Joel Natanael : Hello everyone welcome back again to AMA series FCM. After we haven’t had an AMA for some time, this time we are holding another AMA again with Konomi. This time we have a special guest, namely Mr. Jayden as COO of Konomi
Hi Mr. Jayden from Konomi Team, thank you for having AMA in here.
Jayden Antonio : Ya shout out to the community here
Btw it’s my first AMA with our neighbor,Since we are a Singapore based project
Joel Natanael : Before we start this AMA I’ll explain a little bit about how the AMA will works today
There are 3 segment in this AMA
- Segment 1: Project Introduction
- Segment 2: Question from Twitter
- Segment 3: Free Asking
Joel Natanael : Q1. Can you explain to us a little about your background before entering the cryptocurrency world and why did you finally decide to become COO of Konomi project?
Jayden Antonio : 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. This is Konomi’s first AMA with the Indonesian community . I am very happy to communicate with you.
Joel Natanael : Q2. Please explain to us what kind of project Konomi is? What is the main focus of Konomi in cryptocurrency world?
Jayden Antonio :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.
Joel Natanael : Q3. You said that Konomi is cross-chain liquidity and money market protocol for the Polkadot network, could you please go into more detail about this and how it works?
Jayden Antonio : Interaction between cross-parachain applications: Different parachains will use their own native tokens as the cost measurement of system applications, such as gas fees, service fees for calling services etc. Due to the completion of the XCMP protocol, the cross Parachain message passing is possible, and there is more space to support cross-application collaboration. 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.
2. Benefits from DOT ecosystem assets: With the emergence of lending protocols like Compound and Aave, mainstream assets on Ethereum can obtain time value, which is much higher than the interest in traditional finance. 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.
Joel Natanael :Q4. Each project must have their own target market. Then who is the target market for the Konomi project? What will be their advantage if they choose this project?
Jayden Antonio : 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.
In terms of market A little add on to the question
In terms of market, we are targeting global market so there won’t be any region restriction and that’s why we are doing AMA and other marketing campaigns with community across the globe
Joel Natanael : Q5. The Cryptocurrency market is growing with more and more new projects emerging. Then what is Konomi’s plan to be able to compete in the crypto market now and in the future?
Jayden Antonio : The team always prioritised on development. As I have said, we are building a financial infrastructure instead of an application. Therefore, we would like to work together with other projects and integrate other applications when the underlying protocol is solid. In Polkadot, it’s more of partnership instead of rivalry. In order to remain competitive, we are expanding our team and working on partnership with other projects.
SESSION QUESTION FROM TWITTER
Joel Natanael : First Questions From @okme58111039
Q1. Can #KONOMI provide traders with a single interface to execute all trading needs? What technology does #KONOMI use to provide trading and protection of user assets? And Can #KONOMI explain in simple terms How does the #KONOMI Ecosystem work ?
Jayden Antonio : Yes user can execute all our lending functions on one interface and it will be ultra user friendly. In terms of security, I believed Polkadot is one of the safest network due to its unique structure because all parachains will have shared security with the rely chain. In a sense that if the rely chain wants to revert then all parachains have to revert. We will be working together with insurance project to protect our user’s assets agains incident such as hacking but it’s unlikely to happen to Polkadot
Joel Natanael :Q2. From @semogaberkahXD
How can we trust our funds with KonomiNetwork ecosystem? What security measures being implemented in your network? Is your smart contract audited already? Thank you
Jayden Antonio :I think I have answer first part of the question from the previous one. So just to add on a little bit more, there are many development to be done before official launch. We will definitely get the smart contract audited before launch
We are developing our liquidation module at the moment and detail of our liquidation module will be released by next week
Joel Natanael : Q3. From @cryptoenr1que
Trying to research Konomi, I couldn’t access your website even though I tried many times. Are you experiencing difficulties with your website? When do you expect to solve such problems?
Jayden Antonio :I don’t see any problem with accessing to our website at the moment. However, we will improve our website along with the project progress.
Joel Natanael :Q4. From @Rhada25
Why is Konomi Network using the Polkadot ecosystem to develop a blockchain cross-chain interaction protocol? What are the advantages of the Polkadot network compared to other networks? And what benefits does Konomi Network get from partnering with Polkadot?
Jayden Antonio : I think I have mentioned the advantage of Polkadot as compared with Ethereum in the segment one. So let’s do another quick comparison between COSMOS and Polkadot since both of them support cross chain messaging. Polkadot has a more complicated architecture which limit parts of its scalability since they will only be 100 parachains base on current info. Whereas there could be unlimited cosmos zone connected to the hub. The connection is easier also because the project do not need go for auction to get a Parachain slot. However, Polkadot is way better in terms security. There is no way to maximise scalability, security and decentralised at the same time because they contradict with each other. However, Polkadot has the best balance among this 3 factors
Joel Natanael :Q5. From @molestika
The KONOMI token is designed for holders to actively trade with it and provide liquidity to the project, but what strategy is KONOMI employing, so that its token becomes a stable currency in the long run?
Jayden Antonio :I dont think we are making Kono into a stable coin like USDT. I think you are referring to mainstream currency in this case. Well, it’s all about liquidity so we will make sure we have a good liquidity by deploying various plans and campaigns when Kono and our project is available including giving incentive for users who provide liquidity for us. Of course, we also implement our staking module in Q3.
SESSION FREE ASKING
Q1. Lovres For Ama : What are the plans to educate and raise awareness and adoption among the community to make more people understand about the project easily?
Jayden Antonio : We have just launch our global ambassador program and it will be open to all community
Q2. Alya : how do you attract investors to be interested in Your project ? because some investors only focus on short-term prices rather than long term?
Jayden Antonio :I think it’s the quality of our product and the strong background of our team. There are points where our vision doesn’t match with our investors but we will always stick with our vision
Q3. Kashmir : 1-Increasing Token price 2- make Token Valuable 3-Building Community Trust From 3 aspects above,. I want to ask,. Which one the most important for you?If all above are important for you,. Which one that Will you do first??
Jayden Antonio :I don’t think 1&2 will happen without strong support from the community so the answer is obvious
Q4. Faisal : You guys are doing Ama’s in all group & almost answering same types of questions again and again? How do You feel about it?
Jayden Antonio : Very interesting question. Honestly, I want to skip the intro part because it’s always the same question and same answer. However, I will try to find questions that has not been answered in previous AMA for the live segment
Q5. ÇRYPTÖ DÜDË : Being listed in Giant Crypto exchange such as BINANCE, HUOBI, BITHUMB, OKEx etc is a dream for most cryptocurrency project. Do you plan to list on these exchange in near future or still keep focusing on build excellent product and attract more users?
Jayden Antonio :Yes of course. The team always prioritised on development and we take pride in our work. However, listing is also important to us and We will list Kono on tier 1 exchange
Joel Natanael :Unfortunately we have reached the end of the event today. But before we end this AMA, do you have any closing statement for our community?
”Jayden Antonio : I really appreciate the response and engagement from the community. Please feel free to join our group and follow us on social media to stay update with our progress”
Joel Natanael : AMA Crypto MoonLight X KONOMI has finished
Thank you Mr. Jayden for attending this event. I hope all this knowledge will make us understand more about KONOMI 😊
To all members I thank you for participating in this event.
See you next time, and we will announce the winners later.
Don’t forget to join KONOMI official
•Telegram Group official : @konominetwork
•Telegram Channel official : @konominetworkchannel
•Twitter official KONOMI: https://twitter.com/KonomiNetwork
•Website : http://konomi.network/