On the 10th of April 2021, Plethori CEO, Ryan Matovu, joined cryptocurrency community, Crypto Revolution, in their official Telegram channel for Plethori’s second official AMA. Here are some of the highlights:
Danny, from Crypto Revolution, started the AMA by asking Ryan to introduce himself and explain how he came to be involved in Crypto. Ryan responded:
“Pleasure to be here! […] I am Ryan Matovu, founder and CEO of Plethori. I’ve been in the space since 2016 in a range of experiences and roles from investing/trading to developing to working in teams overseeing marketing and partnerships. Outside of crypto, I have run various businesses. I was originally drawn to this space due to the tech that was being built. I saw this as something that could revolutionize our world view of what could be capable in money and finance.”
Danny then asked Ryan: “Could you please introduce Plethori, in layman’s terms, to the Community?” Ryan succinctly described:
“Plethori is a decentralized, cross-chain investment platform for the trading and creation of ETFs (exchange traded funds).
We are built on Polkadot.
Our platform essentially allows investment into basket/portfolios of assets as opposed to individual tokens.”
Danny then asked Ryan to elaborate on the function and structure of the ETF investment vehicle. Ryan responded:
“An exchange-traded fund is an asset that is made up of a basket/portfolio of underlying assets. The fund is made up of this portfolio of assets which can be traded on an exchange effectively allowing users to by into that entire portfolio, similar to an index.”
Danny: “What kind of Assets?”
“Tokens/coins, for example; Our NFT ETF will be made up of the top NFT projects in the space so users can buy and sell our ETF on our exchange and be able to invest in that entire industry; or our Polkadot ETF, made up of a portfolio of the premier Polkadot projects where users can invest into that ecosystem as well.”
The host moved the discussion on to the eagerly awaited upcoming IDO — “When and where will the IDO be taking place?”
“We are going to be announcing the details of this very very soon. It will be on top notch platforms which will ensure the maximum possible success and exposure for what we are building!”
[The IDO details have since been announced. You can find the full details of the Dual-IDO HERE.]
Next, Danny and Ryan briefly touched on Plethori’s tokenomics:
“Our total supply is 100,000,000 with a listing price of 0.04 and an initial circulating market cap of $691,000 approximately.”
Danny: “Nice. Small Market Cap so a lot of potential to grow. Is your Contract already audited or will be prior IDO and Listing?”
“It is currently under audit so will be finished before IDO and listing.”
In the subsequent section of the AMA, Ryan answered several of Crypto Revolution’s community-asked questions. Below are a selection of some of the best:
1. “Some countries have strong regulations for ETFs; how is the project positioned? Some countries like Cuba and India [can make it] very hard to [introduce] cryptocurrencies! Tell me about the strategies for adoption in these countries.”
“We are working with legal experts to ensure that the widest audience has access to our platform and features. In terms of regulation for specific jurisdictions, it has to be done on a case by case basis, as each country has their own laws and everything is in flux with the crypto space being so young! We at Plethori, however, are forward thinking in staying in line with current regulation but also anticipating future changes to allow us to be one of the best positioned projects for connecting decentralized and traditional finance!”
2. “I read your whitepaper, and one of the benefits states that “The ability to purchase in small amounts”. So far we know that using the Ethereum network is terribly expensive, so how do you plan to make this feasible?”
“We are planning to built in the soon to [be] released layer 2 solution, Optimism.
This will allow great savings on transaction costs but also drastically increase the scalability and speed of our platform.”
3. “I was just checking your website, there are info ‘Build on Polkadot’ and ‘Build on Optimism’ actually I understand about Polkadot chain but what is optimism? Can you explain that part?”
“Optimism is a layer 2 solution that increases scalability of Ethereum by processing the computational side of transactions keeping the data remaining on the Ethereum mainnet. This maintains full security whilst also allowing for 100x decreases in transaction costs and increases in speed
It is the layer 2 solution that Uniswap V3 is being built on.”
“What are your Marketing plans for the upcoming weeks/months?”
“We are targeting all platforms and have already made connections with influencers of all sizes from the large notable names to the smaller, guerilla-style influencers who are just as important to us.”
“Could you explain the use cases and benefits of PLE Token for investor?”
“It will provide utility in giving access to the platforms’ features and also serve as a governance token for our upcoming Plethori Governance platform!”
“Why did you decide to create your platform under the Ethereum and Polkadot ecosystems? What benefits do these chains offer that, for example, Binance did not offer them?”
“We value decentralization and scalability which Polkadot offers building alongside Ethereum to compliment it. We have Binance Smart Chain on our roadmap and will launch there as well but it is not our focus as although fees are cheap, it is not decentralized.”
“Almost every project want their project to grow and expand and I believe PLETHORI isn’t an exception for this, so what are your plans to grow and expand GLOBAL?
AND HOW DO you plan to make PLETHORI available in different language[s] to countries, especially those non English speaking countries?”
“We have plans to expand to different communities worldwide starting off with China and then moving elsewhere. Our content will be translated as well.”
“Users will be able to easily pay using credit / debit cards, PayPal, and many other forms of fiat directly to your ETH and PLE tokens. Then, to convince users about this payment system, what kind of security system do you use?”
“Yes, we will work alongside partner projects who specialise in this area of offering fiat gateways whilst maintaining full security of the platform!”
Danny then wrapped up the AMA, asking Ryan if there was anything else that he would like to share with the community. Ryan concluded:
“Thank you for your time everyone. We look forward to delivering on our project goals. Our focus will always be the technology with every decision or partnership forged centred on this.
Join [our] group and follow our Twitter https://twitter.com/Plethori to get involved and ask any more questions you may have there. We are a community focused project so our team is always available for help and support!!
Looking forward to our dual IDO on Paid Ignition and Cyberfi Samurai!!”
The Crypto Revolutions Official Telegram Channel comprises some 8,000 members. They are a well renowned Crypto community and have an excellent reputation for conducting professional and engaging AMAs with up and coming projects. To read the AMA in full, CLICK HERE.
Plethori is a Cryptocurrency ETF Investment Platform that allows
open trading and creation of trustless ETFs by utilizing blockchain
technology and layer 2 solutions. The platform offers decentralized
cross-chain investment for exchange-traded funds built on the
Ethereum and Polkadot blockchains. This service will allow investors to
deposit capital and invest in a wide range of ETFs enabling investment into entire cryptocurrency industries such as insurance, oracles, NFTs, Derivatives, Polkadot ecosystem projects and many more.