- Recap: Plethori x Satoshi Club AMA 31st March 2021
On the 31st of March 2021, Plethori CEO, Ryan Matovu, joined cryptocurrency community, Satoshi Club, in their official Telegram channel for Plethori’s very first AMA. Here are some of the highlights:
Explaining to Satoshi Club’s community precisely what Plethori is building, Ryan commented:
“Plethori is an investment platform for the trading and creation of decentralized ETFs(exchange-traded funds) built on Polkadot.”
Ryan was asked about the story behind Plethori — how it came to be and what brought the team together to create it. He responded:
“[…]we realised that the crypto space was driven by trends[…]
We saw that there were many solutions and protocols to invest in individual projects but none for investing in overall trends[…]This is how Plethori was born. We are building the solution to this. Our ETFs made up of portfolios of various tokens and assets will allow users to invest in entire trends, industries and sectors in the crypto space at the click of a button on our exchange”
In response to a question regarding platform fees, and whether or not fees would present an issue for small-time traders, Ryan explained:
“Not at all, this is one of the benefits of our platform in that you can invest in, for example, an NFT ETF made up of a portfolio of key, well-performing, projects in the NFT space in one single transaction as opposed to buying each individual asset[…] But the most innovative fee saving mechanism is our integration with the soon to release Optimism layer 2 solution.”
“[…]With Polkadot offering almost almost limitless scalability among other features, we are looking at fractions of a cent for transactions in the end.
Optimism on Eth should offer similar reductions in transaction costs!”
One of the most important attributes of any token is its use-case. Satoshi Club’s community enquired as to the utility that Plethori’s token PLE would have.
“The main benefits to holders is in the utility of our token giving access to the platforms features but also acting as a governance token for Plethori. Holders and those who engage with our platform will hold power in the decision making processes that drive the development of Plethori as a whole[.]”
When asked how Plethori plan to facilitate its cross-chain compatibility, Ryan answered:
“We are already working alongside Moonbeam to facilitate this in a smooth manner. Their EVM comparability and our substrate solutions we are building will allow for easy movement of investment back and forth between both ecosystems.”
Cross-chain operability is clearly one of Plethori’s most important features. Launching on both Polkadot AND Ethereum Layer 2 Solution — Optimism. Most cryptonauts have by now heard of Polkadot. But what of the lesser-known of the two, Optimism? Ryan explains:
“Optimism is a layer 2 solution for the Ethereum blockchain that will be releasing soon. It is the solution that uniswap V3 is building on[…]
Essentially how it works is that it acts as a side chain for Ethereum by processing all the computations for transactions. The big benefit over other solutions is that the data remains on the Ethereum mainnet but it is only the computation/hard work that is transferred over to the Optimism chain. Once the computation is complete, the final value is returned to the Eth mainnet to complete the transaction.
We are working on articles to break down this advanced tech in terms of how the OVM and optimistic rollups work into a more simple palatable form for everyone to be able to understand this.”
“[…]we are convinced Optimism will be the driving layer 2 solution with them already being integrated into the upcoming Uniswap V3!
Not only this but their solution has a key advantage over others by maintaining the security of the Ethereum mainet[.]”
So, where does the cross-chain endeavour end? Are Plethori looking to expand to every blockchain?
We are very selective of any technology we integrate so it’s not just a case of us expanding to as many blockchains as we can but more so observing the landscape in crypto and carefully selecting ecosystems to explore. If Cosmos meets our standard then it’s a possibility but there are many out there doing amazing things. We have a long term vision for this project beyond the roadmap[.]
Security of user funds is of the utmost importance. One community member asked Ryan how Plethori plans to avoid including in their ETFs projects who could potentially “rug pull”. He responds:
“Yes, there are strong mechanisms in place to prevent this with there being restrictions to the projects that can be added ranging from the liquidity that is locked to the codebase that is available publicly and many other factors that will be included to prevent malicious projects being added to created ETFs. We are ahead on this front!”
Another Satoshi Club member put the following question to Ryan: “A FIAT gateway for a decentralized and unregulated ETF system is now daring, congratulations on that, but could you explain how you plan to add this feature? credit cards for example?”
“Great question, very perceptive of you to be considering the legal ramifications of a project like ours.
We are already working with lawyers and are putting together a legal structure that will allow us to remain fully compliant whilst providing all the amazing features we are building to you.
Users will be able to easily pay using credit/debit card, PayPal and many other forms from fiat directly to ETH and our PLE token.”
The Satoshi Club Official Telegram Channel comprises in excess of 50,000 members. They are one of the leading AMA hosts within the crypto sphere and their large community are not merely numbers, they’re an actively engaged community, as can be seen from the number that were involved in asking questions and taking part in the Quiz. This is also evidenced by the large influx of new members Plethori’s Telegram community experienced following the AMA. If you would like to read the AMA in full, the link below will take you back to the start of the AMA in Satoshi Club’s Telegram group:
Hello everyone, it's a pleasure to be here!
- Date of publication:
- Thu, 04/08/2021 - 12:48
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