Recapitulation of COOK PROTOCOL PROJECT AMA event held at AMA LOVERS CLUB
Date: Tuesday, 9th February, 2021
Time: 14:00 UTC
The COOK PROTOCOL PROJECT team was represented by @Kp_cook who judiciously shared with us detailed knowledge and information about COOK PROTOCOL PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the Team working on Cook Protocol Project?
ANS: Yeah. I am KP Peng and I am the strategy lead of Cook Protocol, basically looking at the overall trend in the industry and thinking about the top level direction
Also managing the product roadmap
I have quite some experience in the product management and also in the blockchain industry
The team working on the cook protocol project has a pretty awesome background. From top universities like Stanford, UC Berkeley and Carnegie Mellon and also companies like Google, YouTube, Dropbox
We have a lot of software engineering experience as well as experience in the blockchain industry.
Q2: Can you introduce the COOK PROTOCOL project, what critical problems does it solve that existing solutions are not solving and what's the competitve advantage?
ANS: We are a cross-chain decentralized asset management platform for ordinary investors
We have three focus
Interoperability, useability and capital efficiency
The problem we solving is the fact the ordinary investors cannot fully benefit from the DeFi revolution due to the lack of technical expertise, the prohibitively high gas fees
We intend to build a platform that is across multiple blockchain so that we can mitigate the gas fee problem on Ethereum
We will have a super user-friendly front end to help ordinary investors navigate through the complexed landscape of DeFI
Lastly, we focus on high capital efficiency and will have smart pools and fund strategies that maximize the returns of investors’ capital.
Q3: Can you briefly describe the Top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: So before we have worked the decentralized asset management platform, the team has been working for years on another centralized asset management platform called binves.com. We have 5 millions USD asset under management
Then we think that decentralized asset management approach is definitely the future and there aren’t many big players in the space yet
Our development already finished token unlock smart contract and liquidity mining smart contract
In term of milestones that we are targeting, we plan to have a demo to illustrate our final product in about 1 month and Uniswap listing in about 1-2
Then after we will be on full development steam and plan to have a decentralized margin trading tool called Cook Leverage ready in April and our mainnet launch in June.
2nd Segment: LIVE Questions
Q1: Security of the Stakeholders should come first, have you carried out any code auditing on your smart contracts to access any potential security vulnerabilities?
ANS: Yes. We use high coding standards and proven framework. Also we are getting audited by renowned firm Certik to minimize security vulnerability.
Q2: How does cook finance intend on achieving globalization? Is there a critical strategy for this and would the community help be needed in any way?
ANS: We definitely need help from the community but also we are building a global community by reaching out to different telegram groups in different regions.
Q3: Everyone should have easy access to financial world but it is a pity that cryptocurrency was banned in some Nations recently. What can you say to this and how will your platform help revolutionizing the crypto industry and ecosystem?
ANS: Yeah. It’s definitely a pity. But I think big innovation tends to be disruptive and causes a lot of discomfort to the status quo. So regulations need time to get up to speed with the disruptions that big innovations bring. The easies way is to ban it temporarily, such is the case of crypto that has huge potentials but also could bring heavy financial loss if not regulated properly. We at Cook Protocol believe that crypto is the future and will at least at the co-existence status with traditional finance.
Q4: This platform has created an architecture with many Oracles: Chainlink, Band Protocol and Uniswap Oracle are among them, what is the finality of working with many Oracles services? Isn't one enough?
ANS: We will have multiple oracle services to ensure data accuracy and avoid potential oracle manipulation and single point of failure.
Q5: How is the money from investors been pooled together for fund managers to allocate?
ANS: Investors will deposit their crypto currency into a smart contract that fund managers will manage.
Q6: "Cook and ckToken" These are two tokens. So Please Tell us What is the difference between these two tokens and What are the benefits of heaving two different tokens?
ANS: COOK token is our main token. ckToken is a LP token to show your ownership of a particular fund.
Q7: What other tools can Cook Protocol offer investors and fund managers, in addition to an elegant and simple interface? That is what is shown most in your website
ANS: Decentralized margin trading tools, token price prediction using convolution neural network, smart pool to maximize yields and many other tools.
Q8: What are the plans to educate and increase awareness and adoption among the community to make more people understand the project easily? Do you think DeFi will destroy the existing financial system?
ANS: I don’t think DeFi will destroy the current financial system, at least for the time being but will be complementary. In the long run, there might be a trend of conversion of the traditional finance and decentralized finance.
Q9: How does COOK keep the coin price stable? Because a lot of what happens in some projects is that when people get tokens instead of holding them, they immediately sell them for fear that the price of the coins will fall
ANS: We have a price based unlocking system. So investors will get certain portion of their tokens unlocked only when 7 day moving average price hit a certain target. As a result, there will not be a pump and dump behavior.
Q10: 🌟Cook Protocol is about asset management, but do you offer some kind of investments advice for more inexperienced investors? Is it easy to use your platform for this type of users? @kp_cook
ANS: For inexperienced investor, the advice is to invest in indexes or smart pools so that your money is being automatically managed to minimize the potential loss caused by inexperienced and emotional investing behavior.
If you have any question, kindly join our Telegram community here: https://t.me/cook_english ask your questions. Our team are fully on ground to answer your questions.
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