Genesis Shards — Telegram AMA — December 17
On Friday, December 17, we had the pleasure to welcome to our Telegram chat:
We asked him questions about the development of Genesis Shards.
Some sentences have been slightly edited for readability but the meaning has been conserved.
Genesis Shards is a decentralized ecosystem powered by Polkadot that redefines NFTs as DeFi options, creating a permissionless environment of interchain liquidity for pre-IDO tokens.
Genesis Shards was created to usher in a new paradigm where network participants can efficiently and safely gain access to and trade pre-IDO tokens, while projects can leverage token liquidity early in the life cycle, build strong community support early on in their journey, and also get a sense of price discovery. This is done by essentially “NFT-ing” the OTC market: transforming NFTs into a liquidity vehicle for pre-IDO tokens.
Genesis Shards aims to pioneer the DeFi NFT space by reimagining nonfungible tokens as DeFi options. Genesis Shards’ vision has attracted the support of participants from every corner of the DeFi sphere. Its funding rounds were crafted to be inclusive of the entire ecosystem. Unlocking a new frontier in DeFi: A Pre-IDO marketplace on nonfungible tokens.
The DeFi space today faces some big problems when it comes to pre-IDO trading. Though initial DEX offerings have rapidly gained acceptance as the go-to choice for token distribution, there are very few avenues for pre-IDO trading for the community. On the other hand, projects have limited community participation and little sense of price discovery in the early stages.
Genesis Shards aims to solve the issues faced by DeFi projects and their communities in the pre-IDO space by building the first marketplace for pre-IDO tokens on NFTs. By wrapping time-locked fungible tokens into NFTs, Genesis Shards will create a new market for previously illiquid tokens.
Intricately designed pieces that build the GenesisShard ecosystem.
Q — Ayeley from GAINS: Please introduce yourself. What did you do before crypto and did you have any other previous venture in crypto?
A — Ash from Genesis Shards: So I am a part of the core team at GenShards & I take care of partnerships & community. I have been in the crypto space for 4 years now & I hold an MBA from a top tier B-school
Genesis Shards is a 20-member strong mission-driven global team that has built and scaled products at Harmony, Marlin Protocol, Accenture, Deloitte, and Wharton. It was co-founded by Nilotpal Mukherjee and Garlam Won in 2020, both having a combined 12+ years of crypto experience.
Nilotpal started his career as an investment banker with Deutsche working on deal structuring, valuation, and IPO processes, and later was a strategic consultant at Accenture before taking the first step in Crypto back in 2015. Later in 2018 he joined and headed the Business at cct (a 1.7Bn$ project atm), and was instrumental in the early growth of the company laying a strong foundation for the brand.
Garlam Won has also been in the ecosystem since 2015 and previously headed Marketing at Harmony before starting his venture — Momentum 6. He has been behind the marketing of some of the top DeFi & NFT projects in the space including the likes of Sandbox, Mantradao, Kava, and 25+ others. He further exerts influence in various parts of the Blockchain Ecosystem through his in-depth connections in Korea, China, Canada, and the US.
About Genesis Shards
Q — Ayeley from GAINS: What is the Gen Shards project about in a few simple sentences?
A — Ash from Genesis Shards: GenShards is a whole new marketplace for pre-IDO tokens on NFTs🀄️🎴 . GS was created to usher in a new paradigm for DeFi transforming NFTs into a liquidity vehicle for pre-IDO tokens and introducing a whole new suite of DeFi products across multiple blockchains. By wrapping time-locked fungible tokens into NFTs, Genesis Shards is creating a new marketplace for previously illiquid tokens💎 This opens up a whole new universe of possibilities!
- For Investors — they will no longer have to worry about shady OTC deals with high default risk: they can simply utilize the safe, trustless pre-IDO liquidity provided by Genesis NFTs.
- For DeFi projects — they can leverage the early liquidity of their tokens offered by the platform and build strong community support early on in their journey. They can also get a sense of early price discovery helping with quicker course corrections.
This opens up a new frontier for DeFi NFTs where they can now be reimagined as Defi options, from being mere collectibles.
In short: GenShards is a one of its kind preIDO “NFTO” launchpad — the project launches happen via exclusive NFT collections🎴
- NFTO is a unique offering via a limited-edition NFT collection
- Our community members get to participate in some of the best gaming projects at an early stage, through exclusive project NFTs! The NFT will be redeemable for project tokens after the IDO
- We support promising blockchain & gaming projects with crowdsourced funding in their early stages while helping them with community building and marketing👥
Q — Ayeley from GAINS: What chains do Gen Shards support?
A — Ash from Genesis Shards: We are aware we are entering a multichain world ⛓and no one chain can fit everyone’s needs. Not everyone can afford fees on some of the more expensive chains. Hence we’re constantly working to integrate some of the most loved and used L1/L2 chains out there⚙️. GenShards currently supports:-
- Binance Smart Chain (BSC)
…with a few others already being worked on, in the pipeline.🛠
Q — Ayeley from GAINS: What are some milestones achieved by Gen Shards so far that you’d like to highlight?
A — Ash from Genesis Shards: We have had some significant achievements to our name since our launch some 6 months ago Let me briefly list them down :
- Incubated more than 20 projects
- Launched staking program in collaboration with Alliance Block
- Expanded our ecosystem to more than 50+ partners and growing
- Integrated our app on 4 blockchains — Eth, BSC, Harmony, Polygon. More integrations are in the works!
- Completed Security Audits with two reputed firms in the space
- Expanded our community programs; we have a Newsletter published every fortnight that provides insights into the markets and our ecosystem
- We launched some active partnership programs across the NFT space such as Ragefan/Paid/Unicly
- Our tickets are listed on open marketplaces like Opensea & NFTrade
Q — Twitter user @DERRYN82: Built on Polkadot network, currently Genesis Shards supported by Ethereum, BSC, Matic, and Harmony network, how were these networks selected, and how about others network options?
A — Ash from Genesis Shards: As said above, we are aware we are entering a multichain world ⛓and no one chain can fit everyone’s needs. Hence we’re constantly working to integrate some of the most loved and used L1/L2 chains out there. We are currently live on Ethereum, BSC, Polygon & Harmony but we are constantly busy Building! And you will see more integrations on our platform very soon.
Q — Ayeley from GAINS: Tell us about the $GS token. What role does it play in the Gen Shards ecosystem?
A — Ash from Genesis Shards: The native $GS token is the native utility token of the Genesis ecosystem. The token gets used for Genesis Access Club membership, Genesis NFTX, and plays a significant role in Genesis network governance.
The various roles of $GS token in Genesis ecosystem:
Gen Access: $GS Tokens are required for participating in GS NFTOs as access club members. Based on the number of tokens held access tiers are decided to enable different access rights to its users.
There are four tiers (we call them Access Clubs)🔐
• Silver Access Club — at least 2,000 GS tokens
• Pink Access Club — at least 7,500 GS tokens
• Gold Access Club- at least 15,000 GS tokens
• Black Access Club- at least 30,000 GS tokens
Feel free to check the detailed info in this article.
Gen NFTX:📊 $GS token is the native token on the NFTX platform allowing users to benefit from a reduction in Swap fees for tickets, access cards, or Gen smart contracts.
Gen Governance:👥 $GS tokens would provide governance rights to its members where they can vote on different proposals within the ecosystem. The number of tokens held would be a representation of voting power within the network.
We recently made a reveal regarding our revamped platform GS 2.0🔥 This introduces some much-needed changes to our tier system & utility of the $GS token as well as introducing the new $GSK token
✨GS 2.0 Reveal 1/4 — Project Themis ✨
👉 Project Themis aims at revamping token utilities of the GS ecosystem ☯️
👉 $GSK (GS Karma) is a new utility token which will provide multiple benefits within the GS ecosystem to holders ⚡️
👉 You can redeem GSK for NFTO guaranteed spots, for GS tokens, to vote for DAO proposals, & more
📌 More on GS Karma: here
👉 GSK Contract Address: 0x81ff4bbd38c8149a45f779838f6be4d99d714a88
✨GS 2.0 Reveal 2/4 — Project Plutus ✨
Project Plutus will revamp the Access Clubs & NFTO process 🔥
👉 In Access Club 2.0, tiers will be decided through staking of GS tokens in special-purpose pools called Access Pools ✨
👉 You not only get to take part in NFTOs but also earn a yield on your holdings in GS Karma ($GSK) tokens 💰
👉 Existing Access Club members will need to stake GS in an Access Pool by 1 PM UTC 25Dec21, to ensure a smooth transition to Access Club 2.0 ✅
Q — Telegram user Ismail Olabanji: What rate is your security level
A — Ash from Genesis Shards:
1️⃣ SECURITY MEASURES 🔓
The Genesis Shards ecosystem will be trustless and fully on-chain. Our smart contracts will be made permission-less and community-governed.
This way, users keep control of their assets on their own wallets (e.g. Metamask).
While the Genesis Shards native architecture has been built ground up with security in mind, we also intend to work with pre-established Polka bridges to accommodate cross-chain liquidity, without really reinventing the wheel there.
This would help ensure the security of the multi-chain assets on it are best optimized.
2️⃣ SECURITY AUDIT ✅
We are happy to share that Sentnl, a leader in blockchain security, has performed a comprehensive audit of our $GS smart contract
🔒 A pioneer in blockchain security, Sentnl is a renowned auditor of smart contracts verification in the space. Sentnl has audited over 50 smart contracts on ETH and EOSIO blockchains
✨A high priority is given to contract security at GS and we do not take it lightly — the audit results speak for themselves 🗣
🛡 “ The contract has 0 flaws or security vulnerabilities. The risk associated with this contract is low risk.” — excerpt from the audit report
📌 The full report can be found on the GS Webapp
Our community can rest assured that the $GS contracts are safe and have no security loopholes.
Q — Twitter user @Vyach235: What kind of partnerships with different projects/platforms/protocols can we expect from GenShards in the future? Could you give us some examples of how other projects can leverage GenShards?
A — Ash from Genesis Shards: We are focusing on partnering with high-quality projects from across the crypto space. We have already integrated our app on 4 leading blockchain protocols — ETH, BSC, Polygon & Harmony and we are actively integrating even more blockchains on our platform. Therefore, we can potentially collaborate with a wide range of projects!
Any partner coming on board gets access to our huge ecosystem — 50+ and growing, and also to the projects that we incubate. Therefore we have a steady stream of growing partners. We have collaborated on various frontiers with multiple projects — be it security, oracle services, NFT marketplaces, etc. Being an NFTO pad we can connect our launch partners to any relevant projects that they could collab within their early expansion phase.
Q — Telegram user Tahsin Ahmet 💥: Polkastarter, DaoMaker, Duckdao, Poolz etc. How is it different from some Launchpads? And also what are the good points of GS?
A — Ash from Genesis Shards: GenShards is a one of its kind “NFTO” launchpad
— the project launches happen via exclusive NFT collections.
— NFTO is a unique offering via a limited-edition NFT collection
— Our community members get to participate in some of the best gaming projects at an early stage, through exclusive project NFTs! The NFT will be redeemable for project tokens after the IDO
— We support promising blockchain & gaming projects with crowdsourced funding in their early stages while helping them with community building and marketing.
Q — Ayeley from GAINS: Are there any exciting updates beyond this we should look out for?
A — Ash from Genesis Shards: We will be making many exciting reveals this month as we reveal our revamped platform GS 2.0! ⚡️
Ash, thanks for coming into our community, and taking the time to answer our questions. We’re loving the new look of Genesis Shards already. Do you have any final words for us? Where can we follow you to stay updated? — Ayeley from GAINS
It was really awesome interacting with the community here! I am happy that a lot of folks are following GS & are up to date with the latest developments 💪👍
Before we end, I would encourage the group to follow our social media. Do follow us for the latest updates :