03 Sep 202005:08
Plutos Network AMA Recap
Myko (CryptoDiffer)Hello, everyone!😁
We are glad to meet here:
Juan Capilla, CEO of Plutos Network
Juan CapillaHey, guys!
So happy to be here!
Myko (CryptoDiffer)Welcome Juan, thank you for taking your time today!
Juan CapillaThis is Juan Capilla, CEO of Plutos Network
Myko (CryptoDiffer)Super, than let's start?
Myko (CryptoDiffer)Okie! Let's start with the introduction
Q1: Can you introduce yourself to our community?
This is Juan, from Madrid Spain.
I'm a graduate of Economic and Business Sciences from the Complutense University of Madrid. I’m a serial entrepreneur in both traditional financial industry and cryptocurrencies. I also run the largest crypto mining company in Northern Spain.
I run my own head office as a full-time swing trader dealing with cryptos, financial and derivative products including stocks, options etc. Besides trading financial products and cryptos, I’m also an Advisor to several companies listed on the Alternative Stock Market (MAB of Spain).
Can connect us here: https://www.linkedin.com/company/plutos-network/
Myko (CryptoDiffer)Woah! That's a mighty background!
Juan CapillaThank you!
Myko (CryptoDiffer)now let's lokk closer at the project
Q2: Can you introduce Plutos to us?
Juan CapillaHappy to
In short, Plutos Network is a multi-chain synthetic issuance & derivative trading platform which introduces mining incentives and Staking rewards to users. By integrating Blockchains such as Polkadot, BSC and Solana, enabling on-chain and cross-chain liquidity and trading, Plutos Network is to offer users synthetic issuance and trading services for a wide range of synthetic products. We have three products: Plutos Staking, Plutos Pool and Plutos Market, each playing keynote functionalities in the whole system.
Can visit our website for more info: www.plutos.network
Myko (CryptoDiffer)Well! Thank you for an answer!
Now let's talk about the previous and future goals!
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?
Let me share some latest milestones: 1, we have completed chain-bridge and sub-parachain modules enabling us to communicate to Polkadot para-chains and migration with chains like Solana and BSC; 2, we will be launching our Staking product today and also hold an "Faucet Airdrop" event; 3, we finalized our token IDO, which is a dual one on Ignition and TrustPad. Welcome all members to join our whitelisting. About future deliveries: 1, we will be launching main-net product by July; 2, After the launch, when we do some improvements, we will start migration to Solana for better scalability; 3, We will also be focusing on business development and user acquisition to build a stronger ecosystem for long-term growth.
Cryptodiffer CommunityIf I'm right, your main-net product launch is expected to be around the end of July, could you tell us some of the steps you are currently taking to help ensure its a success? What effort are you making in ensuring you deliver a perfectly polished product that is user friendly?
Juan CapillaGreat one! You can check this UI design of our main product set to be launched in July. So, bascially we are doing our development 24/7 to make this delivery happy as planned.
As for the current development work we are doing to ensure that we have a super solid product:
1, we will be working with top oracles like Chainlink, Umbrella and Razor Network to ensure that we have the best-in-industry price feeds which can definitely help with the trading experience and profitability; 2, we are working on Solana-based development including migration etc; 3, we will be introducing Bug Bounty and User Testing Event to welcome users to run the product and help us make improvements with their good suggestions.
Cryptodiffer CommunitySecurity should be one of the major concern for a trading platform like yours if it wants to continue to exist for long-term. Can you tell us to what extent Plutus Network prioritize security? What measures are in place to help make the network safe and secure?
Juan CapillaYes, definitely security is No.1 priority for a platform like Plutos. Let me share some measures that we will be applying: 1, We will employ top third-party auditors to go through our smart contracts and codes, and make sure that we are tight in security; 2, We will be building a pool using the transaction fees and commission of the platform to act as a back-up vault, in case of such losses, compensations can be made by using the capital here; 3, We will be working with DeFi insurance protocols to offer easy-to-access insurance for users. So in case of such incidents, users can also be compensated from third party insurance providers.
I want to ask!!!!!
What are your views on the future of cryptocurrencies?
What can we do to continue to increase adoption?
Juan CapillaWell, I like this one! From the point view as a veteran trader of both financial products and cryptos, I would say: 1, DeFi will be put into mass adoption when it evolves and develops. More and more traditional insititutions will embrace and apply DeFi technologies; 2, I do believe that DeFi synthetic market will be having a time of exponential growth. DeFi world is very much occupied by lending protocols of which the TVL has reached 34.44Billion USD while that number of derivatives is still very small, compared to the traditional financial market. So we see huge potential of exponential growth in crypto derivatives. As for what can we do to increase adoption is that we will put most of our efforts in building solid product to make DeFi services more accessible for more users to use. That's the mission Plutos Network was built in the first place.
Cryptodiffer CommunitySTAKING is great STRATEGY for attracting users to invest long term
Are you in support of STAKING. ??
Juan CapillaYes, we do. Actually we will be launching our Staking product later today. You can join us in Telegram t.me/plutosnetwork for updates. We will be holding a "Faucet Airdrop" to celebrate the launch, which will be huge. Basically Staking is a keynote component of the product, as it creates liquidity to support the trading and introduces incentives to users when they provide liquidity on Plutos Network.
Cryptodiffer Community$PLUT is the native utility token in the Plutos Network. What are the major use cases of $PLUT? What can users of the Plutos Network do with the $PLUT token on the ecosystem and how will the $PLUT tokens be of benefit to users?
Juan CapillaThere are three major use cases of $PLUT: Commission, Reward and DAO Governance. PLUT is the native utility token in Plutos Network, which is used to pay for the transaction fees and synthetic issuance services and also for the deposits of any on-chain applications. Besides, the PLUT holders will be able to vote on proposals from the community and even decide how the ecosystem fund will be used in Plutos Network.
Our plans for the continuous value-adding to $PLUT include:
1. We will be introducing a deflationary mechanism that we will buy back and burn PLUT tokens using the revenue of the platform;
2. We will keep making efforts in business development and user acquisition by working with partners and local communities. With more users joining us, we will be witnessing continuous business growth.
3. We will be doing continuous upgrading and improvement of the product for better usage.
Plutos Network is active on BSC, Solana and Polkadot. Do Plutos Network also plan to expend on Ethereum and Matic?
Juan CapillaWe do not limit ourselves to the current multi-chain structure. Taking Elrond as an examples, after we have technical briefings and discussions, we decide to start work with Elrond team and introduce DeFi synthetics into the Elrond ecosystem. Currently we will launch on BSC first and will focus more on Solana-based development. In the future, we will build Plutos Network into a multi-chain DeFi synthetic hub, which will integrate with more leading chains including Polygon, Cardano etc. And, we will be closing watching the progress of ETH2.0, if it offers better scalability solutions, our team is capable of enabling EVM in a short period of time.
Cryptodiffer CommunityRight now the world is experiencing a global crisis due to Covid-19 and several projects have declined. Is this gonna bring impact to your bussiness? If so, how could team manage your projects to stay in top?
Juan CapillaYeah. We do feel sorry for the great pain caused by Covid worldwide. But actually it's Covid that pushed us harder to to make Plutos Network a reality. Our CTO Leon and I had this idea of starting a project as a solution to the lack of platforms which can introduce the high-quality real-world assets into the crypto space. When Covid came, we basically can't travel a lot. So we got more free time to start our work on the project. We found a super good developer team in Amsterdam, and we onboarded Advisors like Lester Lim and Project Lead Charlie Chen to help us build the project. So I would see that Covid brought us the opportunity of making Plutos happen. Well, basically our 3 developer teams are very distributed. One is in Amsterdam, one is in Shanghai and one is in Malaysia. So we can actually work 24/7 to build our product.
Cryptodiffer CommunityDo you have local communities for them to let them better understand about your project?
Juan CapillaYes, we do. We have backers and partner communities in key markets including China, Korea, Vietnam and of course English speaking markets as well. We will be doing a lot in local community building through our collaborations with the partners and marketing operations, which will be a key for us in expanding our user base.
Cryptodiffer CommunityDoes Plutos currently have an airdrop or bounty event ? And where can I get more information about this project ?
Juan CapillaYes, as I said before, we will be holding a "Faucet Airdrop" event when we launch our Staking product. You can follow us on Twitter: https://twitter.com/PlutosNetwork and join us in Telegram t.me/plutosnetwork
Cryptodiffer CommunityApplying NFT into synthetics isn't as easy as it seems, so has Plutus Network done its home work well before embarking on this? Have you actually come up with ways in which NFT could be combined into synthetics or you still exploring?
Juan CapillaActually team and I did our research and studies on how can we apply NFT into synthetics. We found out that the mechanism of NFT by applying ERC721 standard to make each token unique and special through tokenization has similar ideology as synthetics. With the growing of DeFi and NFT, more real-world assets can be tokenized and minted to issue synthetic assets. When it comes to Plutos, yes, we will be first exploring a way of combining NFT into synthetics, probably starting with our protocol similar to ERC721 in the future. But definitely we will be doing a lot in NFT as we stronger share the same idea that NFT will bring more new values and innovations to real-world and vice versa.
Cryptodiffer CommunityToken burn is beneficial for any project, in being able to control the number of token circulation and to provide greater incentives to investors. Does your great project have a plan about token burn?
Juan CapillaYes, we do. We will be using part of the commisson fees to buy back and burn tokens. The reason for this that we will be able to ensures that the company can generate more demands for tokens in the market, and reduce supply at the same time.
Guys, thank you so much for so many good questions!
Please stay with us and follow us.
BTW, we are having our IDO going on Ignition. Welcome all to participate in the whitelisting!
Please find more info here:
Myko (CryptoDiffer)Thank you, Juan!
Juan CapillaSo great to be here
Myko (CryptoDiffer)It was a pleasure for us to host the AMA!
Chat is unmuted!