On Monday, November 23rd, the community at CryptoDiffer held an AMA with our Founders Damon Nam and Byron Levels. Here’s a transcript of the conversation:
Nick (CryptoDiffer), [23.11.20 10:00]
We are glad to meet here
CEO at Coin (@DamonNam)
CTO at Coin (@blevels)
Lets move to the intro part
Q1: Can you introduce yourself to our community ?
Damon Nam — Will Not DM, [23.11.20 10:05]
Greetings everyone. I’m Damon Nam, Founder and CEO of Coin. Thank you for having us. It’s a pleasure to be here.
I’m originally from Dallas, Texas and studied Information Technology and have a Bachelor of Science in Business at Southern Methodist University.
Byron Levels, [23.11.20 10:06]
Hello, everyone! Byron Levels, here. Thanks for joining us in this AMA session. I am the CTO at Coin responsible for all aspects of our technology including architecture, implementation and operations. Prior to joining Coin I spent some time as an entrepreneur providing architecture and development for corporate companies around web technologies. I also spent roughly 9 years at Microsoft where Damon and I met. I am originally from Dallas, TX.
Damon Nam — Will Not DM, [23.11.20 10:08]
I’m a technologist at heart and a 20 year IT professional. Following graduation, I spent 17 years at Microsoft in various business management roles. I am in the United States and our team is global. However, our operations are headquartered in NYC (as it is the financial capital of the world and has a concentration of our partners, advisors, and legal counsel)
Damon Nam — Will Not DM, [23.11.20 10:10]
Speaking of the team, we are a small group of global resources. We have 6 team members… all with an engineering focus excluding myself. We are hiring, so please reach out if you’re looking to join a dynamic innovative startup with a great company culture.
Nick (CryptoDiffer), [23.11.20 10:11]
Thank you for the answer
Q2: Can you briefly tell us what is Coin in 3–5 sentences?
Damon Nam — Will Not DM, [23.11.20 10:12]
Coin Exchange is a cross-chain P2P decentralized cryptocurrency exchange powered by atomic swaps and artificial intelligence.
Coin Exchange includes an integrated cross-chain cryptocurrency wallet for users to store popular digital assets such as Bitcoin, Ethereum, ERC20 supported tokens, and more.
For exchanging assets, Coin Exchange leverages atomic swap technology to handle direct peer-to-peer transactions. This innovative technology uses software contracts to mimic and replace the need for custodians, middlemen, and escrow agents. Thus ensuring the most secure method of transferring value as transactions are direct between users. This makes Coin Exchange non-susceptible to hacks as users are the only custodians that have and can access their funds.
Damon Nam — Will Not DM, [23.11.20 10:12]
The platform provides sovereign management of digital assets cross-chain and empowers users to transact directly with each other (P2P). Coin Exchange also helps users save time and money by leveraging AI to provide a fresh digital assets management experience that is simple, autonomous, and personalized.
Damon Nam — Will Not DM, [23.11.20 10:14]
For example, you can even send or exchange funds by typing commands from any input field on the web such as, “send $30 btc to @damonnam” and easily execute transactions in seconds.
Damon Nam — Will Not DM, [23.11.20 10:14]
Our Coin Exchange learns, evolves, and helps you navigate your financial journey.
We understand crypto is confusing and difficult. Crypto is trying to disrupt finance. We want to disrupt crypto.
Nick (CryptoDiffer), [23.11.20 10:15]
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?
Damon Nam — Will Not DM, [23.11.20 10:16]
Sure. Perhaps I can talk about our progress on the business side and let @blevels lead on the technical achievements / upcoming plans.
Nick (CryptoDiffer), [23.11.20 10:17]
Would be great!
Damon Nam — Will Not DM, [23.11.20 10:18]
So we’ve been around for the past couple of years. We’ve done quite a bit to even get to where we are today. That includes the formation of a great team including advisors. For example, Pete Cashmore, founder of Mashable aids us with advice on scaling businesses, media, and press. Alex Mashinsky, cofounder at Celsius, aids us in blockchain and finance. Jeremy Gardner, cofounder at Augur, aids us in blockchain and operations. Christina Apatow, founder at FetchyFox is an expert in AI and machine learning.
Byron Levels, [23.11.20 10:19]
On the technical side we have been working diligently to complete all features of our Coin Exchange platform. We are currently in our beta phase and have allowed some testing of the platform from our community. Our goal is to launch the platform to mainnet in the December/January timeframe.
Damon Nam — Will Not DM, [23.11.20 10:20]
We’ve also attended and completed the UC Berkeley Blockchain Xccelerator program and have been added to the curriculum for the McCombs school of business at UT-Austin.
We’ve setup some alliances that help support our business including a liquidity agreement with Coinbase, fiat onramps / offramps with Moonpay, and more.
Damon Nam — Will Not DM, [23.11.20 10:21]
We recently held an offering in collaboration with TrustSwap and reached our hardcap of 2.4M in less than 20 minutes.
Damon Nam — Will Not DM, [23.11.20 10:22]
Next up is a listing on Uniswap this week and bringing our product to MainNet in December.
Byron Levels, [23.11.20 10:23]
Our Coin Exchange includes both a mobile-ready web application as well as a browser extension which provides a unique experience to our exchange. We are excited to bring this to the public soon.
Nick (CryptoDiffer), [23.11.20 10:23]
@DamonNam @blevels Thank you for such interesting answers!
Let’s move to the Telegram community questions part.
Let’s remind AMA rules to the community😊
Damon Nam — Will Not DM, [23.11.20 10:24]
Be on the lookout for our token starting this week. It is also called $COIN in which we have a registered trademark for.
Nick (CryptoDiffer), [23.11.20 10:26]
@DamonNam @blevels please choose the questions you like and answer them! Also if you wish to have more rounds, just let us know.
Kuldeep Thakur, [23.11.20 10:26]
How COIN Exchange is protected against being hacked, and in case it does, is there any insurance for investors as most of the investors are worried about security of the token?
Damon Nam — Will Not DM, [23.11.20 10:29]
[In reply to Kuldeep Thakur]
The great thing about our technology is that it is completely decentralized and non-custodial. This means no one has access to your funds but you. We have no databases nor store any user data. Transactions happen P2P and directly on-chain.
While performance is limited to the performance of the chains themselves, it offers arguably the most secure method of execution. It can’t be hacked unless you hack the chain itself. @Thakur8909
Hugs Jis || Bdcrypto, [23.11.20 10:26]
“You can’t hack an exchange that doesn’t hold any funds” How true is the statement is?
Byron Levels, [23.11.20 10:31]
[In reply to Hugs Jis || Bdcrypto]
The key message here is that Coin does not hold any user funds, account data, or any sensitive information regarding user wallets, etc due to our decentralized nature. For this reason, we are impervious to many of the traditional issues related to security, hacking that some exchanges continue to have challenges with in this space.
Abu Maleeq, [23.11.20 10:26]
Can you explain more about your Revenue model? How many percent will be allocated to liquidity providers and makers which contribute to the ecosystem?
Damon Nam — Will Not DM, [23.11.20 10:33]
[In reply to Abu Maleeq]
As for our business model, we earn revenue from our exchange fees, exchange listing fees, and more.
50% fees goes to liquidity providers and the other 50% into $COIN buybacks. Buybacks go to the reserve which is use to reward stakers. The more volume the network generates, the more token holders that stake earn.
This ensures that our company is aligned with token holder goals and is correlated with the usage of the network itself. 😄 @AbuMaleeq
Artillery Trades, [23.11.20 10:26]
Do we own our private keys with Coin?
Byron Levels, [23.11.20 10:33]
[In reply to Artillery Trades]
The simple answer is yes. Coin does not maintain any information related to user wallets, private keys, mnemonic phrases and the like. Our Coin Exchange is completely decentralized.
𝓙𝓮𝓼𝓼𝓲𝓬𝓪 𝓔𝓿𝓪𝓷𝓼, [23.11.20 10:26]
What problems is Coin Wallet trying to solve to make it easier for Crypto users? Please let us know how the roadmap is currently developing. What will happen this year and in the future?
Byron Levels, [23.11.20 10:38]
[In reply to 𝓙𝓮𝓼𝓼𝓲𝓬𝓪 𝓔𝓿𝓪𝓷𝓼]
The primary challenge around crypto and interacting with crypto wallets is simplicity for the non-crypto savvy users who actually want to get into this space as an investor, hodlr, etc. Coin aims to provide an experience for these users that allows them to interact with their crypto in familiar ways such as utilizing text, or voice to transact easily. So, this issue of complexity in the crypto space is one that will take several companies to address. We believe Coin is positioned as one of those organizations.
♛ Sonia, [23.11.20 10:26]
You have very important partners such as Coinbase. How do you evaluate the support you have received from your partners up to now and how did they contribute to CoinDeFi brand value?
Damon Nam — Will Not DM, [23.11.20 10:39]
[In reply to ♛ Sonia]
In an industry that is littered with scams, we want to be aligned and associated with best in breed. Companies with brand recognition that share our same values, principles, etc.
We want to go narrow on quality and focus on deep meaningful partnerships that actually drive value and help support our business.
For Coinbase, they assist us with liquidity and order execution in the event that our order books are thin in various markets. We use Moonpay for fiat on-ramps / off-ramps, TrustSwap for their launchpad offering, and more. In the future, you’ll see some partnerships with Celsius network, etc.
Divya …., [23.11.20 10:26]
What are the plans to ensure that the transaction has sufficient liquidity to fill market orders, especially as the adoption rate increases and customers start to increase your projects year by year?
Damon Nam — Will Not DM, [23.11.20 10:40]
[In reply to Divya ….]
We leverage our relationship with Coinbase to help ensure our order books will always be liquid and execute orders. We hope that this is inevitably a short-term problem and acquire enough traction and users to build strong liquidity and full order books ourselves.
We are also deploying user liquidity pools in the future so that anyone can elect to support the network, provide liquidity, and earn revenue from transactions themselves. @awesomedivya
Thorm Thorm, [23.11.20 10:26]
What Are The Things You Are Still Aiming To Achieve And Upgrade In Your Coin Token?
Byron Levels, [23.11.20 10:41]
[In reply to Thorm Thorm]
Great question. Our goal with our Coin token is primarily centered around bringing value to our communities, token-holders and investors. So, we will be adding/upgrading the basic utility of the token within an ecosystem that we plan to build with the help of our partners and community. Additionally, we will be adding staking into our Coin token in the very near future that provides incentive for investment and utilization of our token over the long term.
cindy crypto, [23.11.20 10:26]
Lets assume there is a high rising of Coin prices. Are there any possibility of changing total supply of Coin?
Damon Nam — Will Not DM, [23.11.20 10:42]
[In reply to cindy crypto]
If the community supports it, we would consider reducing supply through burns. @cindy_crypto
i thingking about me, [23.11.20 10:26]
Does CoinDeFi have an application to make it easier for users and what features are deadly or unique in the CoinDeFi wallet itself?
Damon Nam — Will Not DM, [23.11.20 10:43]
[In reply to i thingking about me]
We have different audiences. We are preparing ourselves for the next wave of adoption in our industry that will occur with retain investors and the average consumer. That’s where the opportunity is… as the average consumer doesn’t want to see order books and wrapped tokens.
The opportunity is not with sophisticated investors and exchanges with technical orderbooks, etc. That market is oversaturated.
For example, look at just one of our experiences below. Can any wallet or exchange do this today? 😉
Coin Exchange AI Demo: Receiving and Sending Crypto from an Input Field
🆃🆂🅶_🅲🆁🆈🅿️🆃, [23.11.20 10:26]
How does Coin Wallet listing work, which asset will be available on Coin Wallet, and which will not?
Damon Nam — Will Not DM, [23.11.20 10:47]
[In reply to 🆃🆂🅶_🅲🆁🆈🅿️🆃]
We will add tokens that support HTLC to the exchange. This is the core technology we use in order to execute Atomic Swap exchanges.
On initial launch it will be BTC, ETH and $COIN. As the system is fine tuned, we will scale and add more tokens. The community will govern and decide what gets listed and operates on the network.
Md Mamunur Rashid Toyran, [23.11.20 10:26]
As I am a developer with knowledge of programming languages such as solidity, C ++, Java etc., can I create Dapps on your platform ? And HOW easy to create dapps on your platform???
Byron Levels, [23.11.20 10:48]
[In reply to Md Mamunur Rashid Toyran]
Our goal is to move toward a DAO model allowing the Coin Exchange to function autonomously and with decentralized governance. To this end, we are building the framework in the technology to allow dapp developers to interface fairly easily into the platform. Our current plans are to
1. Open source the technology that we have built out
2. Foster a rich development community to build upon our technology and extend it into new/faster/better user experiences.
HENRY SPENCER, [23.11.20 10:26]
To me personally the most interesting feature of CoinDeFi is its AI assistant that allows people to instantly swap and access information of certain tokens outside of the COIN platform as a browser extension. I’m curious how the team envisions the complete version of it in the future given the huge potential it has in terms of making crypto much more accessible to the general public. Will it for example allow people to do the same with telegram and twitter app? Will it partner with a site like coingecko to show more comprehensive information (chart, market cap etc) just by typing the name of a certain token? I still remember the time when I first knew about alts and how time consuming it is just trying to find information about all these tokens with 3–4 letters abbreviation.
Damon Nam — Will Not DM, [23.11.20 10:48]
[In reply to HENRY SPENCER]
We currently have a proof-of-concept where you can interact with the Coin Exchange directly inside of Telegram. Here’s an example:
And yes, we will partner with other sites to aggregate data that would be helpful for our users.
In addition to executing transactions by just typing, “Exchange $25 btc to eth”…. you can also ask for your “wallet balance”, or how much did you send to @damonnam last quarter, or the “24 hr volume on Binance”, transaction ID’s, and more.
An Angel, [23.11.20 10:26]
On which technologies will Coin focus on working next year?
Byron Levels, [23.11.20 10:54]
[In reply to An Angel]
Our focus for next year will be primarily centered our those experiences in the Coin Exchange that would benefit greatly by artificial intelligence, machine and deep learning to solve real-world problems related to cryptocurrency and it’s ability to be adopted by a greater audience of users. While this not actually a technology, we will be continuing to focus on building a great user experience and bringing the technology closer to the user and closer to what the user is familiar with in terms of interaction with our Coin Exchange. Imagine interacting with your wallet directly from the Google search input, or the Yahoo search box. “Send $5 BTC to @smelekin” for example. We think that is a unique and much needed experience.
Jose, [23.11.20 10:26]
1- Increase token price
2- Make the token valuable
3- Build community trust
From the above three aspects. I want to ask. Which one is most important to you? If the above are all important to you, which one would COIN choose?
Damon Nam — Will Not DM, [23.11.20 10:55]
[In reply to Jose]
Our goal is to transition the company into a DAO and have the network owned by its community of token holders, developers, etc. With that, Community is a high priority moving forward. We want the community to drive the future of this technology forward to heights we’ve never imagined. So it’s integral for our team and I to stay closely aligned and active in conversation with each other. We also want to build a huge army of supports that will naturally become spokespeople out in the industry.
Community will be our 2nd focus right behind the token (volume, value, liquidity, etc.). Priorities are as follows:
Everything else behind this is low priority. @John983
Bitcoin, [23.11.20 10:26]
Your Project’s Name is very Attractive Just Coin.. Could you tell us How you Got idea for Choosing Just “Coin” as a Name for Platform?
Damon Nam — Will Not DM, [23.11.20 10:58]
[In reply to Bitcoin]
We are all about simplicity. This includes our mission, execution, etc. We have a company mantra in that if it isn’t simple, don’t do it.
Given that our audience is the average consumer and retail investors, we wanted to go with branding that was the most simple and memorable in the industry. Coin is arguably as simple as it gets for our industry. 😉 @Bitcoin_User24
Alikaa Azzahra, [23.11.20 10:26]
Do DeFi coin users have to be verified with KYC? and using what technology to store investor data, whether Liquidity providers and $COIN holders all get the fee income.
Damon Nam — Will Not DM, [23.11.20 11:01]
[In reply to Alikaa Azzahra]
No KYC. You can remain completely anonymous in our platform and network. We do allow users to set a username so that you can send funds by just typing, “send $50 BTC to @damonnam”… but even your username can be anonymous. We do not collect or store any user data as there are no databases in our system. Everything happens directly on the blockchain anonymously. @Alika061
Quốc Nguyên, [23.11.20 10:26]
What’s on the Coindefi.org roadmap? What are the new features that you are planning to launch ?
Byron Levels, [23.11.20 11:01]
[In reply to Quốc Nguyên]
At a high-level, our goal is to move Coin toward a DAO model and build a community of partners, developers and providers to build upon what we have initiated as a unique way to interact with crypto wallets/assets. More specifically, AI, machine learning and natural language processing will be front and center on the roadmap. For launch, we have both a traditional web application with a simple user interface that will allow users to send/receive and exchange assets in their wallet. Additionally, our browser extension works as enhanced feature allowing the user to interact with the wallet using simple messages in the Google search box for example. We will also include a contextual experience for users to gain knowledge and insight related to crypto (initially) and expand into more traditional areas of finance (equities, bonds, securities, etc.) So, imagine a user holding BTC in his or her wallet and the Coin Exchange widget notifying proactively regarding the price movement of BTC for that day.
Daan, [23.11.20 10:26]
Hi Damon, I have read that you are an advisor to the Orion protocol as well. Is this correct? I potentially see Coin and Orion as competitors. Do you agree? Or can the protocols collaborate or even partner up in the future?
Damon Nam — Will Not DM, [23.11.20 11:06]
[In reply to Daan]
Indeed I am. However, we don’t view ourselves as competitors. Orion does a great job of aggregating order books to ensure liquidity and order execution. They also focus on a different audience such as traders and sophisticated investors.
For us, we focus on the average consumer and retail investors. Our platform isn’t intended for high-frequency trading as you will not see an order book. Our user experiences are quite different as well as they have a trading terminal and our tech lives behind the scenes. Are our core, we are our own non-custodial wallet and exchange that is powered by AI. Our businesses are quite different.
We’ve been called the “grammarly of crypto” which is quite different from any business in the industry today.
Lars, [23.11.20 10:26]
Is there already a Proof of Concept or are there already discussions, partnerships with e.g. Lightning Labs, Connext Network or others for lightning/off-chain swaps for BTC, ETH/ERC20 or off-cross-chain swaps between BTC and ETH/ERC20? I noticed that it’s shown in the Q2 2021 milestone in your roadmap but will it be ready then? I mean there is a lot of buzz around off-(cross)chain swaps and there are a some projects working on it already but as far as I know there is no working solution on mainnet yet. Would be another nice USP.
Damon Nam — Will Not DM, [23.11.20 11:09]
[In reply to Lars]
No; however, this scaling is part of our roadmap as our performance is currently limited to the performance of the chain itself. This is one of the reasons why centralized exchanges are popular with high-frequency traders…. as the centralized exchanges have databases and perform transactions off-chain, etc. However, the tradeoff there is the security and control of your assets.
👙Kimmese👙, [23.11.20 10:26]
What features or technologies do coins feature against hackers? Defi is great but I think super thieves often enjoy difficulties and challenges! 🧐😎🤪
What benefits do I have to keep my $ Coin long?
Byron Levels, [23.11.20 11:11]
[In reply to 👙Kimmese👙]
The Coin Exchange itself doesn’t hold user assets, private keys or any data related to the user accounts. Any attack vectors for the Coin Exchange would have to come from targeting the user (and the user’s browser) directly. This is fairly challenging but doable. To assist with securing user data on the user’s device, we utilize encryption mechanisms where we do not allow the encryption data to remain static. It is kinda like a bank vault where the underlying security data to access the vault changes periodically. To answer the second part of your question…The benefits of long term investment in Coin or any other assets is fairly simple and straightforward. We want to be able to take advantage of the long term growth and value of Coin. So, there will be a number of users who stay along for the ride and others who may not. Those who do not can certainly short-circuit there ability to take full advantage of that increased value over time.
Andreas ., [23.11.20 10:26]
I have invested in Coin, I like the Team, I love the project. I want to know from you — what can I personally do, to support Coin. As probably a lot others here I am having a fulltime job but still I am spending most of my free time (which is a lot) with crypto. Tell me, how can i REALLY support you? (Besides being Part of the community) can non-tech people work for you part time like me?
Damon Nam — Will Not DM, [23.11.20 11:13]
[In reply to Andreas .]
Thank you for your support @isomad! We ask everyone to help us by:
1. Using our product (it’s crazy to find that many people don’t use the technology of the tokens they invest in… it’s a speculative driven industry and we want to ensure utility to change that)
2. Provide feedback and suggestions (we want our community to drive the growth of Coin and not be a centralized entity that controls the direction)
3. Evangelize Coin to your network and help us spread the word (as the best and organic method of user acquisition is through word-of-mouth and referrals)
Elias | BDcrypto, [23.11.20 10:26]
Most of the project with Anonymous team just come and rug pulled/exit scam. At this point how can we trust you? How can we sure that you will never do scam?
Damon Nam — Will Not DM, [23.11.20 11:16]
[In reply to Elias | BDcrypto]
Well ethics should never be a concern. Our team is visible and our advisors are in the public eye. We would never do anything to impact our integrity, values, and reputation. Additionally, we are a US registered company with registered trademarks and registrations with the US SEC, FinCEN, and more.
Here’s a few names we have been vetted by in order to do business with or participate in their programs:
- Celsius Network
- UC Berkeley Blockchain Accelerator
- UT Austin McCombs School of Business
- US PTO
- US FINRA
- US FinCEN
- US SEC
That’s a lot of legal agreements where my name is personally on. 😉
🌷🌷Oliver, [23.11.20 10:26]
Q2. How important is the community to Your project? and how can we collaborate or help share token for the development of the project?
Byron Levels, [23.11.20 11:16]
[In reply to 🌷🌷Oliver]
Thanks for this question. We are committed to moving the Coin project toward a DAO model where the community takes ownership of the governance of the project. So, community is key in this model. We will provide details regarding these plans as soon as we are able to do so. The plans will include specific on how the community can get involved and help us realize the goal of creating a DAO around Coin.
Sen, [23.11.20 10:26]
Coin basically is an exchange that doesn’t hold any funds, works directly from the wallet or extension. So why do you need a token? What are the benefits that I receive for be a $coin holder?
Damon Nam — Will Not DM, [23.11.20 11:20]
[In reply to Sen]
Great question @Tony253210
The $COIN™ token has multiple and essential functions for the network including:
- The power to vote on proposals to influence and govern the future direction of the network
- To execute smart contract code in the network for network operations, staking incentives, and network governance
I encourage you to view the following resources that outline the utility, business model, benefits, and more.
- Coin Offering Deck: http://bit.ly/coinpitchdeck
- Coin Business Plan and Whitepaper: http://bit.ly/coinwhitepaper
Andrew Crpto, [23.11.20 10:26]
1. How much development work is left to do before the mainnett launch in December/January?
2. Who would you classify as your main competitor in the market?
Damon Nam — Will Not DM, [23.11.20 11:23]
[In reply to Andrew Crpto]
We are current in beta and plan to release an update build that includes our AI soon. For our initial launch, we are close… however, the journey is long and will continue as we need to iterate to remain competitive.
As for competitors, every wallet and exchange are our competitors. However, when you start to narrow them down, there are very few cross-chain DEXs on the market. And none are using AI and are creating the type of user experiences that we are. Here’s a demo of our AI for example:
Coin Exchange AI Demo: Receiving and Sending Crypto from an Input Field
Alireza, [23.11.20 10:26]
Q: Investors are afraid of scam, exchange is afraid of scam, partners are afraid of scam, so what does your project guarantee not to scam investors?
Byron Levels, [23.11.20 11:25]
[In reply to Alireza]
This is certainly a topic of much discussion in the crypto space, probably unlike any other industry that I am aware of in my lifetime. We have operated with integrity and will continue to do so because this is a very basic prerequisite to our business and the Coin project. In our minds, integrity, honesty and transparency is like breathing. We just do it because it is very important and one of the most important aspects of who we are as individuals (not the company). We are also investors, partners and have in some cases been on the receiving end of scams in the crypto space. We are not interested in making people feel the pain that we ourselves have felt after entrusting someone with our valuables only to realize they had no intention of doing what was right. Lastly, it is simply not necessary to operate in this fashion.
Hans hubs, [23.11.20 10:26]
You are doing Ama’s in all group & almost answering same types of questions again and again? How do You feel about it?
Damon Nam — Will Not DM, [23.11.20 11:26]
[In reply to Hans hubs]
There are a lot of communities with different audiences in our industry (and overall). In order to reach the appropriate audience and acquire users, it will continue to take repeated conversations and marketing in order to gain traction. We’re willing to do anything necessary to accomplish this. Even if means that I have to personally go door-to-door and pitch… post-pandemic of course. 😉
Kausar Ahamed, [23.11.20 10:26]
⚡️⚡️What is your strategy for marketing and for Mass Adoption ? How do you evaluate the support from the community?
Damon Nam — Will Not DM, [23.11.20 11:28]
[In reply to Kausar Ahamed]
We will use standard marketing techniques that have proven to be successful in our industry. We also have a good number of the industry’s top influencers that invested in our offering. So that will naturally incentivize them to help us spread the word. Here are just a few examples of some that have published videos in the past week alone… in which we proudly admit that we didn’t pay for anything.
- AltcoinDaily (timestap 9:10–10:20):
- Ivan On Tech (timestamp 38:30–39:32):
- CryptoZombie (timestamp 15:22–18:15):
- BoxMining (timestamp 25:28–27:25):
- Decentralised Chain “AMA with Damon Nam, Founder and CEO of Coin” (duration 41m 14s):
- CryptoTube “Trustswap launchpad $COIN (DEFI GEM)” (duration: 20m 20s)
anonymous, [23.11.20 10:26]
What about money laundering through Dex Coin, how to prevent it?
Damon Nam — Will Not DM, [23.11.20 11:31]
[In reply to anonymous]
Being that our platform is completely decentralized, we don’t administer what occurs on the network. We are only a platform and can’t control which transpires on the network itself.
lucky Boy, [23.11.20 10:26]
Currently, in crypto market, there are lot of exchanges which provides many features & have multiple products !
So, whats special in @coin exchange?
Which unique features are provided by coin exchange to any p2p trader?
Byron Levels, [23.11.20 11:32]
[In reply to lucky Boy]
Great question. Let’s ask ourselves, how many exchanges allow the user to interact with their wallet on the user’s terms? For example: “Send $100 ETH to @ouch143” from the Google search input. The widgets then walk the user through the send process with a series of questions in a pop up to help the user complete this transaction. It is a very interesting and unique way to interact with your crypto wallet, no? That’s just the beginning. How may exchanges proactively notify a user when the value of their assets have increased/declined? What about the simple act of sending ETH to a friend or family member? Do any exchanges notify users that the network costs is high and ask the user if they wish to schedule the transfer of ETH at a later time when the network costs is not so high?
Lavrov, [23.11.20 10:26]
Could you tell us about the trading fee discount available on Coin platform? If I hold the token in the short or long term, what benefits will I get?
What are your plans for developing mobile applications for Android and IOS? Indeed, in our time, many people follow the market and trade from the phone.
Byron Levels, [23.11.20 11:36]
[In reply to Lavrov]
We have started conversations around how we can make our user experience better for the Coin Exchange. Yes, we have plans of creating mobile specific applications beyond the mobile readiness of the platform currently. We believe this to be crucial to our success. Regarding your first question, I believe this has been answered in the channel. We are adding staking to our token along with enhanced utility of the Coin token itself that allows users to be rewarded for both holding Coin as well as utilizing Coin in the ecosystem.
Hendra sico ©®™, [23.11.20 10:25]
Hi mr. @DamonNam
Could you give me 2 or 3 key points to convince me and other angel investors invest in Coindefi in long-term?
Damon Nam — Will Not DM, [23.11.20 11:36]
[In reply to Hendra sico ©®™]
- Team (Our team and advisors are highly visible and experienced professionals in the industry)
- Technology (the innovation we have created separates us greatly for the competition)
- Traction (we already have technology in place and will be on MainNet next month)
- Terms (our market cap is extremely low in comparison to our peers which provides for great potential in value)
Infinite Crypto, [23.11.20 10:26]
I see you mentioned AI ( Artificial Intellegence ) many times in Website.. So, Explain us, How AI works in DeFi Platform? Which Major Problems solved by AI in Coin DeFi Platform which can’t able to solve without AI?
Byron Levels, [23.11.20 11:43]
[In reply to Infinite Crypto]
In simple terms, the AI interface allows us to utilize text/voice input to discern the user intentions and perform an action in the application based upon what the user has requested. In all transparency, we are utilizing Google’s Dialog Flow as the AI engine within the application. So, one of the problems we wish to solve is how do we bring crypto closer to users who do not think in the current terms of crypto (private keys, wallet address, blockchains, altcoin, cold/hot storage, etc). We believe AI can help us bridge this gap. More importantly we are utilizing AI, ML, NLP to help create and build out new experiences for all users to be able to gain knowledge and insight related to their crypto (assets, transactions, etc) without having to jump over a number of hurdles in the process.
AzuRaE, [23.11.20 11:42]
Why not use binance p2p the liquidity is higher.. why coinbase
Damon Nam — Will Not DM, [23.11.20 11:45]
[In reply to AzuRaE]
As a US company, we developed a relationship and agreement with Coinbase first. We aren’t against using Binance and would consider them in the future. But the reality is that we ultimately want to wean away from any reliance and dependence on anyone. In the short-term we know we may not have enough users to fill our order books. To circumvent this, we have this relationship with Coinbase. Longer term, we want to have so many users and orders that it removes any reliance together. @dweepks @Eliasbb
AzuRaE, [23.11.20 11:44]
Are you going to use any on chain data analytics as partners like Parsiq
Byron Levels, [23.11.20 11:48]
[In reply to AzuRaE]
We will explore these partnerships as we realize we can’t build everything for everyone on our own. This type of functionality is key to a solid user experience where we are attempting to add value to the user by hopefully saving the user money, helping the user become more knowledgeable about crypto, etc.
VLADYSLAV SKAKUN | CryptoDiffer, [23.11.20 11:36]
Thank you for your questions, everyone!
@DamonNam @blevels Thanks for your time, it was pleasure to host an AMA
Nick (CryptoDiffer), [23.11.20 11:38]
Thanks for interesting answers @DamonNam @blevels
Damon Nam — Will Not DM, [23.11.20 11:38]
We hope that this has been helpful to everyone. Additionally, instills confidence and interest in you trying our products, acquiring $COIN, and joining our family at Coin. It’s been a pleasure and thank the team at CryptoDiffer for having us!
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Please also look forward to our listing on Uniswap this week.
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