MrBut
We can start the AMA!! @LaloKnows
Today we will have an AMA with ONOMY PROTOCOL
With guest Lalo Bazzi CEO of ONOMY PROTOCOL
The AMA consists of 3 parts
👉Part 1 : Basic Introduction ONOMY PROTOCOL and Lalo Bazzi CEO of ONOMY PROTOCOL
👉Part 2: Guest Lalo Bazzi CEO of ONOMY PROTOCOL will answer community questions.
👉Part 3: All members can ask anything directly about ONOMY PROTOCOL
Group would like to be muted so that we can start AMA now !!!!!
👉Part 1 : Basic Introduction ONOMY PROTOCOL and Guest Lalo Bazzi CEO of ONOMY PROTOCOL
Please invite guests to briefly introduce the project as well as themselves to everyone @LaloKnows
Mr.Lalo
Hello all, I’m Lalo Bazzi CEO of Onomy Protocol. I studied Economics and Computer Science in University and then worked at Fidelity Investments on the traditional side of finance. I believed strongly that crypto and blockchain was the future, so I wanted to shift more toward the technology side of my background. Thus, I went to work at Microsoft as a Cloud Strategist for State & Local Government agencies in the USA.
I met amazing people from Microsoft, Cisco, AMD, ConocoPhilips, and other great companies. We decided to go full time in blockchain late 2017 — early 2018 and got our start building mining hardware for Bitcoin. ASIC chips.
Through this, we built a large infrastructure network with data centers and fiber network partners in Hong Kong, Japan, Sweden, Switzerland, Brazil, Canada, and various cities within the USA.
The bear market made mining less profitable, so we made a pivot to rely on our cloud experience. We built decentralized network technologies, identity, encryption solutions, and a social app.
During this time, we were heavily involved in Decentralized Finance and saw the massive growth!
We identified problems such as scalability and interoperability that we believed we could solve.
We decided to build with Cosmos, 100x more efficient than Ethereum, and interoperable with many blockchains so we can bridge with the vastly growing blockchain economies like Polkadot and Cardano.
Specifically, we saw that stablecoins are dominated by US Dollars. There are many other major currencies that can benefit from this infrastructure.
We set out on a mission to build a scalable multi-chain decentralized exchange to emulate the Foreign Currency Exchange Market serving multiple major currencies, and allow NOM holders to mint stablecoins that we call Denominations (or Denoms for short).
Technologies from our previous experiences are being used in building Onomy.
Mr Bụt Thanks, guest introduction and about the project is quite amazing
We will move on to Part II of the questions gathered from the form
you are ready to answer them @LaloKnows
👉Part 2: Guest Lalo Bazzi CEO of ONOMY PROTOCOL will answer community questions from to form
First question : Security and Privacy feature should be the top priority for any organization. How #ONOMY various methodologies to Validate the participants? And also to protect the user-data’s privacy? @LaloKnows
Mr.Lalo
Private keys will always be in the hands of our users. Onomy is decentralized at every level and users are responsible for handling their identity and keys. Security and privacy is important to us, and we believe users owning their data and keys are the best way to facilitate true privacy. We take great care with our products and will be assuring code audits to maintain the integrity.
Mr.Bụt
Thanks for the reply from the guests, we will continue to question 2 : which is important for investors. How will demand of #ONOMY token increase in the future? What should you do to increase #ONOMY PROTOCOL demand? @LaloKnows
Mr.Lalo
The Onomy token, NOM, is required as collateral to mint stablecoins of various major currencies. It creates a positive feedback mechanism where as the platform grows and gets adopted, so too does demand for NOM as it is integral to the products. NOM is also an incentive to secure the network itself through staking.
Mr.Bụt
Thanks for the answer, we will continue with Question 3 : Currently, Asian attaches great importance to Blockchain technology, is this a great opportunity for project ? How is your project planned to develop in Asian? @LaloKnows
Mr.LaLo
I totally agree! Asia is so impressive and ahead of the curve. Many of our strategic investors and partners are out of Asia and provide us with phenomenal resources. It is very important for us to continue to grow our roots with the Asia community, especially as they are truly dedicated and avid supporters of projects they involve with. Thank you so much for all of your excitement and support.
Mr.Bụt
Yes thanks for the interest of the project. Hope we thrive in this market, we will continue with question 4 : 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? @LaloKnows
Mr.LaLo
We are actively discussing and collaborating on unique community experiences, some of which involve NFTs for getting access to events and exclusive rewards for early supporters. We will have community-based events, leaderboards, and competitions in future to improve community experience as well. It is important to us to grow a community that feels truly involved with Onomy Protocol.
Mr.Bụt
Well after this answer everyone should join ONOMY global so you can receive daily updates so you don’t miss them, last question
Can you list 1–3 killer features of ONOMY PROTOCOL that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about? @LaloKnows
Mr.LaLo
Great question! We believe cross-chain is the future of Decentralized Finance. When you are using these cross-chain or multi-chain platforms, you must connect a wallet per each blockchain you intend to use. This becomes very cumbersome and hard for the user when they need to install multiple browser extensions to use the product. Imagine telling a friend they must install 5+ extensions before they can properly use a multi-chain DEX, for example! It is a big barrier to adoption of these new and innovative products.
One of our unique values is technology we developed and named “Natural Rights” — it is user rights management based on proxy re-encryption technology. The application of this is that it provides the ability to offer a Single Sign On to manage multiple private keys.
Instead of connecting multiple wallets — you now just need one. The brilliant piece of this is that you still retain custody of all of your private keys as well.
This is a big innovation to carry forward true adoption of multi-chain DeFi products.
Mr.Bụt
Thank you very much for the responses of the guests, before watching Part III of the AMA, I have one more question for you: Question: What is ONOMY Protocol’s vision and mission in the future? @LaloKnows
Mr.Lalo
Our mission is to flip M0 Money Supply onto Onomy — the minting of money. We build the infrastructure necessary to facilitate the revolution of money.
Mr Bụt
Well after this question and answer we will continue with Part III of the AMA
👉Part 3: All members can ask anything directly about ONOMY PROTOCOL
The group will be unmuted within 2 minutes for everyone to ask questions
Question : What Onomy Protocol features might be of interest to larger traders? What is the strategy to increase liquidity? Maybe a CEX listing?
Mr.LaLo
CEX listing is very important to our liquidity strategy and we have aligned partners for this. We do anticipate CEX listing of NOM! Additionally, we work with traditional finance partners as well who advise us on many fronts, from institutional liquidity provision to proper incentive alignment. These advisors have significant experience at places like Goldman Sachs, PwC, and more.
Question : How does ONOMY handle government regulations and boundaries?
Mr.LaLo
We make every effort to be fully compliant and look to work with regulators, not against them. While the Onomy Protocol is built to be decentralized and has participants from all over the globe, we have a long history of being on the forefront of crypto regulation. One example includes being of the first companies to register in Wyoming in the USA to take advantage of the “Utility Token” law that established a legislative definition for utility tokens. Now, there are crypto-native banks being established that we look to work with as we carry out our mission.
Question : As a community driven project and me a developer am interested in contributing to the project, do you have such programs?? @LaloKnows
Mr.LaLo
Yes! If anybody is interested, please e-mail hello@onomy.io and join or main telegram channel here: https://t.me/onomyprotocol to stay up to date. We would love to return to VIC for more AMAs in future as well so we can all stay engaged!
Question : Who are ONOMY’s strategic investors and partners? What criteria/ process do you follow in evaluating your partnership deal with them?
Mr.LaLo
When selecting our investors and partners we look to work with strategic value-added partners only. In this market, there are many projects raising money — what is important to understand is the project selection criteria — so this is a great question.
We make sure to understand the full value-add of all of our partners and investors so that we can be confident that they will drive the long-term return on investment for all NOM purchasers.
We have a fully redesigned website coming soon that will showcase all of our investors and partners :)
Question: Who are your potential customers and which markets are you targeting on??? hi @LaloKnows
Mr.LaLo
The FOREX market has an astounding volume of $6.6 Trillion per day. Our target market is to build the bridges to infuse this liquidity into Onomy by targeting Institutions. We must provide the necessary onboarding tools and proper user experience to provide comfort in this transition. We additionally look to provide tools for retail to play a significant role as well and participate meaningfully!
Mr Bụt
Anything you believe the project will be updated continuously, if you have any questions please join the groups above.
AMA END
Thank you for joining the AMA with us today @LaloKnows