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Wolfonaire Chatbox : AMA With Konomi Network(1 February, 2021)

AMA With Konomi

Hello! Wolfonaire Family & Crypto Enthusiasts!

We recently hosted an AMA with Konomi Network on 01 Feb, 2021 at 12.00 PM UTC. This session was phenomenal. If you have missed then here is the precious AMA transcript, for those who missed the live session this will enlighten you for sure…

Guest Speaker :

Mr. Jayden | COO, Konomi Network

(Note: This is the transcription of the event. Please note that the transcript was edited for comprehensibility and coherency, while the content was not changed.)

INTRODUCTION

Jayden : 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.

Wolf : Seems Interesting… For our members who are not already familiar with the project, can you give us a very high-level overview of what Konomi is and what competitive edge it brings to the Crypto Universe?

Jayden : 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.
To make it simple Konomi wants to build a cross chain finance infrastructure for Polkadot ecosystem.

Wolf : Awesome 👌🆒️🙌… How do holders of the Konomi benefit in the ecosystem? What power within your model do individuals hold? Why is it so attractive and what are the basic requirements to participate?

Jayden : Decentralised governance
The design and implementation of the protocol would be determined by token holders. For parameters like pool staking fees, transaction fee burn, liquidity mining ratio, are initially set by the protocol itself; token holders could update the numbers and the smart
contract itself based on the voting process. In order to encourage users to participate in the process, there could be some profit set to reward the voting participants.
User incentives
As a decentralised product, getting liquidity is crucial for the user experience and platform adoption. Therefore, a large proportion of the Konomi tokens are reserved to encourage users to add liquidity to the platform and to use the products. By depositing assets to the protocol, users could automatically market make for the protocol.
In designing the user incentives, the protocol also takes into consideration the long term sustainability of the token. As there are more liquidity mining programs launched by DeFi protocols, users tend to participate in those programs in order to earn tokens rather than to fulfil their true needs. In the meantime, as more tokens are generated, there is continuous selling pressure to the network if no strong use case is designed to create demand for the token. Therefore, in designing the liquidity mining program, priorities would be given to long term supporters and market makers for the protocol.
Asset staking
Konomi token could be staked to participate in the base layer consensus and earn system rewards. It is also the staking currency to share platform revenue and ensure that the debt positions are safe.

Wolf : Great 👍… Have you met all your goals in the roadmap till now? And were there any difficulties that you didn’t expect and were not prepared for?

Jayden : We have met most of our goals base on our development roadmap. However, the launch of testnet is postpone because we are on working on a very innovative liquidation model which take quite some time.

The difficulties I have is hard to recruit substrate builder as there is not many tech contributor at the moment.

Wolf : Awesome 👌🆒️🙌… Did you find any threats till yet like smartcontract failures.When we think about mass adoption,security should be our first priority?

Jayden : Smart contract failures fatal for any chains or application. I can’t guarantee it won’t happen but so far we haven’t find any threat. As a lending project, assets security is what we prioritise the most. Therefore, we are working on our liquidation model. In addition, we just announced our collaboration with Tidal so further safeguards our users assets again incident such as hacking. I think security is one of the main reason we choose to do this project on Polkadot. The shared security of rely chain and parachain is a great mechanic.

Wolf : Great👍… Can you please give us a short tutorial on how even a nontech guy can easily use and enjoy your platform?

Jayden : It’s petty straightforward. The user just needs to connect their Polkadot wallet then they are ready to go just like how they use AAVE or Compound on Ethereum.

Wolf : Awesome 👌🆒️🙌… Final Question:- Can You Please Share About Your Private/Public Sale,How We Can Participate There?

Jayden : Good question here… We are on private sale at the moment so interested individual or institution may approach me for detail. There won’t be a public sale base on our plan as we are going for listing on CEX after the private sale.

Wolf : Great 👍👌👍… Lets move for the community Q&A.

Now Group Question & Answer Session 1 Began

Q1. what are the ways that generates profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both invester and your project ?

Jayden : I think it’s pretty straightforward. The difference in interest and transaction fee will sustain us in Long run but we will make sure it’s fair and sustainable.

Q2. Can Konomi be implemented on other platforms/merchants like a dependent tool for business solution or its inseparable part of Konomi ecosystem ?

Jayden : Of course we can do a pallet or application on other chain but why not Just bridge with them. Isn’t that the beauty of Polkadot.

Q3. Why is DOT supported as collateral for crypto assets? What kind of privileges will DOT provide in lending and collateral, and will new cryptocurrencies be added as collateral?

Jayden : Dot will be supported at initial phase because it’s the native token of Polkadot and we are part of the ecology.

Q4. In order to encourage users to participate in the voting process of Konomi, there could be some profit set to reward the voting participants. How do you evaluate the amount of reward that each participant receives? Is it the same amount for everyone?

Jayden : Yes we would like to encourage kono holders to participate in the governance by rewarding them.

Q5. Who are your potential customers and which markets are you targeting on?

Jayden : 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.
We don’t really have a geography restriction in our product.

Now Group Question & Answer Session 2 Began

Q6. How does Konomi provide the financial applications in Ethereum with a seamless connection to the Polkadot ecosystem, and thus a complete and comprehensive asset management experience? How easy is it to make this adaptation? Will it be available for TRON or BSC in the future?

Jayden : Yes we can always bridge to other public chain when Polkadot is live.

Q7. How can users stay updated with this project? Are there channels, including local communities where users can get the latest updates?

Jayden : Please join our Telegram group and follow us on Twitter and Medium.

Q8. Konomi will use the Cross Chain Messaging Transition (XCMP) feature to support cross-chain asset transactions. What are the advantages of XCMP features over others?

Jayden : It’s a protocol for cross messaging between parachain without going through rely chain so rely can sort of focus on its role which is security and validation. It’s more efficient.

Q9. Where can I buy #Konomi tokenomi? Any upcoming exchange listings?

Jayden : We would like to list our token before Q1 on tier 1 exchanges.

Q10. The Supply is 100M. How do you protect inflation so that the token maintains its value, what mechanism does it execute?

Jayden : We do have a buy back mechanism for transaction fee so reduce the inflation and maintain a healthy ecosystem.

Now the session ends with lots of thanks to our Guest Speaker…

Here are some important links of Konomi ⛓⛓

Website | Telegram |Medium| Wolfonaire Family Chatbox

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