Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with Plethori, on May 1st at 1.00 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 Callum Mitchell-Clark, CCO of Plethori & Ryan Matovu CEO of Plethori. 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 Plethori to our community in layman’s term?
Ans — Plethori is cryptocurrency’s first ever cross-chain ETF creation and trading platform. For those who aren’t familiar with ETFs - this stands for Exchange-traded funds. i.e. grouped assets sold as a package and we are building on Ethereum and Polkadot.
Q2. What are the advantages of Plethori to other alternatives in the Blockchain field?
Ans — To be perfectly honest, at the present time there are no real viable competitors building an ecosystem on the same scale as Plethori. Several ETF projects exist but they offer a very limited range of products in comparison. I can share with your community our competitor sheet for reference.
In general, Plethori offers a host of benefits to users in comparison to other investment vehicles in the crypto space - all of the same benefits that investors in traditional finance experience when they invest in ETFS - low fees, instant diversification, tax reliefs, etc.
The reason a crypto based ETF has the potential to be so successful is that the crypto world is so heavily influenced by trends.
Plethori’s ETFs will present investors with the opportunity to invest in an entire sector or trend. No other project provides a similar opportunity at this point in time.
Q3. What are the major milestones Plethori achieved so far & what are in the future pipeline?
Ans — Let me first share our roadmap with your community and then I can discuss it further.
Currently we are on track with our roadmap
All Q1 roadmap goals were successfully achieved.
And there have been no delays with our developments to also achieve all of the Q2 goals on time.
Questions Asked on Twitter For Plethori Team!
Q1. I would like to know if you've completed any security audits? Perhaps by third-parties? We've seen dozens of hacks, exploits and stuff like that this year, What measures have been taken to protect Plethori community from it?
Ans — The answer is yes.
We have already received a full security audit report for our $PLE token smart contract. This was carried out by leading cybersecurity firm, Solidity Finance. We have now also sent in our Staking contract for audit so will be able to offer that to the community swiftly following our launch this Monday.
Security of the Plethori ecosystem is of the utmost importance to us. This will not be compromised. Please have a read through our Medium article detailing our token’s audit. The article also contains a link to the audit report itself: https://medium.com/plethori/plethori-token-contract-passes-solidity-audit-with-flying-colours-c84b47e8bbd7
In addition to auditing our smart contracts, we have contracted a free-lance cybersecurity expert to ensure that all contracts are designed in accordance with security parameters that he has set out prior to development. This freelancer is well-renowned and has been named as one of the top 100 white hackers in the world. Plethori’s security is in very very good hands.
Q2. Plethori will create an Interoperability for seamless trading between Ethereum and Polkadot ecosystems. However, how will you solve the current problems of the Ethereum network? Also, what are the benefits of the bridge you will create for Polkadot users?
Ans — It’s no secret that the recent surge in network fees has been putting investors at a real disadvantage. Far too much available capital is being wasted on high network fees rather than being actively invested.
Plethori plans to solve this issue by utilising Eth layer 2 solution - Optimism (https://optimism.io/). Optimism provides all of the security and scalability of Eth mainnet, but at a fraction of the cost and also much much more rapidly.
Polkadot serves as a base layer for all blockchains to interoperate and communicate. Building a cross-chain ETF investment vehicle could not be done on the sort of scale which Plethori will deliver without utilizing the Polkadot Newtork.
Please take a look at our comprehensive Medium article detailing all the benefits of using the Polkadot Network and how it will benefit Plethori. https://medium.com/plethori/plethori-explains-why-polkadot-a3515905a8e9
Q3. It came to me as a shock when I discovered that Plethori had Postponed it IDO Dual-Launch By Two Weeks. Could you tell us the reason for this? Was the decision made in the best interest of the project or due to other reasons best known to you?
Ans — The decision to delay the IDO was not one taken lightly.
The reason for the postponement was that we experienced delays with our pre-launch marketing arrangements which were crucial to ensuring a well-publicised and successful launch.
We wanted to make sure that the larger community crypto were not put at a disadvantage by not being fully aware and up to date on the developments of Plethori prior to launch. The decision was made with our community of investors’ best interests in mind.
Q4. I could see that Plethori had made a good deal of partnership with reputable names in the industry, the likes of Dextools, Cyberfi, Polkafoundry, etc. Could you tell us the criteria you adopt in selecting projects you partner with? Do you consider each partnership carefully prior to engaging to ensure it will be beneficial to your ecosystem?
Ans — We have a high standard for the partnerships we take on and ensure that every project we work with both adds value to our ecosystem and gives us the opportunity to showcase the technology we are building. For example, our Dextools partnership will provide support in the data and portfolio management of our platform and our Kylin partnership will provide valuable data feeds on Polkadot with future potential for data monetisation.
We work actively with the projects we partner with a focus on the technical developments of our platforms and look forward to the interesting article and video content coming in the future to show what has resulted from all our collaborations!
Q5. Plethori chose Polkadot to offer your decentralized cryptocurrency ETF platform? So, what are the features that make Polkadot stronger compared to alternative networks such as BSC, Matic, Tron?
Ans — Polkadot is a special purpose blockchain built from the ground up with decentralization, scalability and security in mind. This differs from other earlier blockchains who suffer from the tradeoffs associated with their technology in offering low fees with a high level of centralization.
We are building on Polkadot as it will allow for almost limitless scalability and low fees which are important for any trading platform. Our focus for our ETF trading and creation platform is usability and we will be able to achieve this all while remaining completely decentralized.
Questions Asked by our BlockTalks Community Members during live Session to Plethori Team!!
Q1. Is there an update to the Plethori version of the V2 Platform compared to the V1 platform? What elegant features does it add to it? and what makes it superior? And is it easier for the community to understand especially new users?
Ans — Our V2 platform maintains all the ETF trading features of V1 but adds on our ETF creation protocol allowing you, the user, to put down collateral and create you’re own custom made ETFs.
Q2. You point out that in Q4 you will develop Legal License Applications, but could you really give us more details about those "legal licenses"? What will they have and is it really a necessary application in DeFi?
Ans — These licences are crucial in our expansion into the traditional finance space allowing us to offer our ETFs on public platforms to anyone but also to larger institutional investors. We are creating the framework to enable this to all happen.
Q3. We have witnessed that many projects initiated with inexperienced team members fail due to easily preventable and simple mistakes. Are the experience and career of your team enough to avoid simple mistakes? What are the data that will make us trust your team? And what is the strategy used by you project to attract new users and investors and keep them in the long term?
Ans — We have a very diverse combined knowledge and skill base between the Plethori team members and advisors. Please take a look at the team section of our website: https://plethori.com
We have very experienced business managers, strategists, financiers, security experts and incredibly skilled and experienced developers. The team was very carefully constructed, making sure all bases were covered. We have also discussed and carried out extensive research into the successes and failures of other projects to ensure that we never fall into the same traps.
In addition to all of the above we also have an excellent legal team of crypto lawyers ensuring that everything is carried out to the letter of the law.
Q4. In Plethori, we can earn a percentage of the transaction fees for every trade on the platform. So can you tell us how much the specific percentage of fees we can earn? How does earnings being distributed to users or traders of Plethori?
Ans — The earning system in the Plethori Ecosystem will begin with our V2 Platform. This platform provides for the creation and trading of user-made ETFs. Whenever another investor buys or sells an ETF, the creator of that ETF will receive a percentage of the transaction fees.
Exact perecentage will be announced before release of the platform. But it will be a great opportunity to earn a passive income. The better the fund manager is, the more likely others are to invest in their ETF. It provides the element of gamification within the platform, and leaderboards will be used to display the top managers!
Q5. How will Plethori build a thriving community that truly cares about and supports the project for a long time, rather than just gaining temporary benefits?Tell us about your plans for 2021, what are you currently working on, and are you going to expand the list of big exchanges?
Ans — We value community over everything as that is the lifeblood of any project and we are working hard with all our events and content to involve our community in our journey.
We definitely have plans for exchange listings in the coming weeks and will only focus on top tier exchanges and nothing less to ensure the best trading experience for our users.
Q6. English is a popular language.. How does PIethori plan to spread awareness of its project in different countries where English is not good? Does PIethori have a local community for them to better understand your project?
Ans — We have already added a Chinese community and are in the process of setting up a Spanish community, a Japanese community, a German community and a Vietnamese community. Plethori is going global and will be accessible in all countries and languages as we continue to grow.
Here are some important links of Plethori 👇
🌎 Website: plethori.com
📱 Twitter: twitter.com/plethori
📢 Telegram: t.me/plethori
📚 Medium: Medium.com/plethori