Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with CobaltLend , on November 20th at 01.00 PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Mitch Wrapp, Head Liaison for Social Media Outreach at CobaltLend ,so here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.
Questions Asked on Twitter For CobaltLend Team!
Q1. Can we participate in the IEO of the Cobalt lend token from any country or are there restricted countries?
Ans — Yes that is another advantage of us opening up trading on BeeEx — their platform is already in place and meets regulatory standards.
Q2. Why did you decide to have the Cobalt Lend Token IEO take place at BeeEx?
Ans — It is a great relationship that works both ways. we are making plans that extend into 2021 — not just the IEO — BeeEx is a small company, but they really have some great things going on in “Mining”
Q3. One of the roles that the community can have is the staker/ Validator Node, so can you explain what are the requirements to qualify as a Node Validator?
Ans — Yes — Stakers / Validator Nodes will be implemented once Cobalt Lend moves to its own native blockchain (Away from Ethereum) Validator Nodes will be ones verifying blocks in order to validate transactions on the blockchain, therefor sharing in rewards with the treasury.
Q4. Your IEO is scheduled for November 28th. After the IEO, what will you focus on? What will Cobalt Lend work on? What can you tell us in advance?
Ans — Great question — The user dashboard and voting are almost done with some fine tweaks needed — but our many goal is perfecting the borrowing and lending protocol within the user dashboard.
Q5. Cobaltlend works currently withr Ethereum Blockchain to support dapps, but when is gonna be launched the cobaltlend Blockchain?
Ans — We are pushing for late summer / Fall of 2021 for the Launch of our Testnet.
Questions Asked by our BlockTalks Community Members during live Session to CobaltLend Team!!
Q1. Do you have plan to build your own Dex? Do you support BUY BACK ACTIVITY AND burn THEM?
Ans — We do! and we have already been working really hard on this and hope to launch soon. Having our own DEX is a must and will tie in with the user dashboard. The DEX greatly contributes to the overall revenue model of Cobalt lend.
Q2. Can you briefly explain how the top milestones that Cobalt team aims to execute before the end of this year or going to execute in future, will help you succeed and what Cobalt may look like in 2020 and beyond?
Ans — Refining the user dashboard for community involvement and voting! Also we want cross feedback on proposals and are working very hard to ensure the success of every one involved in the Cobalt lend community.
Q3. Partnerships are crucial for Adoption, so can you tell us what partners you have currently and future partnerships?
Ans — Yes FYM Capital and BeeEx have partnered with us and we are currently working with two more companies to provide notary services on the blockchain and ID services — this will be announced in the coming weeks.
Q4. Currently most investors only care about profits at the moment but ignore the long-term benefits. So can you give them some advice why they should buy and hold this token/coin in the long term?
Ans — Our staking model is one of our Main priorities and will offer and APY of 10%.
Q5. Can you share Cobaltlend vision for decentralized finance defi ? What features are built into Cobaltlend to support defi.
Ans — we are building this model to put the community 100% in charge of everything. This includes not only the protocol itself, but also the KEYS to the treasury!
Q6. Cobalt is a complex project. Are you planning to create educational materials so that more people understand your goals and vision?
Ans — YES — we feel that educating the public is a real priority, so we do this regularly through social media like Twitter, Reddit, and Medium. But now we have set up a YouTube account here
Cobalt - A new way to borrow! The Cobalt lending platform aims to bring together borrowers into a fair democratic…
and we are constantly making explainer videos — check it out!
Q7. What kind of decisions will CBLT holders be able to make within the Cobalt platform? Will they be only economic decisions or will they be able to decide in other areas as well?
Ans — Great question — community members decide on EVERYTHING! The user dashboard is your way to voice your vote on proposals from other community members to obtain loans or make changes to the overall protocol its self. Thats the great thing about Cobalt Lend — you decide!
Q8. Can you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team?
Ans — 1 Billion minted — no more ever created — Vote to burn treasury wallet address:
Vote Ends: November 21, 2020
containing 35,416,000.00 CBLT
Approximately 3.54% of current supply
This will put deflationary pressure on the supply before the I.E.O.
Current Supply — 1 Billion
New Supply Cobalt (CBLT) Lend After Burn — 964,584,000 //// The treasury / community have locked 20% of the current supply and 50% of the founders Tokens. Liquidity for trading pools will also be locked if the community votes as such.
The community controls EVEYTHING including treasury wallet addresses and can burn wallets as well as lending tokens to the community. Come be parts of community that is actually in charge of the protocol they participate in.
Q9. On your website it says that not everyone who applies will be eligible to participate in the Cobalt lend Token Sale. Why would a user not be eligible? What are the restrictions?
Ans — Countries, providences, states, or wallet addresses deemed to be linked to malicious or dangerous behavior can not participate in the Cobalt lend ecosystem.
Q10. As well as DeFi emerges, lots of lending projects rose up. So what will be the main point of cobalt lend that distinguish it from other lending projects? And is the security tight?
Ans — we focus on community and adoption of crypto — we are offering a new software suite inside the user dashboard that will allow anyone to process any kind of payment: This means any individual can accept credit cards and crypto currency as payment. No extra costly hardware or third party merchant set up. We will offer instant settle up into your local fiat currency, this will be great for small businesses because it will reduce fees and open up more payment options.
Q11. _Now a lot of Many fake defi projects promising insanely high APR, but ended up pull liquidity or minting, how does your project respond to this case ? Can you explain the reasons why we should invest in your project because we know you’re a team without a name?
Ans — Actually we are not a team without a name. We just don’t print our employees BIO’s on the website for many reasons, security being the main reason. The protocol is meant to belong to the community, not anyone person. — also we have lots of contractors working freelance and this would be way to much to constantly update. We have found the best way to allow to community to see whos involved, to interact with one another and see the team or even join the team is through all our social media and the main website its self — come check it out. BTW i’m Mitchell Wrapp and next to me I have Marley and AXL (Head DEVS) here helping me answer questions.