Collateral Defi — Cryptoverse AMA Recap
Date : 11th May 2021 , Tuesday
Guest - Chris Longden,CEO
Q: Can you please introduce yourself to the community?
A: I Chris Longden CEO and Founder of Collateral. I am from a traditional CEFI and Payment merchant services background. I came into the Crypto space in 2017 when a long standing school and university friend came to see me about blockchain and something called Ethereum. The price when he came to see me that day was $40 in Feb 2017. So it has been some journey. I love the space, the communities and it’s a privilege to be here today and for you guys to take time out to learn more about Collateral.
Q: Can you please tell us about the @CollateralChat in detail?
A: At Collateral we are designing the next generation payment gateway built on Polkadot.
Collateral has been developed to merge DeFi and traditional finance. Collateral allows user to unlock and utilize their crypto assets, without having to sell them.
Crypto assets will be used as collateral to allow users to access and utilize the Collateral Protocol. We have a number of products in the portfolio including Collateral, Pay, Save, Loan and Merchant.
What makes us standout and be different to other players in the market is our flag ship offering Collateral Pay. Which will allow users of the platform to access their crypto and pay for everyday good and services at the Point of Sale. This is different to the likes of Nexo, as with platforms such as this loans need to be pre approved rather than accessing at Point of Sale.
Q: I understand that the Polkadot network provides interoperability between chains, but is that really why apart from being able to make payments in fiat, they can also make it through Paypal, Visa and more? If not, why interoperability if the payment is actually made in fiat?
A: We chose to go with Polkadot as we firmly believe that this will be the market leading blockchain given time. As we all know the ETH network is slow and fees are expensive. This may well be improved upon when is ETH2.0 is deployed, however with no firm time scales on this we chose to go with DOT. Also the fact that we share some of the same investors it was advised and we believe given time this will be the right decision.
Polkadot as you mentioned above gives us interoperability, what I like to refer to in layman’s terms flexibility. We will be using both crypto and FIAT in the network, therefore due to its flexibility and of course its scale — Polkadot is our network of choice.
Also to add the additional shared security and lower fees will ultimately benefit our users and the business alike.
Q: Usually Governance is one of the topics most paid attention by the communities, but as a project with truly decentralized business model. How does Collateral plan to get the maximum benefit from Governance?
A: Yes we are operating a truly decentralized platform.
So Governance token holders or $COLLG, the name of our Governance token- will play a vital role in shaping both the business and the protocol.
We want to build and reward our loyal community with this in mind users will be able to stake COLL tokens and receive COLLG tokens. COLL G tokens will give holders the voting rights on subjects such as token buy backs and token burns, further down the line. We have not launched our COLLG tokens yet but will be doing so very shortly, which is exciting.
Q: What new features and functions are we going to see on the @CollateralChat ?
A: It is not so much new features or functions. We are working hard on the core business and of course the tech sitting behind the Collateral Protocol! These include:
And of course Collateral Governance.
It should be noted by everyone online here today that we do listen to the community.
An example of this is how we quickly implementing a bridge to allow users to purchase $COLL on PancakeSwap as well as Uniswap. With the fees being considerably lower this is something we introduced. So I am sure we will introduce new features and functions as we continue our journey however the key focus is of course the core business.
What I have learnt from being in crypto is to listen and be as flexible as possible.
Q: Can you give an overview of your Tokenomics, and the UTILITY of the $COLL Token?
A: We have 50M total supply. NO MORE CAN EVER BE MINTED! This was written in the code from the start. Our goal is to reduce the overall supply thorough cool things such as token burns to reduce supply and increase the value of the token. Of course subject to Governance token holders vote.
Q: No project can survive on its own. Can you tell us some of your partners and who you plan to collaborate with, in the nearest future?
A: This true communities and partnerships are vital. It’s only been 21 days since we launched. We have been announced as the official payment gateway for Polkacover — only yesterday. We have another 4 that we will be announcing in the coming days. We also have some outside crypto partnerships which will be announced in the coming days and weeks — so all very exciting. Everyone sees the need for Collateral!
We all do want to spend our Crypto — I am sure everyone in this group believes that but yet we want to purchase items and invest accordingly in a tax efficient manner — this is why we have had so much attention.
Q: Is the $COLL token already listed on an exchange or DEX, CEX and how do you get your $COLL token and where i can buy, Can I give $COLL token smart contract?
A: COLL is available on Uniswap and PancakeSwap — a CEX will be following very very soon!
Q: What will the role of the community play in your project ecosystem? When developing and updating your platform, will you take into account the community’s requests and suggestions?
A: The community is vital — hence Governance token holders — they will shape the business NO individual should. Community is KING!
Q: I could read that they allocate a large number of tokens for a manual burning and another for an immediate burning, but could you really tell us more about these burning systems? With how many frequencies will it be and with how much%?
A: Yes we will be burning — how often and how much will be down to COLLG holders — but we want as many as possible — to help increase the value of COLL.
Q: The security of the user funds is very important during these days with a huge amount of scammers and cybercriminals out there; can you tell us how do you guarantee a strong security?
A: Not sure you have seen but we did THREE independent audits on our smart contracts- final one by our partners Zokyo. We will keep this process moving forward as security is vital and a key principle in the crypto space that we take extremely seriously.
Q: How do you plan to show the world that your product is not just useless blockchain solution to a non-existing problem?
A: Because it has a real use case. The project was designed as this is something I would personally use every day. It was designed to be simple and easy to understand — hopefully you guys agree!
Q: Tell me its 3 unique features that your competitor doesn’t have? How will people attract toward Your project?
A: Point of Sale, Instant price oracle monitoring and exchange for merchants.
Q: What is the mission of COLLATERAL in the competitive market of cryptocurrencies? And what marketing strategies are you willing to use to achieve greater adoption?
A: The mission is to make Collateral the go to payment network for crypto users. Allowing them to Spend, Anytime, Anyplace, Anywhere.
Thanks for joining us at Collateral!
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