Thanks all for participating in our Askobar Network AMA. We really appreciate all your support. There were really good and thoughtful questions that were asked. For those who missed our AMA, this blog post is for you
Mayank – Hello 👋🏻 @patz22 @Askobar @askobar_dojo @joefilmo Welcome to CryptoNationIN 🥳 Glad to have you with CryptoNationIN 🎊
Joe – Glad to have you with CryptoNationIN 🎊
Patz – Thank you! and hello Crypto Nation Community 🙂
Dojo – Hey there! 🥳
Raff – Hello
Mayank – Before we start I request you to tell about yourself and about Askobar Network to our community.
Joe – Hello! I’m Joe, the lead dev for Askobar. Right now I’m mostly working on AskoLend! In the past, I’ve worked on a variety of DeFi and other blockchain consulting projects. So happy to be here 😊
Dojo – Hey everyone! I’m dojo. I’m incharge of the web design and posters and all other design related stuff. Glad to be here! ✨✨
Patz – Good day! I am Patz co-founder/marketing of Askobar Network. Basically, me and Raff started the idea of this project because of only one reason, we want to have a safe investment for everyone. And it is like it is meant that we met Dojo and Joe as our partners. 😁
Raff – Hi there, I am Raffy, co-founder and CEO of askobar network. I am in charge of community management and also helping Patz in marketing.
Mayank – Can you please tell about AskoLend?? And some more things on the roadmap of Askobar Network.
Joe – AskoLend uses multi tiered pools to reveal insolvency risks. This allows AskoLend to accept lower marketcap Uniswap tokens as collateral for loans, as long as they meet certain requirements. So you’ll be able to deposit your favorite tokens, like ASKO, to earn interest and take out Dai/Eth loans.
Mayank – Oh amazing 🔥
Joe – Yes! Think Compound but more tokens.
Q1. While Checking Askobar Network Platform.. it’s Look very similar to DeFi Projects like AAVE, Compound, etc ! So, Could you tell us some of the Major competitive advantages of Askobar Project?
Joe – Good observation! Our AskoLend whitepaper is derived from Compound and adds some of the better math from AAVE. What makes AskoLend different is tiered pools. With Compound, if a loan becomes insolvent, the lenders are liable to make up the difference. Since Compound only has 1 pool, that means they cannot accept much insolvency risk. Collateralization ratios are high and tokens must be very liquid and not fluctuate too quickly in price. With AskoLend, theres two pools for each token – a high risk tier 2 pool, and a low risk tier 1 pool. If a loan becomes insolvent, the tier 2 pool is responsible for paying the difference. So the tier 1 pool is protected by the tier 2 pool, but the tier 2 pool earns higher interest to reward investors for taking risk. It makes AskoLend as a platform more safe, because investors are rewarded for taking risk. Since the platform is more stable, it can accept less stable Uniswap tokens.
Q2. What is the advanced features that AskoLendV2 have that currently that AskoLend don’t have ? How V2 will be beneficial for Askobar and it’s community ?
Joe – Nothing quite like AskoLendv2 exists yet. The closest would be Zero Collateral. AskoLendV2 uses markets like OpenSea to evaluate non ERC20 assets, like cryptokitties, and assign a collateral value to them. This allows NFTs, artworks, and other non ERC20 tokens to deposited as collateral for loans. Its extremely helpful to NFT art collectors as NFTs are highly illiquid and its difficult to unlock the underlying value. For the Askobar community, AskoLend in both v1 and v2 earns fees which can be used to invest more into Asko or paid as dividends to stakers.
Q3. Askobar Network also offers AskoLend. How is the system or structure of the lending feature in Askobar? Does it needs collateral from the lender to lend in Askobar Network? What are the qualifications to be able to be approved in lending?
Joe – If you’re familiar with Compound, AskoLend works in a similar manner for qualifications. All you need is a token thats accepted as collateral. For the very first release, that will be ASKO, ETH, and DAI. We will be expanding to more tokens later. You then pick whether you want to deposit in the tier 1 pool, for lower interest, or the tier 2 pool, for higher interest. The tier 1 pool is also the only one thats accepted for collateral. So if you want to take out a Dai loan against your ASKO, say because you want to invest in another project also, you would deposit ASKO into the tier1 pool to mint a1Asko, which then raises your loan limit. You then can take out a Dai loan.
Q4. Askobar plans to create DApps with Defi Soultions. Many DApps require reliable liquidity pool to function. Tell us how reliable is AskoLend as a liquidity pool and why is it better over others?
Joe – So for AskoLend, the a1Tokens and a2Tokens are directly minted and redeemable to their respective pools. Liquidity is always guaranteed for these tokens. Since they’re directly mintable/redeemable, for Asko the important liquidity pool is Uniswap Asko/eth pool. At the end of our presale, the contract automatically minted and locked liquidity for Uniswap, which will always be there for the community. We’re planning to release a new version of staking that rewards users who add liquidity to Uniswap. But, AskoLend must be finished first, and the AskoDao!
We haven’t set a release date yet – it’s part of our phase 2 plan, so within 6 months. Possible sooner! The more people invest in ASKO, the higher our market cap, and the more resources we can spend to scale our development.
Q5. You recently entered into a partnership with Liquidity protocol!What benefit are Askobar Network getting from these partnerships and what join projects are you going to work on? Will this partnership give rise to growth and success? Whats the main reason behind the collaboration?
Joe – The Liquidity Dividends Protocol provides a certification system for Uniswap tokens that is very valuable to AskoLend. One of the risks for AskoLend is scammers could make fake tokens to be used as collateral, then dump the price to intentionally cause loans to become insolvent. LID Certification helps solve this issue by verifying a token meets certain criteria for distribution of ownership, locking of liquidity, and time locking of tokens.
Q6. I have a few questions about the team, how many developers are working on the project?
Patz – Currently, we have Joe as our main dev and Dojo for Web dev. But just recently we have partnered with dOrg and they are one of best developers and they also worked for compound. With their help we can build our Askolend much faster.
Q7. How do you see the future of #ASKO in 5 years to come, do you feel it will continue to grow till it achieves it’s ultimate goals, or do you see the probability of competitions over taken #ASKO due to current challenges that you are facing.
Joe – Many blockchain projects and DeFi applications won’t exist in 5 years, because there is no long term source of revenue. Or often any short term source of revenue! For Asko, we will still be going strong in 5 years because our product line is designed to create revenue to reinvest in the platform. AskoLend carries a small fee which goes to stakers as dividedends and to the AskoDao for development.
Investors need to have higher criteria for what projects they invest in! Too many projects promise magic but never release any working product or prove any revenue. Within a short time of release, Askobar has already released working dapps and innovations. And with the launch of AskoLend, it will have a strong revenue source for the future.
Q8. What is the purpose of classifying Lending in TIER 1 and TIER 2? what benefits does it bring?
Joe – They allow investors to decide how much insolvency risk they want to take on, in exchange for higher interest. Platforms like Aave and Compound hide insolvency risks, but they still have them! This means they have to set very high collateralization ratios to prevent lenders from being suprised.
Tier 2 pools are vulnerable to insolvency risks, but increase the return to invesors. Tier1 pools have lower returns, but are protected from insolvency by Tier 2 pools.
Q9. How long do you think it will be until the launch of AskoGambling? How is the development process going?
Dojo – If we follow the steps in the roadmap, we expect it to be early 2021 or if all goes well, might be earlier.
Q10. Where is available the AskoCard? What can i do with it? What are the requirements to apply for an AskoCard?
Joe – The AskoCard is a long term vision for Askobar and requires several other technologies to be in place first. AskoUSD, which uses reflex bonds to create a stable coin, is required. Once the AskoCard is released, you will be able to use your cryptocurrency to buy anything you like, anywhere a credit card is accepted.
Q11. What is the structure of the company, is it a decentralised, open sourced protocol where everybody can contribute? If so, how does the governance plan on being handled?
Joe – We’re still in the bootstrapping phase. The decentralized governance vision is the AskoDao, which will be released after AskoLend. We want to make sure that Askobar has a proven revenue stream before building the AskoDao. Daos without a proven revenue stream tend to be excessively conservative and don’t invest in their future.
Q12. how do you attract investors to be interested in Askobar ? because some investors only focus on short-term prices rather than long term?
Raff – Askolend will come in to this and because of the revenues that we can have from it our holders will decide to stake their tokens and earn dividends from it, other than that we also have Askogambling which will be developed once we have a successful operation with Askolend.
Q13. what role community can play in askobar ecosystem? How these AMA’s are helping in adoption?
Joe – Keep being active, tell others about Askobar, and learn about AskoLend so you can be an early user.
These AMA’s are very important because Askobar is releasing several very new, innovative technologies. With AskoLend, no other platform has tiered lending pools. It’s important to take the time to explain how the technology works, so that once its released, people will be ready to use it.
Q14. When choosing a project for investment, 3 things are important for me, cost, compatibility and safety. How can you guarantee me that these 3 things are available on (ASKO)?
Joe – On cost, Askobar is still a very low marketcap coin in comparison to other similar projects. Many other projects with higher marketcaps have no real innovations or no real technology! Thats because we’re focusing on the technology first. For compatibility, we’re creating AskoLend to be a much more open platform than Compound or Aave. These platforms can only accept a few tokens – AskoLend will be able to accept many more, hundreds in fact. For safety, after our presale we locked the liquidity permanently so it will always be available.
Q15. Why should I hodl ASKO long term, are there any added benefits for me?
Joe – If you are a long term holder, make sure to stake! There are both dividends paid instantly and 30 day staking rewards. We’ll also be making our stakers the primary voters for AskoDao. If you love Asko, then the best way to support is by being a long term staker. And it will earn you excellent interest every month.
Q16. So far, no projects has been able to scale enough to meet the needs of 5G and IoT technologies. So in the future, will Askobar Network be enough to become the first project that can expand enough to meet the needs of 5G technology?
Joe – Askobar runs on ethereum, and to a large extent our ability to scale depends on the development of ethereum.
Right now there are two things needed for Ethereum:
(1) EIP1559. This will reduce gas fees. But right now, the Ethereum community is not pressuring enough to get EIP1559 released! If you have a twitter or run a community, please raise awareness of EIP1559.
(2) Eth 2.0. It will make scalability a great success for Ethereum. But right now the release schedule is still too slow.
Q17. What exactly is locked liquidity? Can liquidity in Uniswap be controlled? Is liquidity accessible through external interventions? What are the advantages of locked liquidity?
Dojo – A locked liquidity in uniswap is a safeguard for our investors. This means that we can not execute a “rug pull” exit scam because the liquidity is locked and we no longer have access to it. A “rug pull” is a prevalent scam nowadays for new uniswap tokens. Its when the initial liquidity is pulled by the dev basically running away with everyone’s eth.
Q18. How do you see Defi potential for Askobar right now!? What role do you think askobar will takes to makes defi better in global usage!?
Joe – Most big defi platforms are ignoring the long tail of the blockchain ecosystem. So many great, small projects don’t have access to lending for instance. My vision for the future of the Defi ecosystem is many small interoperable dapps as opposed to a few big platforms. Thats what Askobar is building – small, interoperable dapps that standalone and can integrate with a huge selection of tokens.
Q19. What are the exclusive benefits that ASKO holders receive? Once AskoDao is released, will there be more benefits for holders?
Raff – Let’s say; this is like the cherry on the top of the cake. 😇 We have more surprises for the holders.
Q20. What is the purpose of classified loans in TIER 1 and TIER 2? What benefits does it bring?
Joe – Tier1 and Tier2 loans allow lenders to pick their risk/reward profile. You can decide how much risk you want to take and how high of an interest rate you want by allocating your assets between the too pools.
For the borrowers, Tier1 and Tier2 pools allow them to deposit a wider array of collateral. Right now, platforms like Aave and Compound only accept a few types of collateral. AskoLend will be able to accept any ERC20 colalteral with sufficient liquidity, locking, and distribution of ownership.
Q21. What is difficulities and chances that Askobar face right now while crypto/blockchain market is still young and need time to grow?
Joe – For us, we are not worried about short term price fluctuations because Askobar is a long term project. My biggest concern is always to make sure that our technology is safe, wellbuilt, and a good foundation for the future. I always spend a lot of time writing and running automated tests against Askobar’s code, to make sure there are no bugs or opportunities for hacks.
Q22. The N-Covid epidemic is affecting the entire world economy and Swingby is no exception. So, how does the disease affect Askobar Network? Do you have a plan to reduce the damage caused by Covid?
Joe – Our biggest concern is making sure our team stays safe and healthy. Even though I personally am not required to, I am staying under quarantine and avoiding any outside activities. So far, we have been fortunate to not have any team members fall ill.
Q23. What difficulties is askobar currently having in developing the project? And how does askobar solve that?
Joe – Our biggest challenge is always releasing safe, well tested, and strong code. Our partnership with dOrg is a huge step that is helping us accelerate development. dOrg has previously worked on Balancer, Compound, and many other defi platforms long before they became big. They are very excited to work with us because they see our potential to reach the same size and scale as these other projects they worked on.
Patz – Well, honestly since we only raised 200ETH during the presale and most of the eth were sent for uniswap liquidity, the only thing that we are having issue would be funding though we can still manage and we are making sure that we will deliver on the timeline that we will announce. How we can solve it? We are stretching out budgets, we are even getting funds out of our pocket but all is good as long as it is for our ASKOBARIANS!
Q24. The financial markets, cryptos market … all fell due to the covid-19 epidemic. Does this affect your project development plan?
Joe – Thankfully we have good financial management, Patz and Raff do a great job with the budgeting! Our biggest expense is development. dOrg has been really great and very flexible with working within our budgeting needs. They told us that no matter what the market does, they really believe in AskoLend and will work to make sure it is released on schedule.
Q25. Why should I hodl ASKO long term, are there any added benefits for me?
Raff – If you are a long term holder, make sure to stake! There are both dividends paid instantly and 30 day staking rewards. We’ll also be making our stakers the primary voters for AskoDao. If you love Asko, then the best way to support is by being a long term staker. And it will earn you excellent interest every month.
Patz – Currently for short term you can earn dividends on our staking program and also earn MORE BONUS on our 30-day staking program and in the long run, with our DAPPS, you will be earn more dividends and as a staker you will get to decide what will happen on our revenues – ASKODAO, if it is more for you or development of the project, etc.
Q26. Askobar is working on Defi, but many other projects are doing this. What makes Askobar unique to the others that people choose Askobar?
Joe – Sadly many projects are claiming to do much more than they actually have. With Askobar, we have a track record of releasing innovative technology with both our presale and our staking dapps. Thats the first difference.
The second difference is Askobar’s philosophy. We believe that the future is many small projects, not one or two big ones. The big tech giants like Google, Facebook, etc were a mistake. The future of the blockchain community should be many smaller players that work together and form alliances.
Q27. Multi layer security, multi signature wallet , multi factor authentication and multi factor authorization all these features have to need AskoLend for more protection so my que is which technology is used for implementing all these factors of AskoLend?
Joe – Security is a major concern for me as the developer. The first way I manage security is through extensive automated testing, which simulates all the different possibilities for the code to find any weaknesses. For multi factor authentication, these are security technologies used by exchanges and wallets, which are not Askobar’s responsibility. We are always analyzing our security vulnerabilities to identify which technologies are most helpful to keep our community safe. Openzeppelin testing suite has been a huge help in this regard.
Q28. What is your long-term vision about the industry which #ASKO working on? Are you afraid some day there will be another project with more innovative technology can replace #ASKO? Because we can see many crypto projects related with this concept recently.
Joe – I am always in favor of more innovation! Good fast development from projects means that we also have to be strong and powerful with our releases. The better the crypto projects do, and the more innovative they are, the stronger the community will be. Askobar will integrate other technologies that arrive and have advancements.
Q29. Someone said “It’s utterly laughable to think that DeFi will replace the core thing genuine banks do: lending. Decentralized smart contracts can’t hold people accountable for debt. So, why we should choose AskoLend for lending money? How did Askobar convincing the clients to lending on AskoLend?
Joe – Thats a fun quote! Especially now that over $4b USD is locked in DeFi and growing daily. The big advantage of AskoLend is you can keep your exposure to assets that you believe will grow in the long term while still unlocking some of the underlying value. For instance, if you believe ASKO will grow long into the future, you can deposit it as collateral to take out a Dai loan to buy other assets you believe in without selling your ASKO.
Q30. For all asko is offering, it is built on ETH blockchain which is annoyingly slow and cannot scale, why have you chosen the ETH blockchain over other Comparatively faster and Scalable chains and do you have plans for mainnet to Migrate your own Chain?
Joe – Developer tooling and ecosystem. We analyzed several options for Askobar, but developing on ethereum is much faster and there are many projects to integrate with. However, we may be forced to migrate if EIP1559 and ETH2.0 don’t happen soon.
Thank you to Patz, Dojo, Raff, and Joe Filmo and Community for participating in the AMA. Have a nice day