Recapitulation of ShuttleOne AMA event held at AMA LOVERS CLUB
Date: Friday, 20th November, 2020
Time: 12:00 UTC
The ShuttleOne team was represented by @Zhuangg535. 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 Team working on Shuttle One
Ans : ShuttleOne is a defi company based in Singapore. We offer trade financing and microloans using the blockchain by tokenizing real world assets.
We support Government to Business companies around the region by lending stablecoins out to these merchants who needs loans and borrowing.
We are founded in end 2018 and have been building our dapp ShuttleOne.Network for the past 2 years.
We were involved in crypto for a long time, and my whole team are entrepreneurs. They were the first licensed playstation and xbox developers outside of US and Japan. We decided we want to build a company with a real product, revenue generating income to support a token and the financial services industry.
Q2 : Can you introduce the Shuttle On project, what critical problems does it solve that existing solutions are not solving and what’s the competitve advantage
Ans : As mentioned, ShuttleOne is utilizing defi technologies (blockchains etc) to solve a critical problem of a fragmentation in finance....
To simply put, the bank you know today is not really intune with the technologies and therefore many companies need to "go out" of their ecosystem to engage with finance, the simplest being needing to walk to a bank to perform financial transactions
We believe this is a huge problem, in our space some say it is a 3trillion problem.....
Take for instance, during Covid19, a Malaysian merchant took a loan from the ShuttleOne.Network and immediately paid their supplier to secure covid19 supplies during the pandemic.....this was done on the blockchain all under 2hrs....
Can your bank do it at this crazy speed? i do not think so....
We’ve other interesting case studies...here:
Q3 : Can you briefly describe the Top milestones you have achieved and your target milestones with timelines, also share your roadmap
Ans : we’ve several very big milestones as a company this year....
Since inception, ShuttleOne has been a small team. We’ve been validated both in Singapore when we obtained not 1 but 2 grants from the central bank.
Globally, ShuttleOne equity investors include Maker, CMT Digital, Andromeda Capital and various angels in Singapore. Recently, Microsoft’s ex Director Charlie Songhurst who took over Yahoo and Skype also invested in us.
Going forward, ShuttleOne is looking to introduce innovative solutions that will attract more assets and liquidity into the ShuttleOne.Network.
We are working on tokenizing Oil now with a oil giant and this will be announced more in 2021.
For liquidity suppliers, we are one of the highest paying interest rate of 10% at the moment on Dai, USDC and USDT both in the crypto space and also against banks.
And more importantly, we are very proud to be voted in as a collateral by the MakerDAO protocol
💫Maker (MKR) Token Holders Votes to Greenlight ShuttleOne's CAT to begin Collateral Onboarding Work in the Maker Protocol💫
We would like to say a big thank you to the MKR holders that voted to greenlight us. Please read on to find why this matters and what does it bring to ShuttleOne.
i think lastly what i am very proud of as a milestone...is that the loans and business that we do are on the ethereum blockchain. We are one of the few companies really tackling the real world problems
2nd Segment: TWITTER QUESTIONS
Q1 : What are the risks that external users of ShuttleOne should take into account before paying any DPT service provider money or DPT? What would happen if they hire a service provider exempted
Ans : Users should always keep their private keys storage in a safe place. Never should these keys be exposed intentionally or unintentionally. Users should also note that the value of DPT (Digital Payment Tokens) can flucuate greatly. and can cause heavy losses or even total losses.
Q2 : Can you explain about the insurance service offered by your project to reduce the unpredictable risks that investors may encounter in DEFI transactions? How do we get this insurance and what are the requirements to be eligible for this program?
Ans : ShuttleOne does not provide insurance coverage. We do hope that users will take precaution whenever they interact with our protocols. Please read the risk and disclaimers at our guides to get a better risk assessment:
However having said that, our codes are audited in April 2020 by a renowned code auditor in Asia Peckshield...
u folks may go to our www.github.com/shuttle-one to check out the code audits
Q3 : One of the product of Shuttle One is the Visage Protocol. Can you describe and explain more about Visage Protocol? How it will be usable in your platform and to the users? How can users accessed this product?
Ans : If you study ShuttleOne closely....you will realise we do not only build on defi and blockchains....we are more than a crypto company...
Visage Protocol is not a blockchain solution. Rather it is a A.I and machine learning module in our systems that digitizes and documents paperwork. The deployment of Visage protocol allows our clients to reduce manpower by up to 80% and also make costs of running financial services more efficient which we do hope they pass it onto users...
We are a team that has combined talents in AI and also crypto to ensure our products come to life...
Q4 : I have understood that Shuttle One can interact with Real world assets, but can we know Which types of real assets are you meaning
Ans : this is a very good question.... i love it as it is my personal passion in real world assets...
so just some background of myself personally... i was a ex banker in an investment bank and then i became an entrepreneur, after thati went on to build Singapore largest ethereum mining farm...
in terms of real world assets.... i believe we maybe the only company and crypto firm in asia solving that issue
You can think of ShuttleOne as a platform that brings onboard good real world assets which generates a return for our liquidity providers at www.shuttleone.io/mainnet
Some of the assets under tokenization right now are food commodities, medical supplies, vehicles and soon coming oil
Q5 : Offering Microloans, SMEs Financing is a superb business idea. Are there any collaterals to be offered by the clients? What happens if the client is unable to repay the loan?
Ans : for microloans usually there are no collateral. These loans are usually ranging from $100 to $500 payable over a 30 to 90 day period. So far we’ve offered such microloans to small businesses in Indonesia and Philippines.
Since there are no collateral, we are very very careful in distribution. This means working with partners and also working with data to ensure the probability of these loans are kept to a bare minimum.
I am happy to note, for the past 1 year, our microloan program has 0% default rate thus far. something which we are very proud of....
this is where the beauty of AI and Blockchains come into play
to create a product that can transform the financial services industry....
3rd Segment: LIVE QUESTIONS
Q1 : What features does $SZO have and what are in development?
Ans : To find out more about SZO i would love for you to read what the SZO token is used for....
more importantly, the community always asks for what are the burning mechanisms......as we are a crypto firm that is operating in the real world, every transaction done in the ShuttleOne.Network, you will see the SZO token BURN🔥
🔥🔥WATCH SZO BURN🔥🔥
Trade Financing disbursed by the http://ShuttleOne.Network for US$5000 in support of a Food Merchant dealing in cross border Truffles. Funded by @MakerDAO 's $DAI
this is a great example of how the token burns....we will introduce more staking mechanisms and incentives in the near future AFTER we list....
Q2 : I am a trader in Indonesia. How can I make a loan on ShuttleOne.Network? What are the terms and conditions that I must fulfill and how much can I borrow the maximum amount of funds?
Ans : hahaha....this is very interesting. Well first, if you are a merchant or borrower, you must be a client of one of the governemnts we work with...in Indonesia, we work with cooperative banks in Yogjarkata to support their merchants....however, i do have a video of a demo of what we’ve done to show you how it works....
😱ICYMI - Crypto Credit Summit hosted by
Day 2 of the #CryptoCreditSummit ShuttleOne presented how the infrastructure works for real world trade financing and borrowings. Check out the video here:
Day 2 ShuttleOne Demo
Watch Zhuang in action with the beautiful Meltem as he showcases how the ShuttleOne infrastructure works to apply for a loan and discusses about the business and developments of ShuttleOne!
Q3 : Partnerships are essential for Adoption, and the progress of a project, so can you tell us what partner #ShuttleOne has now and in the future?
Ans : we have lots of real world partnerships....some are very public some cannot be revealed....here are some of our partners.....
If you are an e-commerce merchant do sign on with Shopee to see how defi enabled loans can help with your business!
if you are based in South East Asia or maybe even Singapore. these are huge government companies... and they deal with a lot of business globally and the ShuttleOne network powers some of their softwares...
we are very focused on REAL REVENUE that will drive the token value...… i think many projects just announce a partnership and thats it...
ShuttleOne has done over US$3,000,000 of trade financing this year in 2020 and we’ve served more than 4000 SMEs regionally...
Q4 : What was the hardest difficulties faced by Dapp ShuttleOne in its 2 years existence? How did you overcome those difficulties?
Can you tell us more your global partners? What are their contributions to achieve your missions?
Ans : Wow, where should i start with this...
as everyone know...building a company is super tough work....i think the hardest thing I’ve to face is to how to pay salary as an entrepreneur.... to provide salary for my engineering team was something that was tough for me as we started ShuttleOne with almost 0 capital.... the overcoming was very important...and how we did that was real products, real customers and real revenue....
if you go to our medium, www.medium.com/shuttleone you can follow our story for the past 2 years....
what is more important is that I am really needing this community’s help, if you feel we are credible, and strong in our product and partners and of course the burning of SZO, head over to www.shuttleone.io/mainnet and try out depositing some of your stablecoins! we offer very attractive returns at this stage!!
Q5 : You stated that "For liquidity suppliers, we are one of the highest paying interest rate of 10% at the moment on Dai, USDC and USDT both in the crypto space and also against banks."
Since there is no collateral, how much is your interest on loan and how do you charge interest on loan?
Ans : This is not true. While we offer 10% of interest generated.
most of the loans are OVER collataeralized with assets. This include things like food commodities like rice, or energy commodities like oil (coming soon) and other strong assets that we're adding into our protocol....
if you go search around, I am sure ShuttleOne is one of the highest paying interest for the stablecoin that you supply! so go over to www.shuttleone.io/mainnet and check it out....
Do you have any Final Words for community, also do good to share every useful links to project with us
Ans : Very good questions
we actually have a competition comping right up....
this is a competition that we’ve just launched and we hope for your participation!!
and lastly thank you for the opportunity!!
its been lovely sharing with the community...
Follow ShuttleOne on their platforms:
... Website: https://www.shuttleone.io/
... Telegram: https://t.me/shuttleone
... Twitter: https://twitter.com/shuttle_one
... Telegram Announcement: https://t.me/shuttleoneANN
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