Coin x Satoshi Club AMA Recap from 22nd of December
Welcome to another episode of our AMA series. Today we are glad to tell you about the AMA session with our friends from Coin. The AMA took place on December 22 and our honorable guest was the CEO of the project, Damon Nam.
The total reward pool was 600$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Mary | Satoshi Club: Hello, Satoshi Club! We are happy to announce our AMA session with Coin! welcome to Satoshi Club.
D. | Satoshi Club: @blevels hello and welcome!
Damon: Hi! It’s a pleasure to be here.
Gold Rocket | Satoshi Club: Make a small intro about yourself and your path to crypto and tell us about your project! Аs far as I know you are CEO of Coin.
Damon: HI everyone! My name is Damon Nam and I’m originally from Dallas, Texas where I studied Information Technology and have a Bachelor of Science in Business at Southern Methodist University. I’m a technologist at heart and a 20 year IT professional. Following graduation, I spent 17 years at Microsoft in various business management roles. I left the corporate world to start Coin in order to solve some of the problems that exist in the marketplace today. Our mission is to make Digital Assets Simple.
I am in the United States and our team is global. However, our operations are headquartered in NYC (as it is the financial capital of the world and has a concentration of our partners, advisors, and legal counsel). Speaking of the team, we are a team of six global resources. We are hiring, so please reach out if you’re looking to join a dynamic innovative startup with a great company culture.
D. | Satoshi Club: Nice! Satoshiclubbers maybe it’s your chance. By the way, can i ask why did you decide named your project so simple — Coin?
Damon: Our mantra is simplicity. This includes everything we do from the platform to even executing processes internally. If it’s not simple, we don’t want to do it.
With that said, we wanted branding that was simple, consumer-friendly, and memorable… and Coin arguably represents the simplest term in our industry.
In fact, we even own the trademark for $COIN.
Q1 from Telegram user @yzmoney
“Quite simply, Coin Exchange is a P2P cross-chain decentralized cryptocurrency wallet, exchange, and AI assistant that is powered by atomic swaps and artificial intelligence. ”what is the different of your wallet between other popular wallet like trust wallet, exodus, coinbase wallet and others ? Are we able to trade directly with other users with coins’ wallet? how does coins’ wallet match the buy-sell order among users?
Damon:The two major advantages we have over most wallets and DEX’s today are:
- Cross-chain interoperability
- Integrate AI to help consumers save time and money
D. | Satoshi Club: Thank you! we have question about your AI
(second question) looks like it’s something new at the market.
Damon: And yes, everything is P2P and on-chain. We leverage atomic swaps in order to execute exchanges on-chain. When you send an exchange order through our system, we make a call to the chain to release those funds on your wallet (based on your pre-signing transaction) and then those funds are moved to a contract on the chain.
The HTLC standard allows for the chains to communicate with each other to execute it. If another order matches, it will be placed by the other user / chain into the same contract and then execute. If not order is found by X time / date, then the funds are unlocked and returned back to your wallet. Our platform is anonymous, non-custodial, and completely decentralized with all transactions on-chain. We do not store any user data and there are no databases. Unless someone hacks the blockchain itself, it’s “unhackable”.
D. | Satoshi Club: How many chains your project supports?
Damon: Upon launch to MainNet next week, we will support 4. Namely:
However, that is just the initial list of tokens we will support upon launch. We expect to expand that list rapidly once we confirm that the network and platform are operating as expected. Through 2021, we plan to open it up and support 100’s of tokens.
Q2 from Telegram username @peterthesaint
The AI powered assistant that you’ll provide seems to be a game changer. Can you share with us how will it work, how will it benefit the users and if it’s powered by blockchain technology?
Damon: So we believe that this is one of key differentiators. By leveraging AI, we provide a fresh digital assets management experience that is simple, autonomous, and personalized. For example, you can even send or exchange funds by typing commands from any input field on the web such as, “send $30 btc to @damonnam” and easily execute transactions in seconds.
Other use cases include, recognizing the 20 day moving average for Bitcoin and providing that price insight to you while you are making a trade. Or perhaps recognizing that gas prices are high and scheduling to send your transaction later when it hits a certain GWEI, etc.
We’ll even recognize blockchain keywords on a webpage and hightlight them (similar to Grammarly) and upon hover, provide meaningful insights. Our Coin Exchange also learns, evolves, and helps you navigate your financial journey. We understand crypto is confusing and difficult. And while crypto is trying to disrupt finance. We want to disrupt crypto.
Gold Rocket | Satoshi Club: You have big plans! By the way, would you share your roadmap?
Damon: We’ve even developed some proof of concepts that enable you to accomplish this using voice input as well. For example on Alexa and Google home. We are still exploring the security models around this; however, think that it’s a natural evolution for the platform as voice input becomes more predominate.
In our roadmap, we will add additional token support, integrated more 3rd party wallet support, increase our neural net, but most importantly, build developer programs that empower the community to build on top of our foundation.
Q3 from Telegram username @surdumiha
I like it very much that there will be no kyc or user data storage involved, although I don’t quite understand how will it work. If there will not be enough users on the exchange, who’s going to cover the orders? If i want to sell BTC no there are no people willing to buy it, what’s going to happen in a situation like this?
Damon: In the short-term we know we may not have enough users to fill our order books. To circumvent this, we wanted to create a relationship with a reputable company / brand that could help support us. So we created an alliance with Coinbase to be a liquidity provider for us. Longer term, we hope to wean ourselves away from that dependency as we gain more users and fill up our own order books.
In addition, we have our own liquidity pools that users can create and become their own “market maker”. From there, they will receive 50% of the revenue for each trade.
Q4 from Telegram username @ammargen
Your revenue model is based on the revenue generated by the 1% exchange fee. Will this fee be charged on each transaction or only on certain types of activities?
Damon: For exchange transactions.
Q5 from Telegram user @Pratze
I want to ask about your airdrop. In website it said airdrop only for existing ‘COIN’ holders but why TRUSTSWAP said the airdrop ‘COIN’ is only for SWAP Holders? Which one is true? Can you please explain?
Damon: Both are true. There will be an airdrop for Coin and Swap holders to show our appreciation for your support in both communities.
Q6 from Telegram user @Winterkom
What will be the most important characteristics of Coin Wallet? Will it be available for both PCs and smartphones?
Damon: Our platform support will be available on web and via browser extensions for the most popular browsers. The web version is fully responsive and supports a variety of devices. We plan to have native mobile apps in the future.
PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS
Due to schedule problems, our guest could not choose the questions and part 2 had to be postponed.
PART 3, QUIZ AND INFO
As usual, Satoshi Club Team asked the chat 4 questions about Coin Project. A link to a Quiz form was sent into the chat. Participants had 7 minutes to answer. 600$ were distributed between the winners. You can check the list of winners here: https://t.me/Satoshi_club/491636
For more information and future AMAs, join our Social Media channels:
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Coin — $COIN™ Official Telegram Channel: https://t.me/CoinDeFi