Recap AMA VIC Group with KONOMI Network

Mr Bụt

💥 Dear community, VIC GROUP will host an AMA with KONOMI team

With Guest Irene Zhao CMO of Konomi Network

AMA we will include parts

👉Part 1: Basic Introduction of Konomi and Guest Irene Zhao CMO of Konomi Network

👉Part 2: Guest Irene Zhao CMO of Konomi Network will answer community questions from to form

👉Part 3: All members can ask anything directly about Konomi Network

And now please mute the group so that the AMA can start!!!!!

We’ll start with part I

👉Part 1: Basic Introduction of Konomi and Guest Irene Zhao CMO of Konomi Network

Are you ready @irenezhao ?

Irene

Yup :)

Mr Bụt

Thank you for the first question of part I

Question : Please make a brief self-introduction and introduce Konomi to everyone ? @irenezhao

Irene

Hi everyone, this is Irene. I’m the CMO of Konomi where I’m driving marketing, social media advertising and community effort for the Konomi. As a sole proprietor, I built relationships with and represented over 100 corporate partners in their online advertising campaigns, including Huawei, Shopee, Grab, Lazada etc.

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 built the underlying facilities first which are decentralized liquidity protocol and lending protocol.

thanks~

Mr Bụt

Well, thanks for the answer to the guest opening question, we’ll move on to the second question

Question : What are Konomi’s main products?

Irene

Konomi platform is offered as a web application in the beta phase and will support mobile version for better user experience. The product includes three key modules:

Konomi Trade

Konomi Trade allows users to access liquidity for assets in the Polkadot ecosystem. It supports smart contract based liquidity protocols starting with constant product automated market makers. Users could connect decentralised wallets to the protocol and trade with immediate on-chain execution. Since the platform is decentralised, users could trade long-tail assets without any restrictions.

Konomi Lend

Konomi Lend is a decentralised money market protocol for users to borrow and lend assets. The product is currently based on a collateralized debt position model. It is an important milestone for crypto assets to have compound interest and this feature could incentivise users to hold the assets. DOT will be first supported as the default collateral, since it is the native currency in the ecosystem. As the parachain and para-thread auction is launched, there will be more room for innovation in financial products since projects will need to bid for DOT supporters in order to share the consensus in the Polkadot ecosystem. Komoni Lend also has the capacity to become an alternative solution for projects to raise DOT in exchange for their project tokens. For example, projects could accept DOT as a collateral to borrow the native tokens issued by new projects and receive interests.

Konomi Wallet

Konomi Wallet helps to aggregate user positions in decentralised wallets and to manage the active positions in the different protocols. Just as a banking customer would find it troublesome to have several banks at the same time, it is difficult for non-professional users to keep track of positions in different DeFi protocols. It complements Konomi Trade and Konomi Bank to give users the one-stop experience to manage assets on DOT.

thank you!

Mr Bụt
Thanks for the reply, let’s move on to the next question

Question : What are the use cases of Konomi?

Irene

We have 2 use cases for now.

First, Interaction between cross-parachain applications: Different parachains use their own native tokens as the cost measurement of system applications, such as gas fees, service fees for calling services etc. Konomi’s decentralized liquidity protocol allows users to seamlessly use applications on different parachains without the need for repeated exchanges of different tokens on centralized exchange. In the future, when the asset ecology on the parachain becomes more mature, we can support instant token exchange-just like spending credit cards overseas, there is a default settlement currency.

Second, Benefits from DOT ecosystem assets: With the improvement of lending infrastructure, there will also be more decentralized structured financial products to provide users with higher liquidity staking rewards. Konomi hopes to become the underlying lending protocol of the Polkadot ecosystem, providing interests and more financial products for the assets in the ecosystem.

thank you!

Mr Bụt

Yes thanks for the answer , we will end part 1 with the last question

Irene

sure!!

Mr Bụt
Question :Who are the target users of Konomi?

Irene

KONOMI is targeting at crypto users who are looking into investing, trading and managing assets in an efficient way. It is currently deployed as an independent blockchain using the Substrate framework. When it launches, it will support functions in trading, deposits and lending. When the Polkadot parachains and interchain communication protocols are live, Konomi could support more financial products specific to the Polkadot ecosystem.

thanks 🙂

Mr Bụt, [24.06.21 20:18]

yes thanks for the answer

give me a minute to fix the network

Ok, sorry for the delay we will continue with part II of the AMA

👉Part 2: Guest Irene Zhao CMO of Konomi Network will answer community questions from to form

Question : Can you list 1–3 killer features of $KONO that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?

Irene

Compared with other lending programs, our main advantages include (1) a better liquidation model to ensure faster liquidation of user assets in case of black swan events (2) lower transaction fees and faster transaction speed (3) a good risk warning mechanism to reduce the amount of collateral for users

thanks

Mr Bụt

Yes thanks for the answer we will continue with the second question

Question : Currently “Staking” is a very popular topic. Can you please explain the detail about the $KONOMI staking plan and the benefits of adding “staking”??

Irene

Staking will incentivise more people to hold the tokens and we think the holders deserve rewards. As for us, we have removed the staking module from our old development roadmap because we do not want to spend our development resources on a Eth based staking module. We will launch our own staking platform when we migrate our tokens from Eth to Polkadot. We work with various exchanges for staking campaign before we launch our own staking platform. You guys may stake your Kono on Kucoin and Gate :)

Thanks!

Mr Bụt

Yes thanks, next question

Question : Community support is one of the biggest aspects of a project’s success. Most projects have programs that interact with their users. Does you have any special plans to attract and expand the community and improve the user experience?

Irene
Building community support is definitely of utmost importance.

We will try to focus on operating three types of communities, one is the tech community, the second is the service provider community, and the third is the token holder community.

The tech community will serve to acquire customers and answer daily technical questions. The service provider community will be used to manage service quality, assist service providers and standardize service rules. The token holder community will be used to update with new use cases, road maps, partnerships etc. as the project progress. ❤️❤️❤️

thanks

Mr Bụt

Yes thanks, next question

Question : Can you go on a bit about your biggest achievements so far and the cool things you guys are building right now?

Irene

We have posted a new version of development roadmap on our website. As our progress is faster then what we expect. This is mainly due to the expansion of tech team after our fund raising thus we are able to complete most of the milestones before the timeline.

We have completed our on chain governance module development on early Q2. We have also migrated our code from Substrate to Parachain testnet. We intend to launch our second testnet campaign when the Parachain testnet is more stable. The new testnet is integrated with Chainlink oracle for price. I think we are the first Polkadot project that has done with Chainlink Substrate pallet integration. In addition, we are also developing a new p2p lending product which is more interesting and innovative. it allows user to create their own lending pools on our platform. We will update our white paper once all the documentation is done. We intend to apply another Web3 grant with this module as our first grant is completed and received pretty positive feedback from Parity

Thanks!

Mr Bụt
Well thanks for the great answer from the guest we will end part II with the final question

Question : Do you have any Coin Burn / BuyBack systems or any $Token Burn plans to increase the value of Token & attract Investors to invest?

Irene

Our coin Burn/Buyback systems release in the white paper, you cam have a look. We believe that only by making the project better and launching more products for everyone can attract more investors and increase the value of our tokens.

thank you

Mr Bụt

Well, thanks for all the questions and answers from the guests

We will continue with part III

Mr Bụt, [24.06.21 20:35]

👉Part 3: All members can ask anything directly about Konomi Network

Group will be unmuted for everyone to ask questions
Question : You said that Konomi is serving crypto users that are looking into investing, trading and managing assets in an efficient way, so what are the advantages of Konomi compared to the others?
As an independent chain, Konomi can support the development and deployment of other DeFi applications on the chain to achieve better synergy. From the perspective of economic model design, Konomi has also designed profit repurchase and rate discount mechanisms. It gives users more application scenarios and makes liquidity incentives more sustainable.
Question : What are the key milestones on your roadmap — both things you have already achieved and things that we can look forward to? Any partnerships and short/long term technical milestones that you want to talk about or bring some attention to?

You can take a look at our road map and what we have accomplished so far!
Question : Do the token holders have right to participate in the governance of the project? And how?
We believe after the official launch of Konomi platform, more users will be motivated to participate in the initial operation of the platform through ways such as returning tokens for the first time when users log in and completing tasks, and compensating tokens for the first time when they trade tokens, so as to increase the popularity of the platform and the number of active users through their participation in the initial stage. This surely will increase liquidity and thus the value of KONO.
Question : What factors are in play that will result in an increase in the value of the token? What do you see as the driving force when it comes to increasing the value of your token?
First of all, our team will launch more products that meet the current market demand to ensure that users with different risk tolerances have their own suitable products. Second, we will take part of tokens as incentive for users. Finally, we will continue to promote our project in various communities
Question : How is the security of users within your project guaranteed and not compromised? And how secure is your project from any kind of attacks?
We have and will spend more time in defending our systems. There are the tech spec and also the non tech spec. We have currently measures taken to defend against typical attacks. Of course, we also take measures to ensure our services will be HA to ensure availability. And for the users, we are also looking into ways to improve our economic models to reduce the risk of being liquidated.
Thank you for all the questions
Mr Bụt

Yes thank you for all the questions from the community today and thank you to the guest Irene joined us for the AMA

If you have any questions, you can join

https://t.me/konominetwork_vn

Or Global group t.me/konominetwork
AMA END

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