Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with Coreto, on 7th October, at 2PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Vlad Faraon, Co-Founder & CBO & Andrei Balaianu, Head Dev at Coreto. 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.
Vlad Faraon — I spent my last 15 years in the corporate world, working for different multinational companies as a business developer and growth strategies specialist, while Iustina, our CEO, ran for the last 8 years her own digital marketing agency. It was one of the first agencies in Romania that promoted and delivered successful campaigns for local companies on social media.
Andrei Balaianu — I am Andrei, I am a full time web developer and architect for over 8 years now.
I’ve worked my way up to Head of Development positions in two companies before also taking this challenge at Coreto, all the while building custom platforms, from small CSM platforms in the first years, to large scale CRM/ERP platforms, both consumer and enterprise oriented.
Introduction Questions Asked By BlockTalks
Q1. Could you please introduce Coreto to our community in layman’s term?
Ans — Sure, Coreto’s main purpose is to offer a trust layer between various transactions and individuals. By allowing people to trust others they have dealt with and giving each user a specific weight based on various parameters like trust and reputation, we are able to offer a way for people to know whoum to trust and for what purpose. We will start by appliing this trust layer to crypto first, but as time passes we want to expand this beyond crypto.
We did start everything with the community in mind. And also because of our own mistakes that we’ve made in the past, trusting someone just because they had a big follower base or just because they had a great youtube channel….
This is going to change soon :)
Q2. What are the advantages of Coreto to the other alternatives in the Blockchain field?
Ans — At this point, there are a few platforms that reward quality content… Let’s think about Steemit, for instance.
It’s a platform aimed specifically at content creators and nothing else. Additionally, it is thought of in a way where people get rewarded for the quality of their content.
It’s a great idea and it works well, but it’s limited in what it can achieve and this has become more apparent in recent times. What we set out to do is offer a layer that can be applied on top of every platform, whether for traders, content creators, businesses or anything else. Crypto is merely our starting point because you have to start somewhere.
Tradingview is also an amazing platform, used by a lot of traders both in crypto and in stocks. We’re taking the “ideas posting” from Tradingview and implement it in Coreto so that that particular trader can also have a tracked record of on the real outcome of those ideas.
Q3. What are the major milestones Coreto achieved so far & what are in the future pipeline?
Ans — Up until now we managed to find the right partners and team members that will help and support us in developing the Coreto.io platform. We have also managed to bring on board a very important team member that will help us with the internal user retention campaigns and different gamification mechanisms. Her years of experience in EA Games and King will bring a huge + to Coreto.
We’ve also recently closed our public sale, raising close to $300,000, out of which $50,000 were locked in the Uniswap liquidity pool.
We’re now on the last mile with the Ferrum Network team to launch our Staking program which we hope to do in the next couple of weeks.
And the main next milestone is the alpha release in Q12021 but until then we’ll make sure to keep everyone up to date with the progress, along with setting up new partnerships that will strengthen our position and win the trust of our community.
Questions Asked on Twitter For Coreto Team!
Q1. I saw on your Twitter that Coreto has a collaboration with the Ferrum Network, Can you explain to us about this collaboration? What advantages does Coreto get from this collaboration especially in its DeFi development?
Ans —We partnered up with Ferrum Network because they are already well established in the crypto space and their products are stable and have a strong use case within this industry.
With their support, we’re launching our Staking Program before the official launch of Coreto (which is scheduled for Q12021).
Just after this AMA, we will announce the Staking Rewards Program and hopefully in less than 2 weeks we’ll open the Pools for our holders. The demand for this feature is high, so I encourage all of you to start accumulating COR. :)
Apart from the Staking program, with the support of Ferrum we’ll also implement:
1. The option to send crypto to anyone over any medium (Telegram, What’s App, Twitter, FB, email, etc)
2. You will be able to send crypto to hundreds of people at once with a single link — it will be useful for influencer’s giveaways or our own internal campaigns
3. A much needed risk free OTC trades powered by smart contract. Coreto will be able to act as an escrow for this type of transactions.
Q2. The core idea of the crypto ecosystem is the love of trustless systems (don’t trust, verify). Coreto rescues the value of TRUST, can you tell us what the idea is about?
Ans — The internet is an open space where anyone can say anything about everything or anyone. Which is good. That is what free speech is all about, right?
But what happens when these ideas or opinions can influence another person into taking a particular action? Especially in crypto. In this space anyone can call himself an expert trader, or an ICO reviewer. They post all sorts of trading ideas and recommendations. If they get it right, they praise themselves, if they get wrong, most of the times they end up deleting those tweets or posts…
We’re adding a layer of trust to these interactions in which those community members that post predictions or trades can back their claims with COR, adding skin in the game. And of course, they are stored immutably on the blockchain 😊
Another feature that we will add and work hard on, is the rumors validators. It will help us fight fake news. If they are validated by enough users with a higher rank, it will boost that rumor to become a validated news.
We’ll elaborate on this even more in future blog posts.
Q3. Where did you get the inspiration for this unique project idea of reputation based social platform? what influence will you have on the crypto industry due to the project?
Ans — Exactly from the bad experience I personally had in the past.
We’ve been in crypto for a while and as most of you, we’ve had some unpleasant experiences due to the lack of a way to verify people so that’s how it started.
But if you extrapolate it, this is a global problem that’s not limited only to crypto, although to some extent crypto does come as a response to it. So our plan is for Coreto to be a trust layer that can be integrated over all platforms and thus give people a way to trust someone without knowing any personal data about them.
A face and a name is not what you must trust, at least in our opinion, rather you can trust the previous experiences and endorsements of that individual.
Our vision is for Coreto to be a flagship in building and promoting trust. Both in the crypto space and outside of it.
Q4. Could you explain Stacking of Opinion Pool (SOOP) term of Coreto project? Also, what’s the advantages of Stacking of Opinion Pool (SOOP)?
Ans — Imagine you are an experienced trader, and you want to gain the trust of your community. You can create a Stacking of Opinion Pool (SOOP) and add your prediction for a certain coin evolution, for example. You will back your claim with COR, so everyone will know that you put your money where your mouth is.
Other traders can contest or add their own prediction for the same coin evolution, adding to the pool.Also, users can back the prediction they believe in and also contribute to the pool in this way.
If your prediction is the closest to the real evolution of that coin, you and your backers will win the pool rewards, along with your trust and reputation rising.
This is also one of our monetization channels, as we will hold a commission.
Q5. Trust and Security are the most important things in cryptocurrency. Why do we feel safe with CORETOIO ? The recently released Defi dForce protocol has been hacked for 25 million dollars. Do you have any tips to avoid these situations in the future?
Ans — We take security very seriously, so we will have regular audits from experts in the fields, and also organize bug bounty programs in the future.
Security is not a one-off feature, it’s a continuous process that will be tightly integrated with every new feature we release while growing the platform, and also in-between.
Also, while the community grows, so will the quality and volume of expert advice from the best of our content creators and it will become more and more useful for all our users. Remember our motto: Learn. Earn. Repeat :)
Questions Asked by our BlockTalks Community Members during live Session to Coreto Team!!
Q1. Why the name Coreto? Does the name have anything to do with the aim/objectives of the project? And how does Coreto prepare for the rising of DeFi?
Ans — Iustina, our CEO build the naming and branding of Coreto comes from COmmunity REward TOken 😊
It also means “band stand” in Portuguese. If you extrapolate, the content creators/influencers/traders/pool owners are the “musicians” and we, we users and investors, are the audience.
You have to perform in order to keep your place on the stage, right?
Q2. With CORETO, will it be possible to obtain the best market predictions for the different projects? Or will they simply train users so that each one can develop their own predictions?
Ans — The platform is a gateway for everyone to gain financial literacy from the most trusted content creators.
Providing access to quality contend, verified information, trustworthy content creators and providing the tools needed to access the best of crowd wisdom and experience.
Q3. Coreto metamorphosis is a laudable one, how have you been able to survive this longest bear market and continue building and developing cos many projects have died out in this time period
Ans — This bearmarket did leave its mark on us, yes. But fortunately, we were able to obtain a pre-seed investment from a private investor in 2019 (equity only) that helped us keep afloat.
Q4. is CORETO “Your influence Blockchain with social impact “? What impact does this project really have on society? Or do they just mention it because it is governed by the community?
Ans — Coreto will also be partly community governed, in the way that token holders will be able to vote on and propose future features and developments in order to make it a better and more useful tool in your journey as an investor.
The “social impact” is aimed towards the fact that having an official account on Coreto, it will give you by default a certain trust in your actions and claims. As said before, on the long term, we aim to move out of the crypto space and add our layer on top of other P2P platforms.
Q5. A good project always has competition and duplication of ideas. What does Coretoio think about this issue? What is the long-term vision of Coretoio in the blockchain market to keep up with the trends with technology, community and related issues?
Ans — Never be afraid of having competition!
As long as competitors will arise, this will further validate the concept behind Coreto and give us new wind in pushing forward, knowing that we are on the right track.
Our vision is one that goes very far into the future, and we are confident in the features that we provide and the project we are building.
Q6. What will be CORETO’s next steps towards achieving mass adoption? What Blockchain use cases are currently working on and which use cases do you think will be the most successful in driving blockchain technology adoption?
Ans — I don’t want to say that Coreto will necessarily help the mass-adoption of blockchain, but we will rely on a very simple and intuitive UX&UI so that even the most unexperienced can find their way through our content.
And of course, in time, when let’s say you are on Fiverr looking for your next freelancer to hire, searching through his past gigs reviews, seeing a few extra pin’s in this profile that are taking you to Coreto.io… that will help the people to see how the immutability features of blockchain can really help.
Q7. Which area are you focusing on at the moment? (DeFi, Stake,Dapps..) and what is your goals in this year?
Ans — We are now in the last steps of launching our Staking Program with Ferrum Network. This will become available in the next 2 weeks and it will help investors to have utility for the COR token untill the launch of our platform.
Next on the roadmap is the Alpha version of the platform, and we are aiming for it to be ready by Q1 2021.
Q8. What is your plan for global expansion? At present, which market does Coreto focus on, or is it focused on building and growing to gain customers, users and partners?
Ans — At first, we’ll focus on the crypto industry, as this is the one that we believe needs the most attention. But the plan is to extent outside of crypto, of course, and tackle global problems like fake news, for example. We actually had some discussions on this matter with several journalists encouraging us to treat this matter with great importance.
Q9. Can anyone really become a CORETO influencers? Where can I get the latest news to start publishing and promoting it? to become one of them.
Ans — This is a really good question!
On Coreto, everyone starts from 0! That means that you post content, you open SOOPs, you participate in other SOOPs, you interact with rumor staks and so on…. As you reach a certain rank (a combination of Trust and Past Performance) then you will be able to upgrade to “Influencer” status. It is then when you will be able to start monetizing on your knowledge: create subscription based content, organize 1on1 auctions for your time, get notifications from us regarding new project listings that need to be assessed and evaluated.. and so on…
The features and benefits of every “player” involved in the crypto space will be detailed in our future blogs :)