AMA SERIES: Cook Protocol in Cryptowid Telegram Community
On 12th March (12th March, 01.00 pm UTC+7) AMA CRYPTOWID X Cook Protocol was started by presenting Mr. Harry Chawla – Community Manager and During the AMA, participants who are lucky to ask the best question in the Twitter session and the live asking session in the AMA will get a total prize of 100 $ USD. The following is a summary of the AMA questions and answers of the moderators and the guests.
Mr. Harry Chawla :
Hello Cryptowid, My name is Harry Chawla I am the Community Manager at Cook Protocol. I am basically in charge of marketing and community growth and thinking what the company will need to do to grow in the industry.
SEGMENT 1 PROJECT INTRODUCTION
Q1. What is Cook Protocol? And how does it work?
Mr. Harry Chawla : cook Protocol is a decentralized asset management platform built for ordinary investors and professional asset managers to unlock an entirely new universe of DeFi innovations.
The product that we have envisioned is a trustless, transparent, and well-incentivized platform that provides investors with a selection of investment choices and fund managers with access to highly liquidized funds.
Q2. What is so exciting about Cook Protocol which make Cook Protocol different from other project out there?
Mr. Harry Chawla : So, we are a platform and our users are investors and asset managers. By talking to our users, we discovered that a lot of them wanna get into DeFi but do not know how. So that’s the reason why we decided to create a platform that will help investors to participate in the DeFi revolution. Basically, they can choose any investment strategy they like and deposit their crypto assets into the selected smart contract. Then for asset managers, since DeFi is so new, a lot of them do not have access to liquidity and there is not a lot of investment tools out there. So our platform helps them bridge the liquidity gap.
2. Q3: As we know, every serious project always have their own roadmap. Could you please explain the Cook Protocol’s roadmap and also what phase is currently ongoing?
Mr. Harry Chawla:We have developed a centralized asset management platform called binves.com and we had a 5M USD asset under management and different asset allocation strategies in different verticals such as DeFi. Then the platform evolved into something bigger and more decentralized, Cook Protocol. In the future, our main focus is to create a decentralized asset management platform for the spot market, and then tap into more advanced markets such as derivatives, margin trading and loans.
We are currently in 2021 Q1, where we are dealing with Cook Protocol architecture and UI design release
You can check out our roadmap here: https://www.cook.finance#roadmap
3. Q4: What is the difference between $COOK token and $ckToken? and also what are the token utilities, price, distribution, and where we can buy it?
Mr. Harry Chawla:Cook token is the governance token so it’s the one that will be listed on Uniswap. The ckTokens is what you get when you invest into one of the funds on the platform, to prove your investment – they are the same as cUSDC or cDAI on Compund for example
A ckToken is an ERC-20 token that represents the ownership percentage of an investment fund. ckTokens can be redeemed for the underlying assets or traded at any time.
These are different to the COOK tokens, which are a governance token used to propose and vote to make changes to Cook Protocol.
The token utility includes:
– community and protocol governance
– pay platform fees
– receive platform revenue
– staking to initialise funds
So the token price will be based on demand for its utility in the market.
We expect to be listed on Uniswap by end of Q1
4. Q5: What are the future goals of Cook Protocol?
Mr. Harry Chawla: Crypto is definitely a fast-paced industry. We are located in the Silicon Valley, so we are in touch constantly with the latest tech and tokenomics trends in the industry and the best talents.
I don’t think anyone can forecast or predict the future. But we do have our vision and beliefs based on our industry experience and observations.
In the future, our main focus is to create a decentralized asset management platform for the spot market, and then tap into more advanced markets such as derivatives, margin trading and loans.
SEGMENT 2 QUESTION FROM TWITTER
1 .Q1. From:@Airdrop_Bounty3
DEFI is evolving too fast and the ability to break is very high. What do you think about this and can you be sure that COOK PROTOCOL’s products will be demand in the long term? What is COOK PROTOCOL planning to contribute to DeFi’s growth?
Mr. Harry Chawla: We think although there is a bubble in DeFi, the Gamestop and Robinhood incident that happened last week was a clear indication that we cannot depend on centralized organizations. In the centralized system, there are and will always be monopolies that can block anyone at their wish. So I would say token prices might rise and drop but good companies will stay for a long time and make real contributions to our society.
2. Q2. From: @candytree11
At present, there are many decentralized financial platforms. How do you make users trust cook_finance? What are the security guarantees?
Mr. Harry Chawla:There were quite some DeFi attacks associated with flash loans and manipulation of Oracle services. So first thing first, we have a pretty strong engineering team from Google, Youtube and Dropbox, top notch Silicon Valley engineers. So we have high coding standards. Second of all, we use already battle-tested industry standards such as OpenZeppelin for smart contract development.
Also, we will perform robust unit test and integration testing. We will have the industry leading audit firm CertiK audit our smart contract to minimize security risks and vulnerabilities. In addition, we also provide insurance options so that investors can opt to purchase insurance to protect their investments.
3. Q3. From: @kingcrap5
Collaborations and partnerships are some of the most important cornerstones to help improve adoption. Can you tell us about Cook Finance current partners, plans for partnerships and what everybody stands to gain from these partnerships?
Mr. Harry Chawla:We have recently partnered with DuckDAO, who will work with the Cook Protocol team to assist with strategy, marketing, growth, and more, helping the project reach its full potential!
We have also formed a strategic partnership with VelasBlockchain, where we will build our cross-chain platform on Velas to leverage their speed, ease of use and technology
SEGMENT 3 FREE QUESTIONS
1.Q1. Although ETH 2.0 is delayed to next year, but it will solve all exist problem of ETH and become the best choise for dApps in future, so do you think this is a threat for your project and how could you overcome this barrier?
Mr. Harry Chawla:We are going to be a cross-chain platform so that we can tap into different DeFi ecosystem: the relatively mature one in Ethereum, the fast developing one in Binance Smart Chain, Huobi Eco Chain and the totally new one in Polkadot
We have flexible technical designs so that it would not be very time consuming for us to adapt to different blockchains
We are already building on Ethereum as well as Polkadot, HECO and BSC. Look out for our bi-weekly updates for details of our development progress!
2.Q2. Some DeFi projects were recently “hacked” as per their explanations. How do you think these recent events on other DeFi products affects the trust by users? What can Your Project do in order to ensure crypto enthusiasts that #DeFi is safe and reliable?
Mr. Harry Chawla: We will have the industry leading audit firm CertiK audit our smart contract to minimize security risks and vulnerabilities. In addition, we also provide insurance options so that investors can opt to purchase insurance to protect their investments.
3.Q3. AMA First of all, getting enough funds is a primary goal for the construction of a project. Is your team economically capable of running this project? Do you have enough funding to develop it? Can you tell us how the profit is generated by your project?
Mr. Harry Chawla: We have developed a centralized asset management platform called binves.com and we had a 5M USD asset under management and different asset allocation strategies in different verticals such as DeFi. Then the platform evolved into something bigger and more decentralized, Cook Protocol
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