AMA VIC Group with OmPhaLos Protocol

VIC Group
9 min readOct 27, 2020

Mr But ( host AMA )
The group will be muted within 1 minute for the AMA session with OMPHALOS team to start
How are you @Degalerion ?
Mr. Degalerion
Hello everyone, My name is Goran from Serbia and i will in your care today as a business development manager at Omphalos

You will find me joking all the time, even when market goes into a dive like it’s going right now After 7 years on crypto markets you learn to laugh even when it’s hard, there are always ups and downs everywhere including in crypto space

I will answer all your questions to the best of my ability and will try to live up to the group’s name :P

@Mrbut88 not bad thanks for asking :D
Mr But ( host AMA )
wow . So you can introduce the OMPHALOS project briefly to everyone? @Degalerion
Mr. Degalerion
Omphalos. It’s Greek for Navel of the world As our name suggests we’re aiming to stand above all other stable tokens in near future.

Omphalos is an adaptive base cryptocurrency with scalable chain interoperability, with 5 pillars backing it.

Decentralized Bank, Council, Liquidity Mining,

Lending &Borrowing, and Cross-chain Interoperability.

Mr But ( host AMA )
Thanks for the introduction from the guest we can go to Part II of the AMA @Degalerion
👉Part 2: Guest Miladinovic Goran Business Development Manager & of OMPHALOS will answer community questions form twitter
💥NOTE: Please make sure to complete steps:

1. Join OMPHALOS community

2. Follow OMPHALOS VIC group and Megala on Twitter
Mr. Degalerion
Davorin has a bunch of other obligations i was only one which had time to make it. Believe it or not
we get to be quite busy running a big project ain’t an easy job
Mr But ( host AMA )
Yes I understand and in no time will we come to the first question

What’s your vision ultimately? What is OMPHALOS trying to achieve in the longer term and how do you plan to get there? How will your ultimate vision and mission make a difference in the world?
Mr. Degalerion
Long term. Well i believe that you noticed my confidence level . Aim is the top, and nothing less is acceptable. There might be some bumps along the road, but only those doing nothing never make mistakes.

As our name suggests we’re aiming to increase our use cases to the point at which we’re among the top 5 stable tokens on the market . How we plan to get there, i guess that saying hard work would be a cliché but regardless it the truth

To be quite honest it’s a great team and we’re all working around the clock, we’re far from best but we’re working toward it

Unlike other DeFi Solutions which failed to resolve scalability as well as other issues.
OMPL is working on implementing 5 different aspects of DeFi space in itself. As a stable token.

And by using Polkadot we’re solving majority of our scalability issues we would have on ETH
Mr But ( host AMA )
Thanks for the answer on the long-term plan we will continue with question 2

One of the ways to promote the project and engage users is to create local Omphalos communities around the world. Does Omphalos have a plan for this In 2020, will Omphalos promote Marketing? Because Marketing is the source of almost any project?
Mr. Degalerion
I hope that this explanation is sufficient And while many might call me overly confident

Without faith and hard work. No project would have ever succeeded :) i know that for a fact as i’ve been involved in multiple projects in the past as well
Alright as you guessed we’re currently focusing on Asia and it’s markets (China, Vietnam….etc etc )

We’re soon passing to our home turf (Europe) and create a real international community. We’re planning to launch an Ambassador program at some point in early 2021 as a way to get access to smaller local communities as well as a way to access local markets and services which might end up using OMPL as their Stable coin of choice. :) We’re still small so we can’t shoot straight to replace USDT but instead work our way up the ranks starting with smaller local markets and communities working the way up the ladder :)
Mr But ( host AMA )
Thanks for the answer, we will continue to question 3

How is the Omphalos anti-inflation system? Is it similar to token-burning deflationary mechanisms? How do you avoid excess supply?
Mr. Degalerion
All members of our team have been within crypto for ages. Trough different periods and we’ve seen what works and what doesn’t on the long run. AMPL Ampleforth couldn’t that problem but that is precisely why we are implementing an Unlimited elastic supply for OMPL tokens . By default once per day a rebase will occur if certain conditions are met.

In case price of a token goes above 1.06$ or under 0.96 Total supply of our Token will change accordingly.

Which will be elaborated in 2 following examples:

If you bought 10 OMPL Tokens for 20$ at price of 2$ per 1 OMPL before the rebase.

After the rebase you will still have 20$ balance but instead of owning 10 tokens worth 2$ each u will own 20 Tokens worth 1$ each

Vice versa if you buy 40 Ompl tokens for 20$ at price of 0.5 $ per token

After rebase you will still have 20$ worth of tokens but instead owning 40 :) Total supply will reduce resulting in your supply to reduce as well. In other words instead of owning 40 Tokens * 0.5$ you will own 20 Tokens each worth 1$ after the rebase.

The trick is in the fact that when you buy OMPL tokens you buy a % of total supply of our tokens
so even if number of tokens you own changes

you will always own same % of total supply
That is how OMPL will moon imagine buying now.

When Total supply of Tokens is less than few millions and Holding :)
If you own 1% of total supply
At 10M Total market cap = that would mean you bought for 100k
But what happends when supply and whole OMPL grows
Your 1% grows along
So if we reach 100M

Your 1% isn’t 100k Anymore
It’s 1M . Sorry for the time i’ve taken to answer this question :) but it simply takes a while to type it out regardless of how fast i type
Mr But ( host AMA )
And it’s fixed, thanks for the pretty great answer we go on with question 4

What is your best, most favorite feature of the Omphalos that you’ll be proud of other companies and able to inspire you to build on this project?
Mr. Degalerion
Well we can’t be picky as team members I don’t if you’ve seen this It might not be my personal favorite but it’s the first one i can share with everyone
Our APP demo is out now!

Check the #Omphalos Spring liquidity mining dApp ~

#Omphalos Spring is one of our 5 pillars where users can get $OMPL profit for providing #liquidity. The official app will be launched soon
Mr But ( host AMA )
ok we will move on to the last question and finish part II

Why does Omphalos use the PolkaDot parachain protocol? How do Omphalos DAPPs when built on the PolkaDot network differ from Dapps built on ethereum?
Mr. Degalerion
I ain’t a developer but i will do my best to explain this in a manner which is easy to understand for everyone

You’ve all noticed all those ETH 3.0 protocols which should solve ETH scalability issues and reduce fee’s

Oh well some of them are nearly completed but not even one is 100% operational yet.

PolkaDot solves that scalability issue a lot better than any one of those ETH Protocols for now and as such is the best choice for a token such as our especially due to the fact that we need high quality interoperability option in order to connect with other chains and coexist with them
To answer it in short.

It provides better options for scalability :)

and has proven itself multiple times already , = minimal risk
Mr But ( host AMA )

Yes and thanks for all the responses from the guests, we will go to Part III

👉Part 3: All members can ask anything directly about OMPHALOS

The group will be unmuted within 2 minutes for everyone to ask questions
Question : What a special for your security? And what make you confident is safe? i think security its important,please tell us about security of #OMPHALOS ?
Mr. Degalerion
QuantStamp is an industry leading blockchain audit firm. They are currently performing a security audit of our smart contract and token in general :)
Question : Although ETH 2.0 is delayed to next year, but it will solve all exist problem of ETH and become the best choise for dApps in future, so do you think this is a threat for your project and how could you overcome this barrier?
Mr. Degalerion
I am not worried. Personally i will tell you this much. TRX is a good example of what ETH should be in terms of scalability and fee reduction.

If the ETH 2.0 Surpasses TRX in terms of scalability, transaction speeds and fee’s then i might be slightly worried. But nothing grand
Question : Honestly 2020 is the defi trend, but only a handful of them can maintain price stability and expand the market. Can OMPHALOS be able to convince investors to cooperate for a long time? and how?
Mr. Degalerion
Earlier our host @Mrbut88 said one very interesting thing. Confidence is a virtue.

For as long as we retain confidence that we can adapt better and our community follows/trusts us. We have nothing to worry about.

Currently we’re still relatively small. We’re growing with each passing day along with our community. If we keep it up at this pace, When a new trend comes. We will adapt.

We’re humans :) We change, and so does the world around us. It’s adapt or die every time you change environment and i’ve noticed that humans as a race although being weaker than many survived a long time.

It’s only a matter of how motivated one is
Question :
What’s OMPHALOS long-term development plan? How do you make users believe that OMPHALOS is a long-term high-quality project???
Mr. Degalerion
You can find all details on the road map which is on our site :)

Read it so i don’t spam too much :) am trying to answer as many questions as possible today :)
Question 👉 As You know, Many people judge a Project By the Token price, What do you have to Say to investors? What’s the plan to increase the Token Demand?
Mr. Degalerion
:) Our won’t change a lot :) Every time it goes over 1.06 or under 0.96 :) It will bounce back :D

So i don’t think too many will have opportunity to complain about token prices :)

@THaplzpo this answers your question as well also read my last answer on the topic of rebase :)

Due to DAO governance although initially rebase will happen once a day. Community will be able to vote for shorter intervals = even more stable price
Question : Do you have any plans to attract non-crypto investors to Omphalos and how? What are the actions to increase awareness around Omphalos in non-crypto spacE?
Mr. Degalerion
And last one

We’re planning on recruiting ambassadors which will be capable of bringing OMPL to their local communities Even to those not speaking English

Your next question

Non crypto investors, you might have not noticed. But day by day. More and more services are implementing crypto payments which are resulting in us not having to bother much other than get OMPL listed on those services and simply offer everyday people an opportunity to pay something in real life with crypto.

Skrill supports crypto, Bitpay is listed on many places i am buying stuff online

We’re planning to grow along the industry.

And final questions

Omphalos won’t go too much outside of the box in terms of new features

instead we’re focusing on bringing all the DeFi features everyone is familiar with all under 1 Roof.

Roof of the world Roof of the OMPL
Thanks for having me everyone

My fingers are starting to hurt I hope i’ve answered all your questions today
I will see you again :) I hope you will join us in our group
Mr. But ( host AMA )
Thanks for all the questions and answers from the guests. AMA END
👉Omphalos information:


Telegram Group


💥NOTE: Please make sure to complete steps:

1. Join OMPHALOS community

2. Follow OMPHALOS, VIC group and Megala on Twitter