Thank you to the Bang Pateng Community for participating in Ask Me Anything (AMA) with Combo on October 27th, 2020. This guest star Mr. Jack. If you were unable to join the live AMA, no worries, here comes our 12nd AMA recap!
We are glad to meet here:
Jack – CO Founder of Combo
Before we start our first segment kindly introduce yourself to the community?
My name is Jack. I am a cofounder and the token advirsor at Combo.
I am originally from Armenia but have been actively working in China for over 5 years now.
I majored in Business with a focus on Finance and Accounting. My interest in the tech world grew the day I travelled to China. I got into cryptocurrency around 2016, when I was introduced to Bitcoin by a colleague whom I was doing business with in the city of Shenzhen. I decided to gradually get more immersed into Bitcoin, the technology I had dearly fallen in love with. After years of work in and around the crypto world, I decided to take my influence further by joining this amazing project. Combo.
Question Segment 1
Q1. Why did you choose Kucoin as combo’s first partner exchange?
To answer your question in brief, if you’ve ever wondered where the name KuCoin comes from, here’s your answer. “Ku” in Chinese means global or in other word “one that’s for the people”. KuCoin has proven again and again that their clients come first. Even one of the biggest hacking events couldn’t stop KuCoin from doing what it has to do and there’s a reason why they are ranked top 10 on CMC. I would say Transparency – Connections – Power – Professionalism. TCPP is the perfect combination for top level companies in today’s world and KuCoin ranks high.
Q2. Combo started its burningdrop on poolX. Can you tell us more about poolX and how it would be benefit combo?
So I can see you’ve been following Combo pretty closely Dicky! That’s amazing
the purpose of getting started on Pool-X is to provide users true and fair token distribution. We wanted to give users who support Combo early on an advantage to obtain Comb tokens and participate in Combo’s follow-up liquidity mining plan. With this decision to kickstart our BurningDrop campaign, which was sufficiently successful, all of Combo’s lockup amount was eaten up in just 10 minutes. This only accelerates phase 2 of Combo on KuCoin and we will announce that to our community when the time comes.
Q3. Can you briefly introduce combo’s liquidity mining?
Yes of course. Today’s AMA is to introduce Bang Pateng community to our liquidity mining platform.
The Combo aggregation protocol will establish a liquidity mining bonus pool. Users can deposit encrypted assets in a decentralized trading platform to provide liquidity for the Combo fund pool,
thereby obtaining COMB trading tokens (staking token). Staking COMB tokens on the Combo pledging platform can allow you to participate in COMB liquidity mining.
The more funds invested and the longer the time, the greater the share of liquid mining pools obtained. The liquidity mining rewards will be divided according to the liquidity mining pool shares.
Liquidity mining pool share = user liquidity mining token parameters / liquidity mining token total parameters × 100%
For example: There are two users in the Combo pledge platform. Alice has pledged 100 COMB trading tokens (staking token) for 10 days; Bob has pledged 200 COMB trading tokens
(Staking token), the time is 5 days;
Alice liquidity mining staking token parameter=100×10=1000
Alice’s liquidity mining pool share: 1000/2000×100%=50%
Bob liquidity mining staking token parameter=200×5=1000
Bob’s liquidity mining pool share: 1000/2000×100%=50%
Liquidity mining staking token total parameters = 1000 + 1000 = 2000
Every time liquidity mining is performed independently, it will mark its start time. Therefore, if two pledges of mining are performed and then withdrawals are made, the first and second may have different bonus amounts.
The purpose of liquidity mining is to help Combo start quickly in the early stages and distribute tokens in the fairest way available to ensure that each Combo liquidity mining participant has fair access to Comb token distribution.
Q4. When does combo expect to open liquidity mining?
Yes, our liquidity mining is expected to launch on October 28-29
We will be making an announcement within the next day or two. So we would advice you to stay tuned and get ready to join our liquidity mining program.
Dicky, give me a few minutes to introduce our liquidity mining blueprint
This is how our platform will look. You will find this on the website in 2 days time. As you can see, this is the homepage of Combo liquidity mining.
Step 1 will be to connect your wallet which will have a button at the top right corner
At the moment, we will be supporting both Metamask and Wallet Connect
Step 2 will ask you to bind your inviter. I will explain more about that later on.
Here, you can confirm your inviter’s wallet address.
Then, you will be asked to choose a liquidity mining pool.
This is how it will look generally.
You can select the criteria according to your needs and capabilities and then approve it
Then all you have to is confirm and start staking/mining
Last page is the withdrawal function. I hope it’s clear Dicky.
Q5. How long will this liquidity mining last?
The mining process will technically last until all tokens are fully mined. It reflects on the community really. We, at Combo, will do our job in providing a unique product to the crypto community and attract the influx of new investors we expect from the traditional world. As we already know, the total supply is capped at 1 Billion. Giving this a timeline will be pure speculation at the moment.
Q6. Will the mining income be adjusted every week? What is the basis for the adjustment of weekly total income?
Well, Each and every liquidity mining event is independent and will mark its start time. Therefore, if two pledges of mining are performed and then withdrawals are made, the first and second may have different bonus amounts.
Withdrawal will return the principal and the number of COMB obtained by liquidity mining to the user address.
Q7. When does Combo expect to launch Uniswap and what crypto assets can be used to participate on Uniswap?
t’s a common question!
People always ask about Uniswap and Listing. All I can ask you is to stay tuned. It’s all coming soon!
Question from Twitter
Q1. Security is always one of the biggest concerns as an investors. What kind of forms of security do you offer for i.e. the COMB platform and how do you ensure the customers’ assets safety?
By now, I assume that you already know Combo has a partnership with Kucoin and Kuchain. Before sealing that partnership, Kucoin together with a partner company, audited our token and our platform.
They spent almost one month performing a careful and thorough audit of Combo in order to make sure it meets all the needs to become a token they can rely on.
After all, Combo will be layer 2 on Kuchain. We passed each and every test performed by Kucoin. Anyone can find our audit report in the official community group. https://t.me/Combo6688
Q2. Any small coding error can permanently damage the entire assets of the LPs. This is the biggest risk of Liquidity mining . How will Combo deal with this problem? Has your smart contract been audited by any blockchain system ?
Well this question looks like a repetition Dicky. Just similar to Q1.
So again, yes we have been audited by a top blockchain audit company and as for as we’re concerned, everything looks pretty robust. Combo is 99% secure as of this second!
Q3. Transaction fees and liquidity are key issues for investors in finance, and how does #ComboToken solve problems like this? Can you explain it?
We will not have much transaction issue because Combo will have its own platform.
We are also launching on top of Kuchain, that means Combo will be circulating on the Kuchain chain It’s similar to the idea of Binance chain.
You can learn more about Kuchain by going to their website and reading about it!
Q4. How does the liquidity distribution protocol used by KuChain work and what role does it play within the COMBO platform?
I haven’t told you much about the yearly yield from the liquidity mining yet. Profit from Combo mining will be anywhere between 110% and 600% depending on how much token you stake and for how long,
The longer you stake the higher the multiplication will be.
We will discuss more about liquidity distribution protocol used by Kuchain when they launch it
At the moment, we are not allowed to cover much on that issue!
Q5. Could you please tell us, How $ COMB to increase the value, liquidity and utility of the token. So that it can result in a natural increase in the price of the token?
I’m not sure I understant the question clearly. So here’s what I understood.
The price reflects the community. As long as the Combo community keeps growing bigger, demand for the token will increase. It’s basic supply and demand function
That will naturally increase the price. We, at Combo, made sure to avoid price dumps by introducing true decentralization techniques
We limited the public sales at 500 USDT cap per investor. We already have thousands of holding address at such an early stage. We also did the Pool-X event on Kucoin to further promote decentralization and that worked perfectly.
This will make sure that no single person can affect the price as long as liquidity and volume is high in the market.
Question from Free Asking
Q1. Although ETH 2.0 is delayed to next year, but it will solve all exist problem of ETH and become the best choise for dApps in future, so do you think this is a threat for COMBO project and how could COMBO overcome this barrier?
As the crypto market grows, more and more market players will work hand in hand
While we believe Eth may stay as leading smart contract platform, much of its market share will be eaten up by other product just like Combo. Polkadot is also a very promising platform but it doesn’t necessarily have to kill ETH off. It may just work together in a very vast and demanding market!
Q2. In the crypto field, it’s very hard for projects to generate revenue/profits, some projects have a 10% dev share(10% from transaction fees taken by the project), can you explain to us in what way that your projects creates revenue/profits?
Combo’s revenue/profit will come in from many different places.
We have short-term and long-term plans on partnerships and cooperations. For one, we do know that combo will be used as a layer 2 token on Kuchain.
Any token or coin joining Kuchain will have a liquidity pair with Combo. That on its own is massive.
Q3. What is your strongest advantage that you think will make your team leading the market?
The strongest advantage at the moment is having a robust token. Combo is as good as it is for a reason and that got us on Kucoin and Kuchain.
We already have more than 5 different companies working with us to seal partnerships.
Q4. How do you think with Asia market? Does your team have any plan approach INDONESIA which the potential market in crypto, there have many great teams and investors want work and earn money from crypto?
One of our approach was partnering up with Bang Pateng!
We are working closely with community leaders and influencers in the Asian market at the moment. Our biggest team is in China. We have a huge team working on the Chinese market and that usually is the biggest market to look at as 1 single country.
Q5. Is it possible to integrate gold, silver and real assets to Combo? How does this integration happen? Is it only tradeable with cUSD? What is the Proof of Existence used by Combo? What are the benefits of this protocol? Is it more secure and allows greater reliability on the platform?
While I will not be going over the POE again, I still want to answer the first part of this question.
We are looking at any asset that will take Combo to the next level. We will not stop at cUSD. We will definitely be getting into traditional asset in the future. That is certainly part of the long term plan
MORE INFO ABOUT COMBO
Website : http://www.comboos.com
Telegram : https://t.me/combo6688
Twitter : https://twitter.com/DefiCombo