail users also included and how can you guarantee users privacy in case identity is exposed?
This is a misconception!
This is exactly the thinking what we want to change with the release of PolyWhirl.
Privacy is the right of everyone, and PolyWhirl was built with the same aim in mind.
By building this protocol on Polygon, we allow for even retail investors to take back their privacy on a low fee platform.
And you don’t need to be a whale or a large crypto holder to use the protocol, as minimum amounts delink your wallets and protect your privacy start from as low as $100
Q10) How can i stay updated with your project? Can you share your telegram, Twitter, website and social link where are we find you?
Follow us here and email us for any proposals! 🙂
And this was the end of our AMA with Polywhirl.
If you have any other questions you can ask here:
ℹ️ℹ️ Useful links ℹ️ℹ️
Website :- http://polywhirl.cash/
Medium :- https://polywhirl.medium.com/
Twitter :- https://twitter.com/PolyWhirlHQ
github :- https://github.com/polywhirl