Recapitulation of NASH PROJECT AMA event held at AMA LOVERS CLUB.
Venue: https://t.me/amaloversclub
Date: Wednesday, 26th May, 2021
Time: 08:00 UTC
The NASH PROJECT team was represented by @Cerealously and @Cstfenwick who judiciously shared with us detailed knowledge and information about NASH PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on NASH?
ANS: My name is Kellogg and I am the CEO of Nash. I am an experienced technology executive and entrepreneur, with more than a decade of senior leadership roles in the fintech and payments industries. Since 2017 I’ve been involved in the blockchain / crypto space as both an investor and advisor.
The Nash founders met in the COZ open-source group, which developed core infrastructure for NEO, like the Neon Wallet, NEOSCAN explorer and neo-python. The team has a strong technical background as well as business experience (prior startups raised an excess of $30m)
We’re a remote company and have team members all around the globe, with about 35 team members right now.
We also have a large number of external legal consultants for the compliance side.
Q2: Can you introduce NASH, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: Nash aims to bridge the gap between fiat and crypto by seamlessly integrating digital banking services (bank accounts, card, earnings) with a crypto app (wallet, exchanges). You can read our strategy here: https://blog.nash.io/bridging-the-gap-between-fiat-and-crypto/
Nash basically solves two problems that affect everyone in the crypto space, but especially new users. First, being able to go from fiat to crypto (and back) easily, and with good prices. Second, being able to interact with crypto services in a simple, convenient manner – rather than having to use multiple, complicated apps.
Nash is able to beat the competition in three core areas:
Security: Nash’s crypto wallet is fully non-custodial and secured by multi-party computation. https://blog.nash.io/the-safest-crypto-wallet/
Prices: Nash is able to offer highly competitive rates for crypto purchases. Compare our rates against other platforms and third-party fiat ramps. https://nash.io/fiat-ramps
Features and user experience: Nash offers all major crypto services in a single app: wallet, instant fiat on/off ramp, crypto/crypto exchanges and staking/earning.
The last point is where Nash will really start to shine this year.
We’re already planning for this Q2 to have a crypto-powered earnings account that you can deposit to instantly from your normal bank account.
This will be far simpler for new users to access than current DeFi protocols.
It will get even simpler when Nash adds bank accounts to the platform itself, which is coming later in the year, along with a debit card.
Later in 2021, Nash will offer the simplest possible integration of crypto services and digital banking.
Q3: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: Before embarking on our new strategy, Nash developed a cross-chain Layer-2 exchange.
We achieved a few things that nobody achieved before, like being the first non-custodial exchange to allow high-performance trading of BTC on order books (not wrapped BTC).
Our Layer-2 has the performance of a centralized exchange, but with all assets on their native chains and under your control.
And what I’m really excited about is another major achievement, mainly our implementation of multi-party-computation (MPC) for our whole platform.
This offers much better security than normal software wallets.
As Nash begins to offer wallets for more and more blockchains, we will be the only MPC-enabled wallet for some of these chains. You can read more here: https://blog.nash.io/the-safest-crypto-wallet
On the legal side, obtaining the license to start operating our fiat gateway (Fiat <> crypto) last year was a major milestone.
We realized that we could outperform the competition here, offering lower rates and a better user experience. Since we saw the gateway gain more traction than the L2 exchange, we shifted our focus.
You can read more about our new strategy, and see our roadmap, here: https://blog.nash.io/bridging-the-gap-between-fiat-and-crypto/
Major upcoming goals are:
💥Integration with all major banks across Europe via Open Banking for instant purchases (including recurring purchases)
💥Addition of credit cards, Apple Pay, Google Pay, etc.
💥Expansion of our services to the UK and Netherlands.
💥Crypto-powered earnings accounts, with high yields, that you can deposit to instantly from your normal bank account
💥Integration of more blockchains, including DOGE, LTC and other BTC forks, as well as projects we’re collaborating with like Avalanche, Terra and the Polygon network.
💥The addition of full bank accounts with IBANs into the Nash platform itself
💥A debit card, to spend money from your bank account or from your crypto holdings
💥Once we deploy these products and gain more traction in Europe, we’ll raise a Series A and bring Nash to the whole world 🌍
So we have a busy next few months 😉.
Q4: Can you briefly describe your PARTNERSHIPS so far?
ANS: We’re collaborating with a number of projects, and have even more in the pipeline!
We’ve seen a lot of demand for our fiat gateway as a white-label solution for other platforms.
We can offer better rates and UX than competitors: https://nash.io/fiat-ramps
Also, projects can take advantage of an MPC wallet when they integrate with Nash.
So far, our gateway has gone live on Aave’s platform.
https://twitter.com/nashsocial/status/1396794473158430720
We’re also using Aave as the basis for our crypto-powered earnings accounts, and have listed the AAVE token.
Other exciting projects we’re collaborating with are Avalanche, Polygon and Terra, all of which will be integrated this year.
In the case of Polygon, we’ll be able to offer a fiat gateway direct to their Layer-2 network 🚀.
Q5: Can you give an overview of your Tokenomics, and the UTILITY of the $NASH?
ANS: Nash’s token is called NEX. It is not a utility token, but a security token. Holders who stake their tokens are entitled to a proportionate share of Nash’s revenue, which increases if they lock their tokens for longer periods.
https://t.me/amaloversclub/172812
The lowest share is 25% (locked for 1 month), the highest 75% (locked for 24 months).
Nash shares revenue from the following sources:
Since NEX is a profit-sharing token, it must legally be regarded as a security.
As such, we took the step of registering NEX officially in Europe. Investors in projects offering similar, unregistered tokens run the risk of losing money should securities laws be enforced. Investors in Nash are protected against this risk.
As NEX is the only fully compliant exchange token, it is currently the only token that lets you invest in a compliant future for the cryptocurrency space. https://blog.nash.io/nex-the-only-way-to-invest-in-a-compliant-crypto-future/
2nd Segment: LIVE Questions
Q1: Great to see lots of comments from the community about the project isn't?😊😊
ANS: Yes, there is a lot of them 😁. Everything comes together. Token value is important to us as an index of the success of the business. However, we're not going to do anything to artificially pump our token. The best thing for us is to work hard on delivering products lots of people will want to use – and the value will come with that. Community, partnerships and security – well, those are all important for making the business successful and you can't have one without the others.
Q2: Nash is truly a gem. but as the trading will be done directly from users wallet, are users going to pay for network fees just like DeFis giving the fact that some network fees are outrageous or is there a way around it.
https://twitter.com/Nnadikingsley10/status/1395648470438973441?s=19
ANS: Thank you! Being decentralized, the user pays network fees when you buy/sell from your personal wallet. We are working on a couple solutions to minimize those fees in both the short term and long term.
Q3: NASH has some really cool features i agree. But by research i didn’t found the facilities of MARGIN TRADE and FUTURE TRADE in NASH. This kind of feature is getting popular among the people. So do you guies have any plan to include this kind of feature in near future?
https://twitter.com/UltraIn51970165/status/1397461774538928129?s=19
ANS: It's complicated to add features like this to a non-custodial L2 exchange. Since we have shifted our focus to our fiat gateway, we'll not be adding new features to the L2 in the near future. It will be maintained and polished in its current form.
Q4: Is this a dangerous project potentially and what safeguards are going to be put in place to mitigate possible dangers?
https://twitter.com/guddu2019/status/1397459136325976066?s=19
ANS: We are a regulated company and take compliance very seriously. Not sure what you mean by dangerous, but on the wallet side we are non-custodial and have MPC security protecting your funds. You own your own keys.
Q5: As youre a cross-chain protocol, the oracles play an essential part within your success. Could you please tell us which Oracle projects have you partnered with?
https://twitter.com/kamal41478389/status/1397401735497338881?s=20
ANS: Nash isn't a protocol. It's a company offering a number of services: fiat gateway, wallets, L2 exchange, etc.
In terms of the L2, we don't work with price oracles to achieve swaps or similar. We have state channels connected to an off-chain matching engine. You can read more about how it works (+ more about Nash in general) here:
https://blog.nash.io/the-nash-faq-all-you-need-to-know/#nash_solution
Q6: In exchangers like Coinbase, Kraken, Binance etc we have to give our private key to them and they control our funds. That's too much risky. Is NASH also like them? Or we can see difference in NASH EXCHANGE?
https://twitter.com/Hunzabeauty/status/1397444789566537729?s=19
ANS: Nash is fully non-custodial and you own your own keys. And we agree, you should never give your keys to a third party.
Q7: What is the goal for the world adoption in terms of revenue for stakers?
ANS: Long-term, the sky is the limit. But it makes more sense for us to set shorter term business goals right now: gain traction in Europe, raise Series A, expand, etc. The only way we'll be a long-term success is by being realistic in the short term.
Q8: I read your roadmap for 2021. I see you guies are going to introduce us with some really cool and attractive features. But my concern is so many project come with this kind of attractive features. In their roadmap they promise us for so many thing. But at the end we get nothing. Somehow they can't stick with their roadmap. What ensure us that you guies will stick with your roadmap. Did you guies fulfill the activity according to roadmap so far?
https://twitter.com/Hikma14508353/status/1397460682975551497?s=19
ANS: Your concern is valid and I would tend to agree with your sentiment of other projects. If you look at what we’ve delivered since our launch in 2018, we have always delivered on our goals.
Q9: I read your roadmap for 2021. I see you guies are going to introduce us with some really cool and attractive features. But my concern is so many project come with this kind of attractive features. In their roadmap they promise us for so many thing. But at the end we get nothing. Somehow they can't stick with their roadmap. What ensure us that you guies will stick with your roadmap. Did you guies fulfill the activity according to roadmap so far?
https://twitter.com/Hikma14508353/status/1397460682975551497?s=19
ANS: Some of our accomplishments so far are:
First digital security offering (NEX), raising ca. $30 M
MPC implementation
First native cross-chain with orderbooks for NEO/ETH
First native cross-chain with orderbooks for BTC
Fiat gateway license
Collaborations with major projects: Aave, Avalanche, Polygon, Terra
Q10: Will @nashsocial be integrating $ICP token? They really seem to have their game together. https://twitter.com/VehshiC/status/1397460022007767040?s=19
Will @nashsocial have fiat on ramps available for Australia any time soon?
Thanks!
ANS: Nash is open to integrating all manner of high-quality projects. We are not in talks with ICP right now, though.
The very earliest Australia might be integrated would be later next year. This is because we need to focus on Europe right now, where we already have licenses. Once we prove we can be profitable and can raise more funding in a Series A, we will have the resources to go after licenses to operate around the world.
Q11: While researching about NASH i found that it's doing Multi-faceted marketing in Europe. So is that mean NASH is only Europe base project? What's your plan for people of other region? Is it not a global project?
https://twitter.com/Profess95385296/status/1397456847896911872?s=19
ANS: We only have licenses to operate our fiat gateway in Europe right now, and this is our current focus. The L2 and staking works in many other countries / US states, however, but we will focus on Europe for the near future.
Our plan is to raise money and expand elsewhere (see answer above).
Q12: As seen on your website, Nash supports over 3000 assets registered on the bitcoin, Ethereum and NEO blockchains. Are there plans to extend to blockchains like the BSC, Solana and other existing blockchains? Also, what's the difference between the Maker bot and Cloudbot in terms of trading function?
https://twitter.com/kerzy_f/status/1397462643007438851?s=19
ANS: Yes, we recently announce new blockchain partnerships includng Avalanche, and we will be announcing more partnerships throughout the year. We will be the only true MPC-secured multi/cross-chain wallet.
Q13: What are major milestones Nash( $NEX) want to achieve at the end of 2021?
https://twitter.com/fasal73747065/status/1397401301755994116?s=20
ANS: I think Kellogg answered this above:
💥Integration with all major banks across Europe via Open Banking for instant purchases (including recurring purchases)
💥Addition of credit cards, Apple Pay, Google Pay, etc.
💥Expansion of our services to the UK and Netherlands.
💥Crypto-powered earnings accounts, with high yields, that you can deposit to instantly from your normal bank account
💥Integration of more blockchains, including DOGE, LTC and other BTC forks, as well as projects we’re collaborating with like Avalanche, Terra and the Polygon network.
💥The addition of full bank accounts with IBANs into the Nash platform itself
💥A debit card, to spend money from your bank account or from your crypto holdings
💥Once we deploy these products and gain more traction in Europe, we’ll raise a Series A and bring Nash to the whole world 🌍
Q14: You montion in your website about an ADVANCED WALLET SECURITY...can you briefly explain to us you security system and its unique features?
https://twitter.com/AdaWong58246885/status/1397471316454805511?s=20
ANS: Read this blog article for a full explanation:
https://blog.nash.io/the-safest-crypto-wallet/
MPC also has advantages for using Nash with WalletConnect:
https://blog.nash.io/the-safest-way-to-connect-to-dapps-non-custodial-mobile-wallets-with-mpc/
Q15: Currently, there are many exchanges that allow users to buy and sell cryptocurrencies through fiat such as Binance, Huobi. So why should I choose Nash over them? What are the advantages and benefits that Nash brings to users?
https://twitter.com/bullruun/status/1397425305434816513?s=20
ANS: Nash is non-custodial. So you always hold your coins. We won't charge you a huge withdrawal fee to get your crypto out of our exchange and start using it for whatever you want. You already own it.
Our fiat gateway also offers very competitive rates, and when we add bank accounts and earnings to our app, we'll be providing a really unique, intuitive experience.
Follow Us On Our Various Social Media Communities For More Update;
Website: https://nash.io/
Blog: https://blog.nash.io/
Twitter: https://twitter.com/nashsocial
Telegram: http://t.me/nashsocial
Get the app: http://nash.io/download
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