Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with CobaltLend, on October 28th, 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, 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.
Introduction Questions Asked By Team BlockTalks
Q1. Could you please introduce CobaltLend to our community in layman’s term?
Ans — Cobalt is a community driven lending platform for small businesses to borrow from each other and lend to each other — therefor collecting the loan fees and interest instead of the bank.
Q2. What are the advantages of Cobalt to the other alternatives in the Blockchain field?
Ans — Our focus is small business and we will help with such things like giving them access to our software suite that enables credit card processing and crypto processing all together in on mobile dapp — no extra costly hardware.
Q3. What are the major milestones Cobalt achieved so far & what are in the future pipeline?
Ans — Forged a partnership with Ledger and Trezor for secure staking on their hardware wallets. Dex is almost ready to roll out — is being tested now and will allow for staking.
Questions Asked on Twitter For CobaltLend Team!
Q1. What’s the main Business Model of Cobalt Lend Project? How Cobat Lend revenue for it’s Platform developments?
Ans — To facilitate the borrowing and lending of capital within a shared community for small businesses and individuals alike governed by community vote.
Q2. from a startup project to a mainstream project, being a pioneer in the industry, do Cobalt team anticipate that many new startups will show up and compete?
Ans — Yes many will show up to compete as this is just the nature of the beast. we have a great model that doesn’t cost the consumer extra money and actually rewards them for being part of the community.
Q3. In cobaltlend how can I lend out my excess capital to borrows in other to receive CBLT Tokens?
Ans — The Ecosystem is being built around our DEX which will allow you to “stake” your coins and earn rewards this will also happen inside the Hardware wallets: Trezor and Ledger.
Q4. In what situations do community votes prevail in your ecosystem and how does the process of being approved for borrowers to borrow from the treasury?
Ans — The process of voting and submitting proposals are both outlined on the official website cobaltlend.com — voting will be done via EPNS and the community will vote on all aspects of the ecosystem.
Q5. What is the role of CobaltLend empowering small businesses? How can a small business be part of CobaltLend and what benefits can receive from the platform?
Ans — By having access to cheaper faster capital and having access to the software suite that will give them access to a new revenue stream.
Questions Asked by our BlockTalks Community Members during live Session to CobaltLend Team!!
Q1. To create the $CBLT financial ecosystem, will there be a buyback or burning of a token supply?
Ans — Yes there is a planned buy back of the tokens as well as a “Burn Model’ in place please see white paper.
Token Burn–Every time there is a transaction on the network a small portion of the fees in Cobalt (CBLT) Token will be allotted to be burnt therefor contributing to the deflationary model(See Fee Model)Complete Governance dictates that all fee & loan structures are meant to be adjusted to suite the community’s needs at any time called to by a vote — Yes the treasury will also conduct periodic buy backs of the Cobalt (CBLT) Token at the request of the community.
Q2. “STAKING” is one of the STRATEGIES to ATTRACT USERS and ACHIEVE MASS ADOPTION, Does your GREAT PROJECT have plan about Staking?
Ans — Our whole model is centered around staking within the community to earn rewards.
Q3. What is your strongest advantage that you think will make your team leading the market?
Ans — We will provide a free software suite to members of the community that will allow fro credit card processing and crypto processing all in one mobile dapp.
Q4. Community is the key to the success of projects, so besides organizing AMA, what strategy does Your project have to reach out and exploit new investors?
Ans — Amultiple pronged approach of aggressively campaining on every social media site along with Linked in — we are also running an EarnDrop the community can participate in and earn free Cobalt Tokens (preICO).
Q5. I am a newbie trader and just want to learn before I start investing, do you offer any educational courses that I can learn from?
Ans — Not as of now but this is a future integration planned for the user dashboard at cobaltlend.com.
Q6. Most projects have to go through certain difficulties and challenges, what difficulties do you face and how do you overcome them?
Ans — Trying to cooperate and work with other crypto companies — most are Zombie companies that no longer function — so we have to build their products to to bring them back on line — helping small businesses is what it is all about.
Q7. how do you attract investors to be interested in $CBLT ? because some investors only focus on short-term prices rather than long term?
Ans — Staking! along with “Software Suite” which is free and allows for credit card and crypto processing all in one mobile Dapp with no extra costly hardware to buy. This is software is free for community memebers.
Q8. Website says that the main customers target are Small business , but why? You don’t offer services to Medium and large business too? Maybe in the future?
Ans — Because small businesses make up on average of 80 percent of the worlds economy. Besides, don’t “Big Businesses” have enough?
Q9. Many investors hit and run in the sell and sell session after listing on the first exchange, How did Your project prevent early investors from selling their tokens and what benefits you would give them?
Ans — We control the distribution of our Tokens and have a very unique ICO structure where we hand pick investors who are reputable and will not “Dump on the market” please see our “Token Sale” page https://cobaltlend.com/token-sale/
Q10. On the subject of collateralization, do Cobalt have a different collateral ratio to some of the other competing projects?
Ans — Phases of Collateralized Loans 6Tier Loan Program for Borrowers1stTier: Over collateralized loans 150% for borrower High payout / reward of CBLT (X) Number as incentive to borrow2ndTier: Over collateralized loans 130% for borrower Medium to high payout / reward of CBLT (X) Number as incentive to borrow3rdTier: Collateralized loans115% for borrower Medium payout / reward of CBLT (X) Number as incentive to borrow5thTier: Collateralized loans 100% for borrower Low to medium payout / reward of CBLT (X) Number as incentive to borrow6thTier: UNDER collateralized loans 30–90% for borrower Low payout / reward of CBLT (X) Number as incentive to borrow This is the end goal of Cobalt along with redistributing profits amongst ecosystem.
Q11. What are the requirements that are needed to be eligible to have access to the cobaltlend loans? Also what is the maximum borrowing limits available?
Ans — Please see cobalt lending center https://cobaltlend.com/loan-center/
Q12. How important is the community to you? and how can we collaborate or help you for the development of the project? 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 — Tokenomics: Treasury will control42.5% of the total supply of Cobalt (CBLT) Tokens for expenses, loans, dividend payouts & investments Foundation will control 22.5% of the total supply of Cobalt (CBLT) Tokens for operating expenses Founders will control 10%of the total supply for expansion and future development5%of the total supply will be retained for a planned Airdrop / Earn-drop — (details on website at cobaltlend.com)20% Reserved for “Token Sale”The Planned token sale will be for 20% of the total supply of Cobalt (CBLT) Tokens (1 billion hard capped total supply-pre-mined) ~200 million CBLT Tokens to be sold Value at the time of writing 1 ETH = ~ 378.00USD / 1 CBLT = ~ .084 ETH to USD Allowing a token raise of a MAX.of 44,444.44 ETH or MIN.of 13,333.33 ETH Token sale will last for 30 days unless otherwise specified through official channels (Cobaltlend.com) A complete list of requirements and regulations pertaining to “Token Sale”can be found at Cobaltlend.com. All buyers must be prequalified through the Cobaltlend.com website prior to being authorized to participate in the “Token Sale”no exceptions. No “Blacklisted”Coins / Tokens or addresses will be accepted in any way. No malicious or criminal activity will be allowed to participate in any manner or aspect of the “Token Sale”.The Funds raised will then be allocated to the Treasury –75%Foundation –22.5%Founders –2.5%How funds will be spent, and the pool of funds they will be allocated from The Treasury will use its funds for loans and future development(Both its reserves of Cobalt (CBLT) Tokens and funds raised from “Token Sale”)The Foundation will use its funds for:-Overall blockchain development and security (preventive and ongoing maintenance) -Wallet & EPNS implementation within the ecosystem(Voting Standard)-DEX integration / developing& maintaining of voting and trading platform-Security & Upgrades for the entire ecosystem-Marketing & Social Media development build out The Founders will use its funds for:-Research & development-investments in projects that provide synergy for future development Token Burn–Every time there is a transaction on the network a small portion of the fees in Cobalt (CBLT) Token will be allotted to be burnt therefor contributing to the deflationary model(See Fee Model)Complete Governance dictates that all fee & loan structures are meant to be adjusted to suite the community’s needs at any time called to by a vote.
Q13. What is your strongest advantage that you think will make your team leading the market?
Ans — Staking / Earning rewards from approved voted loans by the community members (See white paper) and free software suite for crypto and credit card processing all in one free mobile Dapp.