Dego Finance -CryptoVerse AMA
Date : 19th Nov 2020
Guest : Javert — Core Dev
Jonathan - Dego Product lead
Q: Please briefly introduce yourselves and Dego Finance to our community?
Javert : This is Javert I’m one of the core dev. I have been in the space since 2016. I joined the industry from a small blockchain firm in London, when IEO is not a thing. Most legitimate companies are doing the private chain or consortium chain like hyperledger.
The company I work for was one of those pioneer that didn’t do IEO. It was a crown star in 2016–2017 in the EU, then fell pretty quickly for lack of fund. So probably I should have done an IEO then we might have survive it, but later on I turned fully rogue on private chain or consortium chain which are really like a prison that stops you from all adventures.
Later on I met Jon.We have collaborated on few small but popular projects on Eth and Tron ecosystem, and it looks like our little team is growing bigger and bigger in a very decentralised manner.
To date, the most prominent and real problem we solved is “Giving NFT Utility”.NFT is now regarded as a digitalised ownership of an art but it has no impact beyond that.While we enabled Mining, Auction and Trading for an NFT, so its utility goes beyond just ownership.
Q: How does DEGO empower NFT? What new application scenarios does DEGO provide? How will you make NFT more valuable?
A: Previsouly Dego was a very much DeFi driven project, but now dego.finance becomes a NFT+DeFi Fusion Reactor whose transparency and fairness is governed by Law of Codes. Now we aspire to offers two things:
1) A stand-alone but open NFT ecosystem that draws users to entire blockchain space, where anyone could issue NFT, initiate mining, auction, trading and etc, taking care of the lifecycle of an NFT.
2) An NFT Protocol as a cross-chain Layer 2 Infrastructure to Blockchain projects for user acquisition, token distribution and more diverse NFT applications.
Q: What are the ways we can get the DEGO token? Where can we buy it?
A:You can buy on Uniswap, KuCoin MXC and gate now, soon we might be listed on a tier 1 exchange. Or you can participate in our innovative NFT mining.So we have pioneered a new way of doing mining.
You could either cast or buy DEGO NFTs from our NFT Market, then stake it in the Pools above to mine DEGO
Q: At the moment DegoFinance has two websites, for ETH and BSC.
What is the difference of the #Dego protocols in these two blockchains? is it possible to swap both tokens?
A: Yes we do have two versions of same products. one is on ETH and one is on BSC. But if you really think about it. What blockchain, a backend stack is so important. Should it be one product two blockchains? Since ordinary users have no perception of codes working behind.
So BSC in our opinion is the best choice, faster integration and lower GAS, for an “Ethereum Dapp” like dego.finance who aims to deliver and scale.
We did seriously examine all popular chain beside Ethereum. We show respect to engineers; there is infinite potential to make breakthroughs, and we have more chances to succeed.
Why do people care about which blockchain we build on now? Are we all crypto-fundamentalists overnight? Ordinary users cannot perceive the underlying chain when using a product.
For Dego, the priority is user experience and the biggest complaint we encounter is the expensive GAS, which is an inherent flaw of Ethereum.
Having a compact dev team, we cannot just deploy on multiple chains. We did get offered to integrate to Solana from Serum team, which we appreciate because Serum and its affiliates have best pro-geekiness support. But a waste of manpower is counter-productive since we have a very clear roadmap and exciting products to deliver.
Dego is not exclusive to any blockchain, and you will see us running on multiple chains. We are also brewing original protocols to be interoperable with all blockchains. USERS matters more than underlying blockchain. Without community, DEGO would be worthless. BSC is the first footprint.
So we might move to other ecosystems too, given it could enhance user experience.
Q: If NFT tokens on the Dego platform are of great value, it is logical to assume that they will be on the radar of hackers.
What is the security mechanism for the Dego project to ensure that custom assets and NFT tokens remain secure?
A: Our contract is fully audited. And soon we’ll release a bug bounty program to give people incentives to help us improve. Also all of our products in onchain. There is no centralised products here running on database.The transparency and fairness is governed by Law of Codes.
Q: I tried to visit Dego’s website, and I meet unique design that make me feel nostalgic, it is like Windows ’98 theme.
Do you have any special purpose for this theme? Why did Windows ’98 theme being your choice for representing Dego Finance?
A:It is the OS that I used at the first time of using a PC, all dev members have a thing for the vintage. So this one goes to old school tech and nostalgia sentiments.
Q: Your NFT project item design (Sword, hammer, Diamond) is same with famous game MINECRAFT. Are DEGO actually work in the same company with MINECRAFT? If not, did you not get a copyright issue?
A: we are an anonymous team so unlikely this problem will raise. I have no idea if we’ll be pursued for using Lego and Minecraft elements, since Pixel is very much a comman design language now.
However we are conscious people, so next major update, we’ll have new UI and new Visual Identity.
Q: Will have artists have a chance to create NFTs that can be mined in the DEGO ecosystem? And if so can they earn royalty fees for every time there NFT is minted through mining?
A: Yes they will. The casting product will be open to anyone and the tech will be open sourced. Royalty is exactly one of the major direction that we are exploring right now.Previously you see projects like SingularDTV. That delivered some use cases to artists but didn’t make a big difference.
But Dego pioneered and extended the NFT utility beyond digital ownership to Creation, Mining, Trading, Auction and more. NFT Mining describe a process where users can lock desired number of single kind of ERC20/BEP20 tokens and mint an ERC721 token, then stake the very ERC721 token in an smart contract to mine rewarded tokens.
Q: What is total supply ? Are your plans to focus on market or to grow community?
So around 9.8M DEGO tokens mined out so far, but only 7.1M DEGO tokens in circulation.
Our team is very strong at virus marketing and all past major product release saw exponential follower growth on social media channels and end users conversion. The team plans to continue this in next products launch.
We have one Official community of over 50K members and 15 other non-official communities involving more than 100,000 users in more than 10 different countries.Twitter followers also exceeded 52K.All organic growth, no fake zombie funs. So it is decent growth so far.
Q: Tell me its 3 unique features that your competitor doesn’t have? How will people attract toward Your project?
A: We see CryptoKitties and Opensea as competitors. CryptoKitties is a close NFT system for offering ownership and collection, while DEGO is built as an open system where anyone could issue NFT, initiate mining, auction, trading and etc. DEGO offers a whole set of protocols for doing all things through an NFT’s lifecycle.
Opensea is a decentralised marketplace where NFTs are traded, while DEGO’s NFT Market offers more comprehensive services where there’s no fakes.
And we just launched our NFT Market V2!
Q: Can you take us through the process of CASTING OF AN NFT and mining of NFT, how a new user can start and does it need technical knowledge?
A: The whole process is here：
It is really fun and easy to use, requires no technical knowledge.
Q: Can you tell us about the motivations and benefits for investors to hold tokens in the long term? What plans do you have in place to help drive demand and token scarcity?
A: 1) Dego offers a stand-alone but open NFT ecosystem that draws users to enter blockchain space, where anyone could issue NFT, initiate mining, auction, trading and etc, taking care of the lifecycle of an NFT. This would increase the usage of all products Dego offers and users have to consume DEGO tokens in the process.
2) Dego’s NFT Protocol as a crosschain Layer 2 Infrastructure to Blockchain projects for user acquisition and token distribution. Partners who is deploying into this protocol would have to bring use cases like an NFT mine to Dego NFT holders, so these users can benefit from the expanding ecosystem and inflow of external audience.
3) The built-in extreme inflation mechanism would burn good and enlarging amount of DEGO tokens where the total supply will be in an eternal diminishing situation. So DEGO in circulation will always grow smaller.
4) The system tax contributed to a Dividend Pool that captured value in ETH and DEGO, which will be awarded to heavy users or patient loyalists, making holding a good amount of DEGO tokens or holding an exclusive NFT more valuable.
Q: Are you planning to burn or buy back any tokens from the market in the future? Do you have such programs?
A: Yes we have very very well-designed deflation model as mentioned above.
You can see we have burned 946K, nearly 10% of total supply (mined). 10% of total supply burned in less than three months, all from organic use and growth.
Q: With a very small current circulating supply, are you not afraid that a large number of coins will end up in the same hands?
A: 1) As the project is very much community driven and we have best-in-class inflation model supported by “Withdrawal Penalty” and “Transfer Tax”.
2) Also to uphold fairness and prevents whales monopoly, we have “Best Mining Zone” mechanism.
Q: What is your strongest advantage that you think will make your team leading the market?
A: 1.Over 10 years of experience combined in Blockchain/Game /DAPP development.
2.Understanding of users’ needs and pain points.
3.Fast execution of ideas and delivery of product.
4.Strong viral marketing.
Q: Can users who hold NFT participate in the DEGO governance process?
A: We are actually thinking and debating on this one.NFT can be used for an upcoming product release. Not governance but something more tangible.
Q:What do your project plan to show the world that your product is not just useless blockchain solution to a non-existing problem?
A: I totally agree. Blockchain has no “legs” in lack of impactful applications, while its financial infrastructure is over developed, like wallets and exchanges. We witnessed that DeFi becomes a norm that only urges people to speculate. So dego.finance aspires to create something addressing users’ need while bring the obscure blockchain to simple but fun apps, only few clicks away.
But Dego is something entirely different.
Let me share some stats here:
- Since launch, Dego has achieved №1 in terms of Trading volume on Ethereum ERC721/NFT chart.
2. Also Dego has achieved №3 in terms of GAS consumption, after USDT and Uniswap.
3. To date, Dego is one of the most popular project on NFT with most amount of Trading volume and users.
So we have build a series of products that are easy and fun to use for users that gained mass adoption, we’ll continue to do so.
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