Date : 3 May 2021
Host : HunterX & GemFlair
Guest : Juan Capilla — CEO (Plutos Network )
Hello! Spykefastians & Blockchain Enthusiastic!
We recently hosted an AMA with Plutos, on 3 May at 2 PM UTC. So here we are up with AMA transcript, for those who missed the live session, this post will be saver & feeder of knowledge for them.
Round 1 — INTRODUCTION QUESTIONS ASKED BY SPYKEFAST .
HunterX — Q1. Kindly give brief introduction about yourself, Crypto experience and your role at @PlutosNetwork ?
Let me introduce a bit about me.I’m a graduate of Economic and Business Sciences from the Complutense University of Madrid.
I’m a serial entrepreneur in both traditional financial industry and cryptocurrencies. I also run the largest crypto mining company in Northern Spain.
How many BTCs you mined so far.. Haha.. LOL.. May would ask you in DM..
I run my own head office as a full-time swing trader dealing with cryptos, financial and derivative products including stocks, options etc. Besides trading financial products and cryptos, I’m also an Advisor to several companies listed on the Alternative Stock Market (MAB of Spain). Now, everyone knows me as the CEO of Plutos Network. My role here at Plutos is more like a coordinator, to gather the best people I have in order to build the best product to offer.
HunterX — Q2. This being a #SolanaSummer, I am personally excited about this project being launched on Solana. Let’s talk in detail about #PlutosNetwork project. What are the main features of the project?
Let me introduce more about Plutos Network. In one sentence, Plutos Network is a cross-chain synthetic issuance & derivative trading platform which introduces mining incentives and Staking rewards to users.
By integrating Blockchains such as Polkadot, BSC and Solana, enabling on-chain and cross-chain liquidity and trading, Plutos Network is to offer users synthetic issuance and trading services for a wide range of synthetic products which are sustainable, profitable and disruptive to the traditional derivative market.
The main features of Plutos include:
1, We are cross-chain synth issuance and trading platform, so, unlike the others, we can offer better functionalities and user experience based on our cross-chain technology;
2, We have lower C-ratio than other competitors, thanks to the sophisticated security and product design as well as our decades of experience working in traditonal financial industry;
3, We offer better scalability and interoperability.
Definitely, what attracts me is that we plan to launch this across various chains.
This tweet is actually made by the Founder of Synthetix.
I must say that, we share the same insights that Solana and BSC will gain more organic traction and more users will choose these two for scalability and better user experience.
Definitely.. People will realize that with time.
DeFi is in a stage that Ethereum is posing limitations for its further developments. We are here to make a difference and change this situation to make DeFi and synthetics more accessible.
HunterX — Q3. What are the major utilities of holding the $PLUT token? How does team plan to enhance it value so as to attract users onboard?
Yes, let me explain.
PLUT is our original platform token. It empowers the whole system, which is used to pay for the transaction fees and synthetic issuance services and also for the deposits of any on-chain applications.
Besides, the PLUT holders will be able to vote on proposals from the community and even decide how the ecosystem fund will be used in Plutos Network.
The main utilities of native token PLUT are classified as follows:
● DAO Governance
Only the community members holding PLUT tokens have the right to participate in the governance of the entire network, including voting on the addition of sub-contracts or system upgrade proposals.
PLUT will be distributed to the users who issue and trade derivatives in the platform. Also, when users provide liquidity on Plutos in the process of Staking, rewards of PLUT tokens will be distributed according to a certain ratio.
PLUT will be used as the commission medium to pay for the fees incurred during transactions.
For the continuous and long-term development of Plutos Network, we will be doing all-out efforts in user acquisition and business development. With increasing TVL and larger user base, it will definitely bring more and continuous values to $PLUT.
It’s fantastic to see the utilities of $PLUT token. 😊
Community can also give this medium post a read. A worthy read..
HunterX — Q4. Since when the project development has started? What is the present progress of PlutosNetwork Platform development?
Actually we did start the project pretty early. Our CTO Leon is lso a quantitative trader focusing on derivative products (mainly options, futures and cryptos) in the European trading hub of Amsterdam. I know him well and we constantly talk about how to make improvements on crypto-based derivative trading. He and I started the product design and technical architecture since last August. And we started to build from then. Happy to share some updates here: 1, we will be releasing the Staking product soon, which will still be a test-net version, but we will be offering our community “Faucet Airdrop” that every participant can claim test tokens in our Faucet page and exchange them into real tokens by certain ratio, which will be a big airdrop! 2. We completed the chainbridge module, XCMP module, fundamental smart contracts for the platform; 3, We are seeing the official launch of main-net at the end of June or early July when all users can give it a try!
Sharing another interesting poster by other influencers.
A nice one indeed.
HunterX — Q5. Does #PlutosNetwork have any competitor? How is #PlutosNetwork different from other similar platform?
Yes, let me explain.
First, I will share a photo here for your better understanding, then I will explain.
1. Plutos is a cross-chain synthetic issuance and trading platform, built on Polkadot, Solana and BSC. The limitations facing the current market of crypto synthetic platforms are the results of Ethereum’s defects such as high gas fee, low transaction speed etc. By integrating Polkadot, BSC and Solana, Plutos will be able to offer a solution and provide the best trading experience for users.
2. We have lower Collateral ratio (C-ratio) than most of the current synth platforms. The reasons are that we take the best security practice and better algorithm to make sure that our users will not have to place excessive collaterals just in order to use the product.
3. Plutos applies both on-chain and off-chain oracle feedings to make sure that we have the best and real-time data feeding to minimize the possibility of slippage.
4.By building a sub-parachain and integrating Solana and BSC, Plutos offer better scalability and interoperability.
More features to be found out!
I really feel these are the things which make a project different.
And has the competitive edge as well.
Last question for the round.
HunterX — Q6. What major events can we expect in the 2021 #PlutosNetwork Development Roadmap?
When can we expect public sale?
In our 2021 roadmap, we will be delivering the main-net product and complete the migration to BSC and Solana while integrating cross-chain functionalities through our chainbridge module and sub-parachain. As for the public sale, we are looking at the end of May or early of June. The public sale will be IDO on top IDO platform(s). Stay tuned. 😏
It will happen soon.
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LIVE AMA QUESTIONS .
hao tran —Q1. NFT is considered the next trend so HOT right now of the crypto industry after DeFi. Could PlutosNetwork share your opinion about NFT? Where do PlutosNetwork see the future evolution of NFT features and capabilities in the next few years?
Let me start with this good one. Actually team and I did our research and studies on how can we apply NFT into synthetics. We found out that the mechanism of NFT by applying ERC721 standard to make each token unique and special through tokenization has similar ideology as synthetics. With the growing of DeFi and NFT, more real-world assets can be tokenized and minted to issue synthetic assets. When it comes to Plutos, yes, we will be first exploring a way of combining NFT into synthetics, probably starting with our protocol similar to ERC721 in the future. But definitely we will be doing a lot in NFT as we stronger share the same idea that NFT will bring more new values and innovations to real-world and vice versa.
Phu Xuan — Q2.Truly, you’ve done AMA in many telegram groups, so what next, what other way will you make your project more popular??
Well, we got the best marketing team doing great plans of promotions. There are several ways to gain more awareness and attention, and eventually more users. 1, We will be putting lots of efforts in business development. Soon we will be announcing some hard-core partnerships. By doing so, we can further enhance the platform in terms of functionalities and business scopes; 2, We will be applying a localized strategy for community growth and marketing ops in keynote markets such as China, Korea, Southeast Asia countries etc. Actually we already hired very capable team in these markets. 3, We will be holding events such as airdrops, bounty programs to attract more users and welcome more advices from the community groups.
Laurene Doran — Q3.In your opinion DEFI is a bubble? If it was a bubble, how would Plutos Network avoid its explosion?
DeFi is not a bubble, but a solution. You see that, I’m a trader. I have been trading traditional financial products and cryptos for more than 2 decades. I know what’s been lack in the financial industry. High costs, manipulation, lack of efficiency, etc, are haunting the industry for continuous growth. Then, when I entered cryptos, DeFi rised. I was so excited about it. I finally find a solution for the limitations. Yes, DeFi has some defects, like immaturity of product variety such as derivatives, high security risks etc. But like any new innovations, DeFi and crypto synthetics are still in its very early stage of development. We have to be patient. We have to keep working. We have to make contributions. I see DeFi not as a bubble. The only explosion it can have is booming development.
Elizabeth Murphy — Q4.I am an EXPERIENCED DEVELOPER AND ETHICAL HACKER, do you have plans for HACKATHON so as to check the security of your ecosytem periodically and also invite developers to build?Is Your project a Global project ?
Yes, when we release the main-net product, we will introduce programs like Bug Bounty, User Advice etc to help us with the continuously improvements of Plutos. We encourage the community to audit our contracts and security. And we also encourage the responsible disclosure of any issues to us, with the only shared purpose of making a better Plutos. Yes, we are a global project. Core team members are based in Madrid and Amsterdam. We also have a developer team in Malaysia and one in Shanghai. So basically we can work 24/7 to build our product for an earlier delivery.
I wish I have all day!
I love this community!
It’s a pleasure hosting you.. @juan_plutos
Congrats to the winners..
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4. Spykefast TG : https://t.me/spykefastofficial