Recapitulation of KONOMI AMA event held at AMA LOVERS CLUB

Venue: https://t.me/amaloversclub
Date: Tuesday, 12th January, 2021
Time: 13:00 UTC

The KONOMI team was represented by @yige910627. He judiciously shared with us detailed knowledge and information about the project.

1st Segment: INTRODUCTION

Q1 : Can you please introduce yourself and your background, also introduce the project KONOMI

Ans : 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. I am very happy to communicate with you.
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.

Q2 : What critical problems does KONOMI solve that existing solutions are not solving and what’s the competitve advantage

Ans : We are trying solve the problem with Ethereum lending project such as Low tps, high gas fee etc. In fact, we are not just an application. We want to build a finance infrastructure on Polkadot and integrate more other applications in future. As for now, the competitive advantage is our development phase, we are leading our competitors because u won’t see other lending project that gets grant from web3 at the moment

Q3 : Can you briefly describe the Top milestones you have achieved and your target milestones with timelines

Ans : It’s a very popular question. In terms of development i would say its getting grant from web3 foundation because it means our project is recognised by the official which means a lot to our team. However, personally I feel the most satisfying journey so far would be that we have built a solid team throughout the journey

2nd Segment: LIVE Questions

Q1 : We all talk about Positive points/Pros/Good Points & Features of any Project, no one Project tell about there Cons. So can you tell us Honestly the Cons & Lacks of your project? And what is your plan solve them?

Ans : It’s my first time answering a question about the cons. So one weakness of our project could be how to stay competitive and lead in Defi field if big players on Ethereum migrate to Polkadot

Q2 : How can users stay updated with this project? Are there channels, including local communities where users can get the latest updates about $this project?

Ans : Yes please follow us on Twitter

https://mobile.twitter.com/KonomiNetwork
Medium channel and join our TG group

https://t.me/konominetwork

Q3 : What do you think about listing tokens on major exchanges?

Ans : Konomi will issue it’s native token KONO and we will list it on Tier 1 exchange to maximise the liquidity and trade volume

Q4 : What is your top 3 things for priorities in 2021? Could you share some plans for the upcoming year?

Ans : 1:Parachain slot auction
2:risk management module
3:listing
We will get all 3 done by Q2

Q5 : Can you tell us how #konomi token holders benefit in the ecosystem and what power within the governance model individuals have? Why is it so attractive and what are the basic requirements to PARTICIPATE?

Ans : The design and implementation of the protocol would be determined by token holders. For parameters like pool staking fees, transaction fee burn, liquidity mining ratio, are initially set by the protocol itself; token holders could update the numbers and the smart
contract itself based on the voting process. In order to encourage users to participate in the process, there could be some profit set to reward the voting participants.
But we also wants to avoid big whale hoarder dominate the governance and misbehave so we will set an optimised mechanism. The mechanism for parachain auction could be a good reference for us

Q6 : You organized a very useful AMA session and received lots of questions related to utilities and technology, visions of the future, ...
So now I want to ask you what would you like to receive from the community?
thank you

Ans : It’s always a pleasure to interact with the community and I am really sorry if I miss anybody’s question or DM as I don’t have time to check every single message from Telegram. And I hope you guys can understand and pardon me for that

Q7 : Are you creating a tokenburn roadmap to increase token value for the benefit of customers? Besides, What sets #KONOMI apart from the rest of the competition? And what is the total supply of $KONOMI tokens?

Ans : The total supply will be 100M, we will have a buy back mechanism to prevent inflation

CONCLUSION

Nice can share all link where follow you and where buy token?

Ans : https://twitter.com/konominetwork

https://t.me/konominetwork

https://konomi.network

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