Recapitulation of DotOracle PROJECT AMA event held at AMA LOVERS CLUB.
Date: Thursday, 14th October, 2021
Time: 14:00 UTC
The DotOracle PROJECT team was represented by @Nguyen5 who judiciously shared with us detailed knowledge and information about DotOracle PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on Dotoracle?
ANS: I am Nguyen Bui, Co-founder and CEO of DotOracle. Some infos about me:
- MBA from Nanyang Technological University in Singapore
- 15 years experience in Finance and Tech Growth.
- Ex- CMO at TomoChain
- Advisor at Coin98
- Well-connected in crypto space in Vietnam, Singapore, Malaysia and Thailand
And now I am partner at HC Labs, and building Dotoracle project.
Q2: Can you introduce Dotoracle, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: As the name said, we are Decentrazlied Oracle project on Polkadot, building on Moonbeam, the smartcontract parachain for Pollkadot. We also have Liquidity Bridge for Multichain and that is very exciting for an oracle project
We saw that the price data feeds from Chainlink is expensive because of high gas cost. Our tech team could reduce the gas cost price, and hence lower the cost of feeding data for Defi products
And we have Decentralized Liquidity bridge, that makes the data feeds more pervasively on multichain.
Q3: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: Yeap, we already deployed our product testnet on Moonbeam testnet. Also in our testnet, we proved that our gas cost is cheaper than
than Chainlink gas cost
We also got the agreement from Sushi MISO as launchpad partner.
We had raised $3mil in 2 private rounds
and upcoming in the roadmap, we will release our mainnet in December
Yes, we have token sale on SUSHI MISO on Oct 20th. You guys could follow our twitter for more details.
Q4: Does the token sales require whitelisting?
ANS: No, just go to Sushi MISO platform https://miso.sushi.com/auctions/upcoming
So it will be on a fcfs basis?
yes, prepare your ETH and USDC
Q5: Can you briefly describe your PARTNERSHIPS so far?
ANS: yeap, if you check our website, we have great supports form famous VCs like LD Capital, Shima Capital, and projects like Illuvium, Thorchain,… We also have good product partners like Contentos (backed by Binance Labs), Envelop, Talken, … all are good projects with good backers
We will have more parntership to come. They all want to use our cheaper data oracles.
Q6: Can you give an overview of the Tokenomics, and Utility of $DTO tokens?
ANS: so far we have sold 25mil DTO via 2 private rounds. Private A (0.09$) and B(0.19$) (with unlocking 10% and 20% accordingly).
we will sell 1,150,000 DTO on SushiMISO, All team token is locked. We will update specifically on our website soon.
$DTO is used for protocol rewards, for Validators and Contributors to our DotOracle Network and later DotOracle Blockchain. We will have at least 50 nodes running our network.
2nd Segment: LIVE Questions
Q1: Most projects recently coming up choose either Binance Smart Chain or Solana as the blockchain to establish their project. Dotoracle chose Polkadot. What are the features and advantages that you are looking to add to your project by choosing Polkadot?
ANS: Polkadot acts like a bridge between many chains. We built on Moonbeam Polkadot, so we could feed our data oracles to many defi protocol across many blockchains. Moonbeam is smartcontract platform parachain, they already deploy Moonriver on Kusama, side chain of Polkadot. It is promising project.
To become a validator, a user must deposit a $DTO token into the smart contract
How does this work, what will be the minimum $DTO needed can you share the rules. ?
ANS: We will propose a mechanism to communities based on our PBFT consensus. Please be patient. Possible, each nodes require around $500k DTO.
Q3: DotOracle have sticked with SushiSwap MISO as their Launchpad Partner. Can you tell us why you trust Sushi MISO Launchpad to launch your project? Will there be any considerations to launch on other launchpads so that users can have options/variety of platforms to participate in the $DTO token sale?
ANS: Sushi MISO has good credibity for project launch using ERC-20 token. We love to work with SushiChef and got their support.
Q4: In tokenomics, you have allotted 33% of tokens to protocol rewards. So I want to know protocol rewards will be given as airdrop or is it something else?
ANS: Yes, airdrop, bug bounty, bonus, rewards for nodes runners in our network.
Q5: I understand that you are currently based on Moonbeam, Polkadot's smart contract parachain which is now in the testing phase. So, can you explain why they decided to build their platform on Moonbeam? Do you consider that Moonbeam will be huge in the Polkadot Ecosystem?
ANS: Purestake, owner of Moonbeam is a very good team, we got connected with them and we love what they are doing. Plus, our teach team is very good at EVM smartcontract coding.
Q6: What is PBFT on DotOracle? What dose it do? What can I do with PBFT??
ANS: I guess you need to do research more about this, I am not a tech guy, but PBFT docs is quite popular in many blockchain.
Q7: In your Roadmap Q4 2021, You have mentioned scheduled to Dot Mainnet Expansion to connect more networks. So I want to ask which will be those networks?
ANS: Polygon, FTM, Solana, NEAR, AVAX.
Q8: Can you explain some reasons about building your own blockchain with DotOracle? Wouldn't it be easier to use one of the big platforms available in the market? What sets DotOracle apart from the rest?
ANS: We could provide cheaper data oracles with decentralized liquidity bridge.
Q9: When your private sell round will be start??Does anyone join your private sell???or just limited people who is in your whitelisted???
ANS: It’s over. Sorry.
Q10: Can we call DotOracle a blockchain?
How is DOT Oracle able to achieve fast data provision?
ANS: It will be DotOracle Blockchain soon. We have pretty good code base for cheaper and fast data provision, check our tweet.
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