Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with Zoom Protocol, on September 14th at 2 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 Mr. Zoom from the Zoom team. 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.
Mr. Zoom: Hi everyone, I am Matt from the Zoom team. Mr. Zoom is not one person, we are a group of experienced engineers and product managers in blockchain/internet industry. I am happy to be here as the representative of the Zoom team.
Introduction Questions Asked By BlockTalks
Q1. Could you please introduce Zoom Protocol to our community in layman’s term?
Ans — Zoom protocol is a community-driven decentralized governance protocol. We also built some swap/auction features on it so people can start playing with it and participate with the governance options.
Q2. What are the advantages of Zoom Protocol to other alternatives in the Blockchain field?
Ans — I think Zoom is a unique project, we have 90% of the tokens for mining and with no early investors who holding a lot cheap tokens. Its a fresh and fair platform for everyone.
Q3. What are the major milestones Zoom Protocol achieved so far & what are in the future pipeline?
Ans — So we launched the product 2 weeks ago, now we have list of features available: fixed ratio swap, floating pools, Private pools, etc And we will start enable the mining part of Zoom, liquidity mining and governance board will be live pretty soon.
Questions Asked on Twitter For Zoom Protocol team!
Q1. Most projects these days just raise funds without having any product in place. But to my surprise, you guys took an alternative route to launch your product first which I must say his commendable and courageous. Could you tell us more about these products, the solutions they would offer, how easy are they to use and lots more?
Ans — Again Zoom is a community driven project, and we would like to listen and work with our community to make better product. The current swap/auction features are trying to provide more decentralized trading options for people, and we keep improving the product on a daily basis. Any feedback or suggestion is appreciated, please definitely let us know.
Q2. As we know, Staking & Mining today is very popular, many projects provide this service such as YFI, APY, YMPL, YFV, so what difference does Zoom Protocol bring to the Farming community? And what are the requirements?
Ans — We offer multi options for mining, users can stake their ZOM to the platform to earn more tokens and participate the governance system. We dont want people just mining for a quick profit, also be part of the community and governance system.
Q3. Your tokenmetrics says 5% of 1,000,000 maximum supply of ZOM token is set for Governance reserve. Will Zoom Protocol team be in control of the governance reserve token at any point in time or how will token spending from this pool be approved, will there be some kind of voting?
Ans — We will have the governance voting board launch soon and token spending from reserve will need approval, not the team.
Q4. What are the differences between Direct Swap Pools , Floating Swap Pool and Private OTC Pools? Which is the core product of ZP? One of the biggest challenges in OTC is the escrow fees as well as the trustworthiness of the deal included.
How will OTC Pools solve this problem?
Ans — Direct swap pools are like a P2P limited price trading on DEX, you set your price, quantity and time limit. In the floating pool, you only set time and quantity of tokens you willing to sell. People sending eth to pool during the preset time limit, and the price of the token will be calculated based on the token/eth ratio. For OTC pool actual is a feature of direct swap pool, you can choose your pool to be private, which means only whitelisted address can participate. In that case, code handles the trust problem and with a fairly low fee.
Q5. I understand that ZOOM seeks to develop a platform that can perform fixed and floating exchange, private OTC exchanges, NFT market and much more, but do you have a whitepaper where I can document more about this project? Where can I get it?
Ans — Actually the core of zoom is a decentralized governance protocol, we build other features on top of that. We rather keep the document in a more open way, we are using medium now. Once we have more info we will reorganize and share it.
Questions Asked by our BlockTalks Community Members during live Session for the Zoom Protocol team!
Q1. Can I create a pool of any kind of token? Is it only available for ERC-20 tokens? How do I create a pool? Is there a minimum amount of tokens to create it?
Ans — Right now only erc 20 token. For creating a pool you can find the guide in our medium. No minimum.
Q2. How can I contribute to your success as a community-driven project? Will I get any benefit from storing the token in ZOM in the long run?
Ans — There will be a lot of interesting features releasing in next few days. User can stake their ZOM tokens to the ZOOM platform and they will get same number of “votes”. With “Vote” in hand, user can share 20% of the daily mining reward with other holders. Also, when ZOOM starts charging tx fee, 90% of them will distributed to “vote” holders. And the story doesn’t stop there, vote holders will also get chance to participate in some project’s excusive sale, maybe even some preset allocations calculated based on the % of votes.
Q3. What are the main use cases for ZOM tokens on the ZoomProtocol platform? Which of all the use cases is the most important from your point of view for DEFI adoption?
Ans — I think the main use cases is governance, by doing that we make the platform a better place together. In my point of view, Defi should create some true value and make the product easier to use, printing money on top of money is not the case.
Q4. I have participated in and experienced many staking systems, so what is the difference between your staking system and other outstanding projects?
Ans — We are focusing on community, so other than earning more tokens like everyone else offered. At Zoom you can participate governance board, get a share of daily tx fee, mining more ZOM, using the staking as ticket of exclusive sales or even get some preset allocations.
Q5. Are you currently planning on implementing any new use cases for ZOOM , in order to even further increase the utility of the token?
Ans — Yes, we have exclusive sale pools and nft flea markets in pipeline already, and will add more.