Adadao AMA Recap Crypto Revolution Masters Community
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On 4 of January Adadao conducted an AMA in Crypto Revolution Masters Community. Our guest was Murshid Alam, CTO of Adadao. Let’s take a look at the most interesting points from our Conversation!
Danny | Crypto Revolution Masters: Group is muted. AMA is starting
Danny | Crypto Revolution Masters: Welcome @MURSHID_ADADAO
Danny | Crypto Revolution Masters: Happy to have you with us today
Danny | Crypto Revolution Masters: Welcome @JunaidCardence as well
Murshid (NEVER DM FIRST): Hello
Danny | Crypto Revolution Masters: Could you please introduce yourself and tell us how did you get involved into Crypto?
Murshid (NEVER DM FIRST): Hey, I am Murshid Alam, CTO of Adadao. I have over 5 years of experience in the field of blockchain technology. I have previously worked at top IT consulting firms like IBM and TCS. I have been involved with ADADAO for last two months and am also a co-founder of ADADAO.
Danny | Crypto Revolution Masters: Could you please introduce ADADAO in Layman’s term to the Community?
Murshid (NEVER DM FIRST): ADADAO is the world’s first interest-free stablecoin protocol built on Cardano blockchain. ADADAO is a DeFi protocol on Cardano blockchain which facilitates creation of fully collateralized stable coins leveraging Native Cardano Assets.
ADAO and AUSD are Cardano Native Tokens and users need to have a supported Cardano wallet to be able to receive it. They will also be able to trade the token in various exchanges. You can compare us with Maker Dao in some sense.
Danny | Crypto Revolution Masters: Awesome 👌
Danny | Crypto Revolution Masters: Could you please tell us more about the Tokenomics and what will be benefits for the Token Holders?
Murshid (NEVER DM FIRST): Tokenomics will be announced soon. It is still been prepared. For the benefits,
ADAO holders have the option to vote on the following:
Add a new collateral asset type with a unique set of Risk Parameters.
Change the Risk Parameters of one or more existing collateral asset types, or add new Risk Parameters to one or more existing collateral asset types.
Choose the set of Oracle Feeds.
Choose the set of Emergency Oracles.
Trigger Emergency Shutdown.
Upgrade the system.
Danny | Crypto Revolution Masters: When will be the IDO, where? And who you have as a Partners already? Could you please name few?
Murshid (NEVER DM FIRST): Tentative date for IDO is seco nd week of Feb. Exact date will be announced soon
Cardence is a confirmed launchpad for us. They are also an incubator.
1. Cardence — IDO partner
2. Development partner — METALAMP — https://metalamp.co.uk
3. Marketing partner — KRYPTONITE — https://www.kryptonite.agency/ .
Everyone who are participating in our IDOs are our investors. More big partnerships and launchpads are in contact, which will be announced shortly.
Danny | Crypto Revolution Masters:
Danny | Crypto Revolution Masters: What are your Marketing plans for the upcoming weeks/months?
Murshid (NEVER DM FIRST): Cardence has taken the responsibility of all our marketing activities. It has hired Kryptonites as its marketing partner to do the job for AdaDao. We have also partnered with many Youtubers, Telegram influencers and at the same time we will be doing multiple IDOs and VC partners in order to be able to get their communities onboard. It is going to be exciting.
Danny | Crypto Revolution Masters: For sure it’s going to be
Danny | Crypto Revolution Masters: Thanks for covering my questions man. We are now jumping to questions from Twitter
Danny | Crypto Revolution Masters: Here comes the 1st one:
TWITTER QUESTIONS:
Question 1: Can you explain the background of your team? How will you and your team carry out this ADADAO project during this current pandemic?
Murshid (NEVER DM FIRST): ADADAO team comprises of the following individuals :
Obaid Ul Ahad — CEO — Serial Entrepreneur. Founder of cadence.io . Ex Spinny, Ex Founder Zafraa.
Murshid Alam : CTO — Ex TCS, Ex IBM , Blockchain developer
Ekterina B. — Developer — Haskell Developer, Metalamp
Olga K. : Developer — Cardano developer , Metalamp
Mr Rizwan Khan : Haskell Developer
Md Danish Alam : Community Manager
Most of the team members are working from home. We are having daily morning huddle over video call and interact among ourselves.
Danny | Crypto Revolution Masters: Thank you. You guys have LinkedIn profiles where you can be verified?
Murshid (NEVER DM FIRST): Yes, you can check from our website : adadao.org
Danny | Crypto Revolution Masters: Perfect 💪
Danny | Crypto Revolution Masters: Next Twitter Question
Question 2: For ADADAO Holders you do have the ability to vote, can you tell us what they have to make an impact?
Murshid (NEVER DM FIRST):
ADAO holders have the option to vote on the following:
Add a new collateral asset type with a unique set of Risk Parameters.
Change the Risk Parameters of one or more existing collateral asset types, or add new Risk Parameters to one or more existing collateral asset types.
Choose the set of Oracle Feeds.
Choose the set of Emergency Oracles.
Trigger Emergency Shutdown.
Upgrade the system.
Question 3: Partnership is always an important factor for every project. So who is your partner? What are the benefits you get from those relationships?
Murshid (NEVER DM FIRST):
Cardence — IDO partner
Development partner — METALAMP — https://metalamp.co.uk
Marketing partner — KRYPTONITE — https://www.kryptonite.agency/ .
Everyone who are participating in our IDOs are our investors. More big partnerships and launchpads are in contact which will be announced shortly.
Question 4: Its lending model is 0% interest. This is really great, but, considering that the biggest attraction of lending is profit, how does this 0% model generate profits for lenders? What benefits do the participants get?
Murshid (NEVER DM FIRST): Lending happens through ADADAO protocol and no other entity is involved in lending. ADADAO doesn’t take interest from borrowers.
This is how ADADAO protocol for vaults work:
1. Create and Collateralize a Vault:
A user funds a Vault with a certain type and amount of collateral that will be used to generate AUSD via the ADADAO web app. A Vault is deemed collateralized once it has been funded.
2. Generate AUSD from the Collateralized Vault:
In order to create a certain amount of AUSD in exchange for keeping her collateral locked in the Vault, the Vault owner conducts a transaction and subsequently confirms it in her unhosted cryptocurrency wallet
3. Pay down the Debt and the Stability Fee:
A Vault owner must pay down or totally pay back the AUSD he/she generated, plus the Stability Fee on the AUSD outstanding, in order to reclaim a portion or all of the collateral. Only AUSD can be used to pay the Stability Fee.
4. Withdraw Collateral:
The Vault owner can withdraw all or part of her collateral back to her wallet once the AUSD has been returned and the Stability Fee has been paid. The Vault remains vacant until the owner chooses to make another deposit after all AUSD has been returned and all collateral has been collected.
NB: Each collateral asset must have its own Vault. As a result, some customers will have many Vaults with various forms of collateral and collateralization levels.
Danny | Crypto Revolution Masters: Thank you for the great Explanation
Danny | Crypto Revolution Masters: And last Twitter Question
Question 5: What is your top priorities in 2022? Could you share some plans for the upcoming year? Which part of the project are you most focused on right now?
Murshid (NEVER DM FIRST): Top priority is developing our protocol and rolling out our MVP. Here is our detailed roadmap for 2022 :
Q1 2022 :
IDO and IEO
CEX listings
Cardano DEX listing
Design of the basic Protocol
Stablecoin Release
Staking
Q2 2022:
Final Protocol Launch
Creation of DAO
Finalizing voting
Q3 2022:
Additional collateral tokens
More partnerships
Strengthening of Oracle services
Q4 2022:
Governance improvement
More Fiat Pegged Stable Coins
Real world asset collateralization
Danny | Crypto Revolution Masters: Noiceee 👏👏👏
Danny | Crypto Revolution Masters: Thanks for covering all the Questions @MURSHID_ADADAO
Danny | Crypto Revolution Masters: Ready to get some from Community?
TELEGRAM QUESTIONS:
Telegram user: For a project development first of all main priority is having enough fund. Does your team financially capable to run this project? Do you have enough fund for it’s developement Can you tell us that how your project generate the profit?
Murshid (NEVER DM FIRST): This project is incubated by Cardence which is a launchpad as well as incubator for Cardano projects. Cardence is putting initial fund required for the project at the same time we have already two major IDO launchpad confirmed so raising fund is not issue for this project. Project generates profit from one time protocol usage fee which will be around 0.5% of total collateral.
Telegram user: On your website it says “Earn AUSD from Collateralized Vault.” Why did ADADAO decide to provide AUSD instead of $ADAO as income? What was your motivation for choosing AUSD? can you explain more about the functionality of the $ADAO token and how to use it properly?..
Murshid (NEVER DM FIRST): So AUSD is the Stable coin of the adadao protocol, while ADAO is governance token of the protocol. ADAO token holders will be able to vote on decision making of adadao protocol while AUSD is the coin that you get against your collateral
Telegram user: Are you a global project or local project? At present, which market are you focus on, or is it focused on building are growing to gain customers, users and partners? Can anybody anywhere use this project without any restrictions?
Murshid (NEVER DM FIRST): ADADAO is completely global project and can be used by any one around the world. It is a decentralised protocol and will be governed by DAO, so it will be completely owned by community and community will shape it’s future
Telegram user: Do you have any..
1- Telegram Group
2-YouTube channel
3- Tiktok Channel
4- Website
5- twitter
For this project? From there where can I get the latest information, what social media can I follow to get the latest Your project information?
Murshid (NEVER DM FIRST):
website : https://adadao.org
twitter : https://twitter.com/adadao_org
telegram : https://t.me/adadao_org
whitepaper : https://docs.adadao.org
medium : https://adadao.medium.com
Telegram user: You say that each collateral must have its own vault. As a result, some clients will have many Vaults with various forms of collateral and levels of collateral. Could you explain what these forms and levels of guarantee are?
Murshid (NEVER DM FIRST): Each vault is treated separatelt when it comes to liquidation and collateral. Even if there are many vaults from same wallet, they act independently and are not relates. No wallet will ever be penalised for any other vault going under collateralized.
Junaid (If I DM Block Me): Thanks @MURSHID_ADADAO for answering all the questions. Appreciate it.
Corrie_Dorf: Welcome Sir @JunaidCardence
Corrie_Dorf: I assume @dani_unss having a little problem with his internet conection, so i handle it now
CONCLUSION:
Corrie_Dorf: Thank you Sir @MURSHID_ADADAO you’ve answered 5 best question from community
Corrie_Dorf: Final Words for Community please?
Murshid (NEVER DM FIRST): Thank you everyone and Crypto evolution for opportunity to present ADADAO to you all. It was some brilliant questions and happy to answer them. Please join our socials to get updates about the progress of the project. Thanks again, Wish you all healthy and fantastic year ahead.
Junaid (If I DM Block Me): It was pleasure being here and reading all the questions from community. Kudos to Crypto Revolution for a very vibrant and informed community and ADADAO team for professionally answering all questions. Cardence is proud to incubate and host IDO for adadao.
Corrie_Dorf: That brings us to the end of our AMA today, thank you for joining and thank you to ADADAO! don’t forget to join their telegram to find more update of the ADADAO project https://t.me/adadao_org
OUR PARTNER:
Website: https://adadao.org
Twitter: https://twitter.com/adadao_org
Telegram: https://t.me/adadao_org
Medium: https://adadao.medium.com
Whitepaper: https://docs.adadao.org
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1. Telegram group — http://t.me/crypto_revolution1
A/ Telegram Announcement Channel — https://t.me/cryptorevolution11
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