Last week, Sologenic’s new Chief Product Officer (CPO) Dmitri Litvinovich took part in his first AMA in the Sologenic Telegram group. In case you missed it, here is the first part!
Can you give us an update on the project? Are we still going to be utilizing tokenizing assets from stock exchanges in Q3?
To start with, we reached agreements with most of the key stakeholders that are necessary for the product launch. The truth is that many partners are not moving as fast as we’d like, mainly due to the COVID resulting change in work pace and environment. The SOLO team is working very hard towards the launch of the Tokenized Asset Platform. We’re planning to release the first simulator version of our asset tokenization platform.
Sologenic is indeed a DeFi platform. Currently, the three most significant functions of DeFi:
- Creating monetary banking services (e.g., issuance of stablecoins)
- Providing peer-to-peer or pooled lending and borrowing platforms
- Enabling advanced financial instruments such as DEX, tokenization platforms, derivatives and predictions markets
Soon we will be releasing a simulator version of our DeFi product- Asset Tokenization Platform, which mimics the live environment and runs on XRPL Testnet. I am very excited about this fact and eager to get your feedback on this product. Meanwhile, we are working hard to obtain all the legal licenses and launch the live version.
The DeFi project lately has been much hype and hotly discussed by traders and investors. How about the SOLO team’s response, does it affect the SOLO trading ecosystem on the exchange?
We are extremely proud to be the pioneers in the DeFi revolution by making it possible for just anyone to access financial services such as investing in stocks, ETF, commodities, and trading these tokenized assets. What’s more, we have seen an enormous amount of support from the community, which proves that we are on the right track. Needless to say that with this support and trust, we all feel a high level of responsibility and working extremely hard to deliver and diversify our ecosystem offerings.
Can you tokenize partial stocks with the Sologenic platform?
Yes, we are developing so-called “order pooling” that allows our users to purchase any fraction of any asset they want. This is one of the features that will distinguish the Sologenic platform from ordinary stock exchanges.
What new products or facilities will you bring for us? If you bring any new products, what will be the demand for it in the cryptocurrency market?
I have extensive experience in various technology projects, mostly related to FinTechs and trading. Speaking about products, I see user experience as the key to success. Moreover, UX to my mind is limited by specific product usage and our internal processes and the team behind that. I see my primary mission as a bridge between user needs, organization, business, and technology.
Based on your feedback and trust in the Sologenic ecosystem, I am sure that the asset tokenization platform will be a super successful project that will massively disrupt the existing market. Apart from this, we’re working on enhancing our current services and a few other new projects related to SOLO cards, derivatives such as futures, and marginal trading.
Ripple announced the decision not to build smart contract capability into the XRP Ledger. How will this affect the tokenization process on the Sologenic DEX?
We chose to build on top of the XRPL because this blockchain is tailored to exactly what we are trying to build. The built-in DEX feature and ability to seamlessly issue assets (trust lines) make it a secure platform for Sologenic.
When talking about “smart contracts,” one needs to know what exactly is a smart contract. I can say that XRP Ledger has some support for necessary smart contracts, such as the “Escrow” feature. But the full smart contract capability, similar to the one in the Ethereum network, is not presented in the XRP Ledger yet. At the same time, the world of blockchain is moving fast, and since it’s open-source, anyone can build new features on top of existing technologies. We will have to see what happens in the future.
Is DeFi’s meteoric rise good for SOLO?
It is excellent to see DeFi’s rise and all the hype around it. I believe in the DeFi aspects of the Blockchain and Decentralization more than anything else. Our vision for Sologenic is to lay the bricks and make the building blocks of the future use cases of DeFi. The more DeFi platforms and chains, the more adoption, and that’s exactly what we want.
Read part 2 of this AMA here!