Algoblocks X Crypto Venus AMA Recap
1) Firstly I would like to request you to please introduce yourself to the community.
Hi there. I’m Joseph, the founder of AlgoBlocks. I’m happy to connect with the Crypto Venus community today.
I come from a background in both crypto and alternative investments. I was the head of advisory at a leading crypto exchange in Hong Kong and also a fund manager backed by Goldman Sachs and European pension funds in a past life. Being in alternative investments, crypto was always an asset class that fascinated me as it’s how I would want to build financial services, from the ground up.
I’m building a solution to enable anyone to use DeFi products seamlessly, easily and intuitively to trade and increase their crypto wealth.
Thank you so much for having me and giving me the opportunity.
2) What is Algoblocks? Can you share more details about it?
We are creating a middleware layer that is augmented by an extremely streamlined and intuitive user interface to enable any user to interact with our wide suite of DeFi products that we help connect to us.
Secondly, we simplify and streamline the experience of interacting with DeFi products to enable trades
Thirdly, we provide unlimited pre-programmed strategies and workflows at your disposal. Our all-in-one dashboard consolidates your positions and tokens from various Dexes and products into one unified view — in which you can also interact with your positions.
Lastly, we are built on a sophisticated tech stack that enables liquidity aggregation, faster trading, and cheaper trading.
3) Can you tell us what triggers you to Algoblocks? What are some of the real-world problems/ pain points that Algoblocks aims to solve?
Our drive to build this is anchored on 1 major observation and a huge pain point attached to it.
Firstly, we believe DeFi is disruptive to the traditional financial
ecosystem as well as crypto. We love to see hundreds of new
DeFi projects come out every day to solve a pain point that is not addressed by traditional finance. This is a huge market that has been growing exponentially and will continue to do so
However, one of the gaps that we have identified — and one of the strong drivers for us to create AlgoBlocks is the scalability
issue of DeFi projects due to the pain points that the everyday crypto user faces when they try to use these Defi products. Based on our research and discovery, we found that even simple tasks like bridging and staking are intimidating for most crypto users.
We would like to reduce this friction for usage and adoption. By providing a seamless interface with a smooth middleware that connects with other DeFi projects, we hope to contribute to the growth of the overall DeFi market.
4) Now can you tell us more about the native token-$ALGOBLK, what’s the role of $ALGOBLK in Algoblocks and its tokenomics?
ALGOBLK token will have several utilities that will be enabled
Initially, ALGOBLK token will be used to pay trading fees, deployment of trading strategies (later stage), staking, and rewards. Voting ( community users will be voting on which strategies to be deployed based on their performance).
Later on, our project will enable ALGOBLK to be used as an “Universal Gas Token”. Essentially, you can use our token to pay for transactions on any chain given we will handle having the right gas tokens at the back end. E.g. You won’t need a purse full of MATIC, BNB or ETH separately all the time to interact with different chains. We save you from all that hassle.
5) If you were to summarize your project in ONE word, what
would it be? Why?
Can you explain why?
The reason being, 🧭 Our mission is to make your interaction with a DeFi product or multiple DeFi products, seamless and easy.
6) Now, the token launch process is easy, but to develop the ecosystem, stabilize prices, expand the market is a challenge in every project. So what are your team’s first steps towards solving this problem?
We were aware of these challenges when we started AlgoBlocks. We thought the best way is to be transparent in solving these challenges with our community so that everything is clear for our users.
Our first mission is to communicate: What problem we are solving and how are we solving it. Our main goal is to solve a pain point with a sustainable solution; not list the token at any costs and risk having the price of the token go down. If we are able to develop a platform that enables us to achieve product-market fit and is loved by the community, we are confident that we will be able to build and grow and also achieve a strong token that will appreciate at price over time.
Q1) When will your tokens be listed on the exchange and which exchanges do you plan to list in the future?
We’re going to launch our token officially on January with an IDO and right after that will be looking forward to listing and exchange. According to current situation it’ll me MEXC
2) Many blockchain projects are on paper only and no product or product has no practical meaning. Please let us know what is your project's currently practical product in use? What are your plans for the product to be better in the future?
We’re a global project but also for the future definitely planning to create and grow our local communities. Please stay tuned.
3) Staking program is very important for any project? Can I stake your token,? Do you have any plan of starting a staking program??
Probably Algo Token staking program will be usable around January once we’ve completed the IDO.
4) Is your project a community only for English-speaking countries or for users not of other languages?
Firstly, we already have our product developed and we’re only waiting for our TGE event after that Algoblocks platforms will be fully available. At the moment more focusing on putting content out there as much as we can so once we launch the product users will be aware of what they’re dealing with. You can see our articles on Medium: https://medium.com/@algoblocks
For the future plans, it’s also very exciting for us because since DeFi is very new, we’ll also evolve our platform according to new projects coming to the market and be sure we keep up with the trend. For the close future, we’re looking to integrate more chains into the platform and get our Audit Certificate.
- Community links
📹 Demo Video: https://www.youtube.com/watch?v=D3ZnUAqFdWg
🌎 Website: www.algoblocks.io
📌 Twitter: https://twitter.com/Algoblockstrade
📎 Whitepaper: https://algoblocks.gitbook.io/algoblocks/
🎮 Discord: https://discord.com/invite/k7PJtznppk
👥 Telegram Group: https://t.me/algoblockss
🗣 Telegram Channel: https://t.me/algoblocks
✍🏻 Medium: https://medium.com/@algoblocks
💼 LinkedIn: https://www.linkedin.com/company/algoblockstrade/