AMA Recap with KSM Starter on Cryptobuddy

KSM Starter AMA Summary — Sep 14 2021

Thor:
Hello everyone! Welcome to our AMA session with KSM Starter.

Siwon Kim:
Woohoo!

Thor:
Hi Siwon, how are you doing?

Monk | cryptobuddy.info:
Welcome @altcoin_cosmonaut

Siwon Kim:
Hey, I’m doing great! How are you?

Thor:
Doing great 🙂, thanks
We are so glad to have you here today in Cryptobuddy Community

Siwon Kim:
I’m happy to be here! Really looking forward to this AMA!

Thor:
It’s our pleasure 🙂
Before we start AMA, Can u introduce yourself and your roles in the project to our community? And can we know the team of your project?

Siwon Kim:
Sure thing!

So my name is Siwon Kim, and I’m the founder and Chief Strategy Officer of KSM Starter. I’ve been in the crypto industry for quite a few years, working in core teams and also helping many different projects launch. Before crypto, I was actually in business development for both private sector and public sector, working for the US and the South Korean government

The team is comprised of very talented individuals coming from all around the world!

We have a CMO that is very experienced in IDO marketing, along with technical team that are excellent and efficient at what they do, along with people skilled in content creation and graphic design — which you have seen already on our Telegram and Twitter (:

Thor:
That’s great, multi talented team with good experience

Siwon Kim:
Yeah! and very passionate too!

Thor:
Right…👍
Let’s move to the project part then

Siwon Kim:
Let’s do it!

Thor:
Siwon, can you tell us about your project? I mean what KSM Starter is actually and what are your goals behind it?

Siwon Kim:
Very good question (:

So KSM Starter is the primary launchpad on Kusama. However, I don’t want people thinking of KSM Starter as just “another launchpad”. We are so much more than that

Thor:
Great

Siwon Kim:
KSM Starter incorporates the thought of community in everything we do. That’s why we have several products that are designed to increase the safety for our community while increasing their potential earnings opportunity. Moreover, our community gets to directly vote on which IDO should go forward and which shouldn’t. It’s really all about the DAO approach and bringing that to the core of our business

Our goal is to actually have our branding completely erased. That sounds weird, but let me explain

Thor:
Sure, Siwon

Siwon Kim:
When you think of DEX, you think of Uniswap immediately. You don’t recognise Uniswap as a brand. It’s a platform that is the go-to place. Almost a no-brainer

Thor:
Perfect

Siwon Kim:
So we want KSM Starter to be synonymous with high-quality IDO that is beneficial to the community, and therefore is the go-to place for people that are interested in increasing their exposure to new opportunities!

Thor:
That’s what people want, 👍👍👍

Siwon Kim:
Exactly! And our goal is to serve that community :D

Thor:
Good to hear that 🙂
Let’s move to another question

Siwon Kim:
Let’s!

Thor:
Can you tell us the motivations behind building this project? I mean how this idea came to your mind?

Siwon Kim:
Aha, sure
So I’ve been in the parachain space since the time when almost no one knew about parachain. Being based in Berlin, I actually got to witness the first growth of the entire Substrate ecosystem

Thor:
Yeah

Monk | cryptobuddy.info:
@altcoin_cosmonaut please type Done once you are done answering. We dont want to rush 🙂

Siwon Kim:
Then when looking at how it’s being built, I realised that for many new projects, they must build a parachain to gain access to community funding such as crowdloan. But building a parachain requires a lot of resources…but without parachain they can’t get resources

It’s a classic chicken and an egg problem

Thor:
Yeah, right one

Siwon Kim:
So we came up with KSM Starter, through which these incoming, new, promising projects can obtain initial funding and community support to kickstart their journey into the Substrate ecosystem! That’s how we came about (:

Sure haha

Done!

Thor:
Ok got it, hope community understood well with your explanation 🙂

Siwon Kim:
Hope so too!

Thor:
👍👍

Let’s move forward to next one

Siwon Kim:
Sounds good!

Thor:
Currently there are so many launchpads have launched, can you tell us what your launchpad makes different than others?

Siwon Kim:
Yeah, sure. So there are quite a few products that are unique to KSM Starter

Thor:
Sure Siwon, we want to know them

Siwon Kim:
First, it’s democratic involvement. Most launchpads have “governance token” but what do you really govern on? Not much.
At KSM Starter, our token holders actually vote on which IDO should happen next. So they vote with the token on IDO proposals (that are of course, checked by us and the council). So that level of democratic involvement is much higher

Second, the difference is in how we benefit our users and encourage them to participate in “good behaviour”.
Our community members in the lowest tier can actually take advantage of the weighted random lottery. What that means is that — if they are holding token of IDO “A” — let’s call it — then they have an increased chance of winning allocation for IDO “B”

So they support us and the IDO projects, and in return we give them benefits

Moreover, our wallet analysis tool can create a profile of each user and assign them multiplier points. So those users who may have not much in their wallet but tend to hodl and actively participate — will earn bonus points that will grant them higher chances in winning allocation

Thor:
Really appreciate with it

Siwon Kim:
Third but not least, it’s all about security.
Every single IDO is individually audited to make sure that the IDO can go forth as scheduled. No technical delays and so on, which has happened far too much in this industry.
We are also working on developing additional products that will allow our users to hedge their risks when purchasing allocation
So those are some key differences!
Done (:

Thor:
Interesting one👍
This one is major issues, I found in some other Launchpads

Siwon Kim:
Yeah, pretty annoying when that happens huh haha

Thor:
👍, it is necessary for launchpad Platform
Yeah, haha

Tell us the use case of your native token $KST and timelines of TGE and launch dates. Our community must be excited to know this one.

Siwon Kim:
Sure! So the use case of $KST is actually quite diverse

First, it’s used to vote on IDO proposal. So if they like an IDO they want to see sooner, vote with more $KST and it will be confirmed sooner!

Second, it’s used to determine their allocation by tier. So if they are in higher tier, they gain access to increased benefits and privileges

Third, holding $KST and staking it to access the tier grants them membership to the KST DAO. The KST DAO will move as a single syndicate unit to provide even earlier funding to projects, allowing them to receive private sale allocations (or even seed) that they would not have access as individuals!

Thor:
That’s really amazing

Siwon Kim:
The timeline of the TGE… it’s not announced yet but it will be soon. But our TGE is happening very soon, and we have some BIG plans and announcements planned! So keep an eye on us (:

Thor:
Sure Siwon 👍

Ok Siwon, moving to last question of this section

Siwon Kim:
Let’s do this!

Thor:
KSM Starter is Built on Moonriver. this one is the hottest question I guess. Could you give us a brief knowledge about what benefits people will get by this?

Siwon Kim:
Sure, that’s actually a really good question haha

Thor:
Perfect one, haha

Siwon Kim:
so by integrating on Moonriver EVM bridge, KSM Starter will be able to allow our users to choose between ETH and KSM IDOs with the click of one button. So that means they can still use their metamask wallet and participate in KSM-based IDO. No need for other wallets! So that’s pretty cool.
This also makes KSM Starter a cross-chain launchpad, hosting IDOs on both ETH and KSM. So this is a great opportunity for people to really enjoy the best of both worlds!

Oh oops

Done!

Thor:
Really appreciate
Well done with this implementation

Siwon Kim:
Haha thank you!
Shoutout to the tech team that developed such an amazing product!

Thor:
Yeah haha, nice one to be different
👍

Monk | cryptobuddy.info:
This is quite big, once people realize this, they will go crazy :)

Thor:
Let’s move to twitter questions that some of our community have asked you to answer.

Siwon Kim:
Nice! Let’s do it

Thor:
Ok let’s move to it

Most projects only show what are their strengths. But I would like to know the weaknesses and problems that KSM Starter are facing? And how do you plan to solve it?

From @TheJoyfulFool0

Siwon Kim:
Hmmm
tough question hahahaha

Thor:
Haha, yeah I guess too

Siwon Kim:
I think the weakness we identified is that many people are simply not aware of how KSM ecosystem works. So when there’s a launchpad i n the KSM ecosystem, they may not really know how to use it

Thor:
Right

Siwon Kim:
What we’ve done to solve it is what I’ve mentioned before — adding that switch. So that people can participate in the KSM ecosystem even if they are not aware of how it works (:

Next question, please!

Thor:
Sure Siwon.
As we know multiple Platform launched good projects but later they unable to enable anti bot system, how you control over this problem?
From @Johnsmith_19981

Siwon Kim:
Excellent question!

So the issue with bot issue is that if you do something to stop it, another more sophisticated bot will come. It’s just the way things are

That’s why our whitelist lottery has the multiplier system. We give bonus chances to those who hold previous IDO tokens, and those who show that they engage in good behaviour in the overall market. This is not something that bots can reciprocate. So that’s how we are resolving this!

Thor:
I think this one is major issue we are facing in other platforms

Perfect

Siwon Kim:
Yeah, definitely (: Another excellent question haha

Thor:
yeah, haha.

Ok we have last section to move, where we will unmute chat to post some questions from our community, u will have to pick 2 questions and answer them.

Siwon Kim:
Just 2! That will be difficult. But okay!

Thor:
Yeah, thanks

Monk | cryptobuddy.info:
Chat will be unmuted now.

@altcoin_cosmonaut can you please pick a 4 digit number? anything

Siwon Kim:
oh shoot okay
1658

Monk | cryptobuddy.info:
Please add #1658 in your questions

Siwon Kim:
Okay I already see some good questions — but I’m going to answer the ones that have #1658 on it haha

Monk | cryptobuddy.info:
thanks @altcoin_cosmonaut

Siwon Kim:
with the # and all

Thor:
Sure, @altcoin_cosmonaut

Siwon Kim:
That’s a really good question.
Kusama is often considered to be just a testnet for Polkadot but that’s not true at all. It also means that Kusama will receive all the updates before Polkadot does, meaning if you are a newly launching project that aims to stay ahead of the curve, the Kusama is perfect for that.
So it has both speed, utility, and grounds for experiment. All these are great for newly launching projects, which is why we decided to support this ecosystem!

Thor:
Perfect 👍

Siwon Kim:
Yes, absolutely. We plan to launch some NFTs that will grant special access and privileges to the holders. We are further expanding on the idea of NFTs and developing it to be something more than what they are right now. I cannot reveal too much, but you can stay tuned!

I believe that’s 2!

Thor:
That will be more interesting

Yeah thanks 🙂

Really appreciated with your answers, Siwon,
Explained well, we really loved your conversations with us.
Nice to have you in this session.

Siwon Kim:
Thank you for having me!
And for everyone here — soon we will be running a MASSIVE competition with huge prizes! So please follow us on Twitter and join our Telegram community!

Siwon Kim:
Thank you!

Thor:
Sure

Siwon Kim:
Well then, until next time!
See you in our community! 👋

Monk | cryptobuddy.info:
Thanks @altcoin_cosmonaut for your presence today and wonderful answers. Community loves it.

Thor:
Do you want to share any information left to our community?

Siwon Kim:
Ah, sure! Let me just leave our social links:

Twitter: www.twitter.com/ksmstarter

Telegram: @KSM_Starter

Thor:
Thank you @altcoin_cosmonaut
We are now closing our AMA session here and have a outstanding launch of your project. And congratulations in advance.

Siwon Kim:
Thank you! Have a great rest of the day! Bye for now (:

Thor:
Yeah, have a great day too 🙂🙂