Konomi Network x D’va AMA Recap
We recently hosted an AMA in D’va community, on January 8th. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Jayden, COO at Konomi Network so here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.
Could you please introduce yourself and (Konomi Network ) to us at the first sesion.
Sure let me do a short introduction of myself and the project
Hi everyone, this is Konomi’s COO Jayden. I have been working in Singapore after graduating from the National University of Singapore with a major in electronic engineering, I used to be OFO’s regional manager in Singapore, responsible for OFO’s expansion and operations in Singapore. Later I founded Mileslife, A technology startup company that used technology to improve the efficiency of the tourism industry. I have been interested in blockchain and Bitcoin since 2015, so I participated in Bitcoin mining and ICO investment in the early stage. At the beginning of 2020, I felt that DeFi has really brought application scenarios to the blockchain, so I joined the Konomi project founded by several NUS alumni. Currently, I am responsible for the operation of the project and business development in China. Most of our team members are still based in Singapore and the focus of the project was mainly on development. With the improvement of our product development progress, the project has also recently received a grant from the Web 3 Foundation, and we have also begun to speak out in the market. I am very happy to communicate with you.
The vision of Konomi at the beginning of its establishment was to enable financial applications on Ethereum to seamlessly connect to the Polkadot ecosystem, and to provide the users with a complete asset management experience — from liquidity protocols, to lending market, as well as the management of ecosystem assets. Polkadots has more application scenarios which are different from Ethereum in terms of governance and parachain auctions due to its better base layer performance. As a result, we believe that Polkadot-based financial applications will also have more opportunities than Ethereum. Thus, at the initial stage of our product design, we first built the underlying facilities which are decentralized liquidity protocol and lending protocol.
In addition, KONOMI is targeting crypto users that are looking into investing, trading and managing assets in an efficient way. It is currently deployed as an independent blockchain using the Substrate framework. At launch, it will support functions in trading, deposits and lending. As the Polkadot parachains are launched and that interchain communication protocols are live, Konomi could support more financial products specific to the Polkadot ecosystem.
It’s just a brief introduction of our project and you guys will know more about Konomi as we move on with this AMA
Awesome thanks for explanation 👍
5 best question comes from the twitter.
Sure let’s see what are the questions from twitter and who will be the lucky ones
What are your plans for global expansion, does focus only on the current market? Or focus on building and developing or getting customers and users or partnerships? Can you tell us? From: @TikToktopviral
Of course we would like to focus on global market. As I have mentioned our vision is to build a decentralised liquidity and money market protocol for Polkadot ecosystem which means we want to build the underlying or base layer chain for Defi. Therefore we would definitely want to onboard or integrate other projects and applications on it. We are looking forward to be on partnership with more projects
How much space do you think Konomi Network will develop in the future, and how much Konomi will appreciate in the future? From : @Gasolin980
I don’t quite get the question here. Like what is the definition of ‘space’ here. Well, I believe he might be referring to room or space for Konomi to grow in future. Therefore, I believe we do have potential to achieve our vision because lending is major sector in finance regardless of Cefi or Defi
Most Current Projects Are More Focused and Improve the Mechanism of Staking,Dapps & Consensus Algorithm Work, What about Konomi itself Is There a Plan for His Future Development? From: @Firdans87
Of course we do have plan. We will be building our staking module in Q2 for liquidity mining and our governance module will be available by the end of Q1. As for now, we have completed our lending module development and will submit to Web3 by next week
Strong community is needed in building a long term project. What is Konomi strategy for building a strong community and how do you serve your loyal community? From: @Dakonsyalala
Of course we are very conceded about community engagement. Firstly we would like to engage more with community to raise awareness and secondly, we will issue our native token KONO and we have reserved a good amount for KONO to award to community for contributing liquidity and participating in our decentralised governance process
Do you have any plans to attract non-crypto investors to Konomi?,What are the plans to increase awareness about Konomi Network around in non-crypto space? And which region is in your mind? From @alpincoloryes06
Frankly speaking we do not have a detailed plan for non crypto investors right now but we would like to do so. That’s why we invite Johnathan Padilla the head of PayPal blockchain to join our advisory committee. I believe his background will help us to connect with the fiat world
Q1.How will you manage your platforms if there will be unexpected problem occur in the future especially hacking issue which infact your platform has some personal data of some your users? Is your platform is ready to face this kind of situation if ever?
We prioritised on the security and privacy of our users so we would like to be on partnership with other projects who are specialised in this areas such as Phala. As for security, Polkadot has a high level of security due to its relay chain + parachain structures as there is a shared security among them
Q2. What is your top 3 things for priorities in 2021? Could you share some plans for the upcoming year?
Governance module , staking module and integration of swap and lending module
Q4. What kind of use-cases does the Konomi token have? What kind of value does it play and bring to Konomi ecosystem?
Interaction between cross-parachain applications: Different parachains will use their own native tokens as the cost measurement of system applications, such as gas fees, service fees for calling services etc. Due to the completion of the XCMP protocol, the cross Parachain message passing is possible, and there is more space to support cross-application collaboration. Konomi’s decentralized liquidity protocol allows users to seamlessly use applications on different parachains without the need for repeated exchanges of different tokens on centralized exchange. In the future, when the asset ecology on the parachain becomes more mature, we can support instant token exchange-just like spending credit cards overseas, there is a default settlement currency.
Benefits from DOT ecosystem assets: With the emergence of lending protocols like Compound and Aave, mainstream assets on Ethereum can obtain time value, which is much higher than the interest in traditional finance. With the improvement of lending infrastructure, there will also be more decentralized structured financial products to provide users with higher liquidity staking rewards. Konomi hopes to become the underlying lending protocol of the Polkadot ecosystem, providing interests and more financial products for the assets in the ecosystem.
Social media Konomi Network: