AMA RECAP : CRYPTOSCAPE x ASPEN LABS
Venue : Crypto Scape
Date :29 SEPT 2021
Time : 03:00 PM UTC.
Guest : Mr. Chris Joseph
They shared detailed information and opinions about the Project ASPEN LABS.
🔴 SEGMENT 1 INTRODUCTION
1) please introduce yourself and your team to our community and tell your crypto story
Our team consists of 8 members currently. Our co-founders are completely doxxed as we thought this is the best way to help build confidence in our community. My name is Chris Joseph and I have been working in the financial industry for 5-6 years now. I can speak English, French, Indonesian and Hindi and I am a graduate of University of Toronto and Dalhousie University. I started my work in finance Jakarta, Indonesia and that is where I became familiar with Bitcoin in 2016. It is actually amazing to have been around and investing in the space since bitcoin was $900 and Ethereum was $10. My co-founder is Mathai Puthiakunnel and also my brother. He is the lead blockchain engineer. He is a graduate of the University of Toronto and fluent in English, Hindi and Mandarin. He has been working in the blockchain environment for 3 years now and has worked on enterprise solutions for Saudi Aramco, Telus and Playboy. He is an expert in Google Cloud Architecture and the engine behind this project. Joshua Sailo is our in-house NFT artist and the Creative Director for dCOLLECT and he is a former performer for Cirque du Soleil and a talent artist who has performed across North America, Europe and Asia.
2) What is AspenLabs all about , it’s usecase and how you got the Idea of creating it??
Aspen Labs at the core is a decentralized application company. We want to develop a stack of applications that allow for novel and unique methods in which users can deploy passive and/or active methods of investment within a single ecosystem. dCOLLECT will allow NFT staking as well as a gamified world where users can earn and play. The Hypersphere is a multi-coin pool exchange that can eventually allow for easy cross-chain support. And dLEND will be our attempt to link traditional financial debt asset (i.e Mortgages and Student Loans) with social financing via crypto. dLEND would only come in 2-3 years given the quite large regulatory burdens it would require. Our goal is to build applications that have use cases that can benefit a wide range of potential users. From investors to gamers. The inspiration behind this is to bring products to the space that a not simply forks and memes of other projects but to build a lasting company that can eventually become more akin to a digital services bank.
3) Can you tell a bit about hypersphere and right now is it launched on testnet ???
Hypersphere mathematically is a complex idea, originally used in animation to help smooth uneven surfaces. I talked with one of the experts in the field Dr. Samuel Buss from University of California, San Diego when developing the concept. Simply put, it is a multi-coin pool decentralized exchanges. Theoretically it has the potential for all assets to be deposited in a single pool which allows some exciting possibilities for cross-chain compatibility. Additionally, the Hypersphere is the primary mechanism through which Aspen tokens are issued via staking. Currently we have the series of smart contracts that create Hypersphere on our testnet. We are attempting to break and exploit the contract before launch to make sure every conceivable vulnerability is addressed.
We are onboarding with Immunefi to set up hacker bounties for all Aspen smart contracts and the website. And I have been negotiating with a few audit companies to review our contracts.
4) You have a lending feature planned to launched so what all services will it provide and may I know your take on governance ???
dLEND will be our last application built in our roadmap. I project 2-4 years from now. The reason we have but this last is because it will require the most regulatory compliance as well the most upfront capital to start. We developed dCOLLECT and the Hypersphere as stepping stones to our final goal dLEND. As any business owner would know it's maybe 10,000 small task to complete a goal and it is no different here.
dLEND will allow users to deposit stablecoins and receive and LP token as a representative value of their deposit. That deposit is then in turn converted into fiat. Our idea is to undercut the high interest loans students in developing nations have to take when coming to the United States, Canada , the UK and Europe. We also have an eye on loaning to homeowners in developing nations as well. We view this as a product for new users that are risk averse. Where they have the potential to earn consistent returns that are stable.
The governance of dLEND is need to be more centralized because of regulations. But i envision something similiar to
compound or aave in terms of governance
5) Share in your Tokenomics and mention about locking of liquidity and locking of team tokens. Additionally mention transaction fees charged on every transaction
I think if I share two graphics it may answer this question best. Then i can answer the fee portion of the question
In terms of fees, the Hypersphere will charge 0.20% on trades. With 0.15% going to the stakers on the Hypersphere in addition to the reward of Aspen token. And 0.05% to Aspen Labs for continued research and development. dCOLLECT is a zero fee marketplace and we will never charge and transaction fees after the sale of our NFTs
🟡 SEGMENT2 TWITTER QUESTIONS.
1) In Aspen Labs, there is a term called Hypersphere smart contracts. Could you please share more about this smart contract? About security, scalability,..? What are the functions and benefits of Hypersphere smart contracts in Aspen Labs? @lidiamga
The Hypersphere is a multi-token pool decentralized exchange. Scalability, our primary interest is this. We can scale the concept to link it with other blockchains such as Solana and Avax. It would need off-chain oracles but the possibility is there that cross-chain assets could be deposited together without the immediate need for a bridge in the asset until the transaction occurs. In terms of the security the primary vulnerability is preventing the deposit of undesirable tokens into pools and traders using those to withdraw BNB, Solana etc... The way to prevent this is limiting which assets have permission to deposit in the Hypersphere. We want this portion of the project to be decided by the community for the most part with a little bit of the teams guidance.
The benefit to the Hypersphere is that it allows novel concepts like trading trios, quads and not just pairs. It has a strong case for cross-chain compatibility and a user can deposit a single asset into a pool and not have to buy BNB if they only have CAKE and vice versa.
2) Aspen Lab’s logo shows 3 dots in a rectangular formation. Can you tell us what is the meaning of your logo? And where did the name "Aspen" came from? Does it have any meaning behind it? @kimterbear
We actually had a couple names in mind when we first started. But Aspen felt the best and when I looked up more about the Aspen tree it really fit the idea of DeFi. When you look at Aspen trees in the forest, you see 100s if not 1,000s of trees. But in reality all those trees are a single organism, the entire root system is connected. Aspen trees are actually one of the biggest organisms on the planet. I felt that it really fit who we wanted to be perceived as a community. We may all look like individuals, I may be the Chief Executive of Aspen Labs but we are part of one community, one organism. And we will succeed together not separately.
3) How you plan to incentivize long term holding of your token and what role will community play in major decisions taken in the future @Grumpyb14017909
I think the tokenomics speak for themselves. 3,000,000 tokens issued via the Hypersphere each year, with a halving every 3 years. And 100,000 tokens issued via NFT staking for 10 years. Aspen has limited supply and if you look at comparables in terms of social presence and community size the token has the potential to reach well over $20 in the next year.
4) Can you give a glimpse of your nfts along with telling about your nft marketplace and transaction fees involved and will your nft have any real value @AloisiaQueen
Yes actually, let me give you all an exclusive sneak peak. No one has seen these two NFTs yet.
This will be our first pack drop in dCOLLECT. The Taiping Rebellion, Hong Xiquan a failed civil servant declares himself the brother of Jesus Christ and the son of God. And creates the Taiping Heavenly Kingdom. The first image is our pack image, the second image is Hong Xiquan and the third will Empress Cixi that last ruler of the Qing Empire. Both will correspond to characters within the dCOLLECT game. Both will be stakeable for Aspen tokens as well. We have limited the pack sizes and we have create passive income options for our NFT holders and eventually a game. And to be honest I believe the art only is very beautiful.
5) Not all NFTs that are offered in the market are valuable, so how will Aspen Labs ensure that the NFTs that are manufactured, issued and traded on its platform are valuable and successful, and what strategies will it use to make them competitive in this fierce market?
We have hired an experience in-house artist. We have allowed NFT staking for our project token. Before to earn money from your NFTs or any art in general you would have to sell them. The NFTs are planned to be used in our gamified world (I think something like Civilization on mobile). Additionally, the NFTs will eventually be compatible with dLEND and be able to be used as collateral for loans. All of these aspects will help create, maintain and increase value
🟢 SEGMENT 3 TELEGRAM LIVE
Do we need to buy enough power to play your game? Can we buy it inside the game or is there a separate app or website? And if I buy these enough powers, will I be able to play or enjoy your game better?
This is actually a pertinent question for dCOLLECT, the reason we enabled NFT staking is so users can be bootstrapped (earn ASPEN) into the game and do not need to spend a lot of money to buy extra Aspen to play the game. We wanted to make it fair for users and we thought this would be the best path.
Can I buy a token in the process?
Zeroswap will be making an announcement on their Medium channel on Oct.1st regarding our IDO. You can find all the information you will need there.
According to your personal experience being a project that went through the same steps at the beginning of its path in the cryptographic world, what foundations must a project have in order to be successful and how cumbersome can the path to it be?🌐🌐🌐
I really like this question. The most important foundation is community. I will tell you, I have spent only $2,400 on promotion. The real growth in our community, the reason we have 60,000 community members across our social media and one of the biggest Discord Communities in Crypto, is because I engaged with our community not as a boss, but as a friend. Our growth is organic. As someone who cares, and that goes far in our industry. The entire system is based on trust and I want Aspen Labs to be at the forefront with our community in terms of trust.
The most difficult part is dealing with other projects, especially smaller ones. I have been in the finance industry a long time, schedules are important, respect is important and your word above everything else is the most important. Often it is hard to find those things in many of the projects that have approached us for partnerships or collaborations. I will not enter a partnership just to enter one. That is why we work with Zeroswap and Immunefi and that is why I will be on a panel on Oct.21st with Mance Harmon of Hedera Hashgraph because sometimes it is better to have a few partnerships that mean something. Than a list of 20 that are meaningless.
Q4-Good Boy.. Ssssss:
Do the token holders have right to participate in the governance of the project? On what kind of decisions can they vote on about the project??
Yes token holders will have voting rights. We are drafting a constitution that will outline the responsibilities of the community. It will included matters like addition of new tokens to the exchange, NFTs reward rates and add other project tokens to the NFT staking program. We want the Hypersphere and dCOLLECT to be community driven.
Q9:Revenue is a very important, aspect for all projects, to survive and maintain the project / company.
-What is the way to generate profit / revenue of token?,"
--What is the income model,???"
Hypersphere takes a 0.05% fees on all trades, our NFTs will be sold at a starting price of $80 in BNB, but this will fluctuate based on the demand, pack size and resale price so over time it can reach $800 per NFT. These are the primary revenue streams for Aspen Labs as it will be released in 2021.
I would just like to thank the community for inviting me. it has been great to talk with all of you. And here is our linktree with all our socials so you can all join the community. I hope to see you there!
Thank you from Crypto Scape 😍