Thank you to the Bang Pateng Community for participating in Ask Me Anything (AMA) with Obliquity Network on September 23, 2020. This guest star Mr. Danny (CEO of Obliquity Network). If you were unable to join the live AMA, no worries, here comes our 3rd AMA recap!
We are glad to meet here:
Mr. Danny – CEO of Obliquity Network
Introduction Session
Before we start our first segment kindly introduce yourself to the community?
Hello everyone! I’m Danny, the CEO of the Obliquity project.
Me and my team are working on community governed DeFi Platform. My team is watching me today �
Question Segment 1
Q1. Could you please describe what is Obliquity Network $OBL?
Sure
Obliquity is a community governed DeFi platform which, in addition to staking, farming and lending options, provides an opportunity to connect scattered networks and their communities to get the best from each of them and work together.
This is what we mean when talking about cross-chain interoperability. And this is really very important considering that the Ethereum ecosystem is not able to cope with the increased interest in DeFi products. But when DeFi products show up on other networks, which should offload the Ethereum network, then usability issues arise, because it becomes quite difficult to manage your assets switching between several apps to change network as well as it takes extra time and costs to transfer your assets value.
And Obliquity solves these issues by providing users a single platform with one interface for all their needs. By using Obliquity cross-chain solution users can easily transfer assets and their value through multiple chains and save on fees while staking, farming or lending on Obliquity platform.
Q2. How are you different and unique from all other projects out there?
I believe that the main difference between Obliquity and other projects is that most of other new projects with cross-chain functions in fact just plan to move a part of the Ethereum ecosystem to another network where they are located and our goal is to make networks and their assets interoperable, so that the end network accrues the best features from each network and makes it convenient for users to use whatever tools they want.
We see our ecosystem as an organism dispersed over many networks and as a single whole at the same time. As one of our team members said, you can imagine Obliquity as a Network of Bridges.
And last but not least, although many projects declare themselves as community-driven, in fact they are not. They issue their tokens, but most of these tokens, typically over 80%, are in the hands of a few people, who ultimately manage the ecosystem. But Obliquity is totally community-driven project, we did not conduct private sales and did not give the majority stake in the hands of funds, because we want to keep the ideas of DAO and DeFi itself. Public rounds only. In this way, our ecosystem will truly be community driven and work for the good of the community. After the initial launch and from the moment our system will work stably, all decisions will be made by the community.
Q3. Can you explain, what are some product or solutions that Obliquity Network has bought?
The main solution is the cross-chain interoperability, which means users will be able to manage their assets borderless with all chains connected to Obliquity. The overall architecture includes the Obliquity decentralized cross-chain network, Obliquity cross-chain bridging Sphere and all other networks connected with Obliquity. Obliquity initially built on both Ethereum and Cosmos networks and our next step will be adding Polkadot ecosystem. Finally, you will be able to leverage the assets of all mature networks with Obliquity. So, our ecosystem will provide high-performance transactions and extreme user experience without having to give up their favourite assets into other tokens.
Our second product is Obliquity DAO with features to stake, farm, lend and borrow assets. One of the biggest things about our DAO protocol structure is that it allows governance token holders to not only farm OBL by locking YFI, COMP, BAL, CRV etc. but also use the underlying tokens to farm on their own protocols simultaneously. The protocol will support most popular farming options and the list of options can be updated by community voting on proposals. OBL is a native Obliquity token and our token holders are able to stake it with 180% APY. And this stake will still be available to use as collateral to mint USDob stable coin which can be used for borderless cross-chain value transfers for all networks connected with Obliquity.
Obliquity DAO is managed by the Obliquity community – OBL token holders. Community is making rules and shaping the entire Obliquity ecosystem, while getting rewards and additional bonuses for staking, farming, creation and voting on proposals. Obliquity lending platform initially supports decentralized lending of Ethereum and Cosmos assets. Loaners and lenders store their assets into the token market based on Obliquity smart contracts. OBL token holders share part of fees gained from lending platform.
Finally, Obliquity Wallet.
Our platform will provide users with the ability to use different platforms through one interface. We call it ‘all chains in one interface’. Based on our cross-chain technology, our Wallet allows users to switch from liquidity providing on Uniswap to staking on Polkadot and so on with one click. Portfolio Dashboard tab allows users to manage their assets from all connected chains, even if this assets staked or used for farming. And the more chains we connect, the more options you will have.
Q4. Can you explain, what are your upcoming plans in a couple of month/years?
First of all we have to finish our code audit and deploy Obliquity Swap Protocol. For this reason we will launch Round 1 Public Sale tomorrow. We are planning to finish this phase in the first week of October.
After that we have to launch Obliquity DAO to reward our early supporters. This means OBL token holders will be able provide liquidity and stake their OBL with 180% APY by the end of October.
Also we hope to launch our testnet and finish all needed penetration tests by the end of this year to start 2021 with Obliquity Mainnet.
You can read our roadmap up to the end of 2021. We hope that the future direction of Obliquity will be completely determined by our community.
Question from Twitter
Q1. What makes USDob (stable coin issued by Obliquity) different from other stablecoins currently on the market? Why is USDob the best choice? What makes it stand out?
Okay, as you all know, to mint a stable coin such USDob you have to use some assets as collateral. Obliquity will have its collateral pools in the connected chains, so users will be able to collateralize their OBL as well as corresponding chains’ native tokens to mint USDob with an initial collateralization rate of 300%.
And our next step will be adding more different assets that can be used as collateral. So the main difference from other stable coins on the current market is that it can be backed by big variety of assets, not only with native assets or other stable coins. Our community can decide what assets to add for this use case.
Q2. How does Obliquity use cross-chain technology? What advantages does Obliquity have over Cosmos, Oracle or Polkadot?
Good, core question. �
If we’re talking about such networks as Cosmos or Polkadot then we are more about building protocols for blockchains and if we are talking about Obliquity it’s more about connections. Let me explain with the example of Cosmos. Schematically, Obliquity is pretty similar. There is a Cosmos Hub at the heart of the Cosmos Network, through which other networks built on Cosmos interact. These are ordinary zones. Thanks to the privileged zone, it is possible to build interaction with the network outside the Cosmos ecosystem.
In Obliquity, we do not create blockchains around the core. We start right away by building bridges to existing networks and ecosystems. Thus, immediately after the launch of our cross-chain technology, we can quickly collect for our users all the best that is in every other system, still remain simple, secure and agnostic to other blockchain consensus strategies.
Q3. What exchanges are you planning to be listed first?
Our initial listing will be on Uniswap
We also thought about listing on Serum. In addition, we are in talks about listing on two CEX exchanges from the top 10 Coinmarketcap. But we will announce these details only after the initial listing. There should be some pleasant surprises for our early supporters.
Don’t tell anyone�
Q4. Obliquity is one of the most complete projects in the DeFi world, how do you plan to maintain this product innovation? Do you think it is important to listen to the community’s proposals? How much voting power does the core team have in the DAO?
Thanks for your question.
Community is our greatest asset. Since our platform is endowed with DAO functions, it is the community that will make all decisions regarding the platform’s operation and ways of its further development. As for the second part of the question, by the time the full-fledged platform is launched, the voting power of team members will be approximately the same as that of other members of the Obliquity community
Q5. As Community-Governed DeFi Platform, how was the role of community to reach Obliquity Network success? How you appreciate communities?
Well, we are just getting started and there is still a lot of work ahead of us to achieve success.
However, as I wrote in a previous answer, the community is our greatest asset. Our first Community Incentive Program ended today. There are still many other programs ahead. But the main thing is that our platform provides a huge number of community rewards options, from staking of native tokens to rewards for participating in governance processes.
Segment Free Asking
Q1. How does Obliquity Network create trust in users and the security of their data? And how does it provide you with innovative solutions?
I like the first one… security and trust.
As our dev team members are from different networks, they know all the details of their blockchains plus we have several rounds of stress test and now we are planning to have our final tests with Beosin company. In addition, since there are also developers among the community and they have shown interest, we are thinking about launching a bug bounty program.
Q2. what are the ways that generates profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both invester and your project?
Since Obliquity provides opportunities to swap assets, provide liquidity and lending features, the system accumulates commissions from operations. Some of these commissions are received by community members, and some are sent to Obliquity. In this way, Obliquity is backed by commissions while the investor benefits from staking, liquidity providing and lending products
Q3. Obliquity Network can be connected successfully with others Networks? If that the can you tell me How many Networks are supported by Obliquity? Obliquity Network can be used directly from private wallets like Metamask or Trustwallet? Supports WEB3?
We are starting with two networks: Cosmos and Ethereum. And planning to add Polkadot. After that, our DAO will be already launched, so community will decide what network to connect next.
Our platform and wallet will support most of wallets of connected chains. And web3 of course
Q4. What are the plans of #OBL in place for global expansion, are you focusing on market at this time? or focus on building and developing or getting customers and users, or focusing on partnerships?
First of all, we are focusing on product, its quality and security. Our customers would be happy because of our super wallet that including a big variety of assets. User-friendly and secure single interface to use the whole DeFi world at once. We are working on this universal UI. OBL token will be in use because of our project structure – look at previous answers.
Q5. As You know, Many people judge a Project By the Token price, What do you have to Say to investors? What’s the plan to increase the Token Demand?
Yes, it’s true that most of crypto community only care about token price. When we talk about DeFi, we are talking about technological progress and the development of a financial institution. And the more high-quality and useful product is produced, the more it will be in demand, including for having profit. We are creating a network that will be useful and user friendly for every cryptocurrency user, which means it will be in value.
Cross-chain technology creates exactly what is called DeFi. Access to multiple assets and lending are tools that a traditional financial institution is impossible without. And we provide all this tools
MORE INFO ABOUT Obliquity Network
Website : https://obliquity.network/
Twitter : https://twitter.com/ObliquityNtwrk
Telegram : https://t.me/obliquity_network
Medium : https://medium.com/@obliquity_network
Reedit : https://www.reddit.com/user/Obliquity_Network