28 Oct 202104:22
AMA
Thorwallet AMA Recap

Thorwallet AMA Recap

Myko (CryptoDiffer)Myko (CryptoDiffer)

Hello, everyone!😁

We are glad to meet here:

Marcel Harmann, Founder & CEO

Marcel HarmannMarcel Harmann

Pleasure to be here and meet you !

Myko (CryptoDiffer)Myko (CryptoDiffer)

Welcome Marcel, thank you for taking your time today!

Marcel HarmannMarcel Harmann

thanks for having me

Myko (CryptoDiffer)Myko (CryptoDiffer)

great)
let's start with some introductory questions
Q1: Can you introduce yourself to our community?

Marcel HarmannMarcel Harmann

absolutly
My name is Marcel and Im the founder and CEO of THORWallet.
Im a seasoned entrepreneur with a background in Banking and Finance from the University of Zurich. I also starteda PhD in IT.
Im currently also a course director at the University of Applied Sciences Lucerne for Blockchain and Crypto Finance.
Those are like 3-4 months deepdive coureses in the said topics
Im further a founder and board member of the DEC Institute, which is an online examination and certification platform for digital assets specialsts backed by leading global universities
They do like the internationally acknowledged Chartered Digital Asset Analyst exam
Im also a Board member of the Crypto Valley Association in Switzerland, which is one of the biggest crypto related association world wide
before those activities i acted in some award winning tech startups in various rolse from founder, early management member or also angel investor.
I hope that gives an understanding what Ive done and where I come from.
My linkedin profile is open, so happy to connect;)

Myko (CryptoDiffer)Myko (CryptoDiffer)

Thanks for a nice description!
now let's take a closer look on the project
Q2: Can you introduce Thorwallet to us?

Marcel HarmannMarcel Harmann

sure thing
Thorwallet is not only the official native iOS and Android wallet for the Thorchain community but we want to reach people outside of the THORChain community and basically become the Robinhood app for cross-chain DeFi.
What does it mean?
Well we're a non-custodial mobile wallet that offers much more than the wallets you've been using so far. Since we integrate all functionalities Thorchain offers, our users will be able to swap native coins like BTC vs ETH
earn passive income by providing liquidity on Thorchain, tap into borrowing and lending (defi) facilities or trade the soon enabled synthetics that can even be locked in a cross-chain savings account.
All directly from your mobile wallet. And this doesnt even cover all the functionalities we will offer.
I guess I can go even deeper with the commiunity questions =)

Myko (CryptoDiffer)Myko (CryptoDiffer)

that's promising)
now let's continue with the final introductory question
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?

Marcel HarmannMarcel Harmann

sure.
we have some important milestones to celebrate
- The community grant we received from the official Thorchain Treasury (a while ago) to start with
- successfully raise of a private round at a 25m and at a 40m valuation with some great VCs as well as the Thorchain Treasury itself
- successfully launched the iOS app to 100 TestFlight Testers of the community
- we were able to announce our detailed tiers program for premium features in the app
- our THORWallet NFTs with access to premium features within the app
and maybe when we focus on the upcoming things:
- of course the IDO of our multi-utility token TGT end of October with THORStarter and Thorchain iteself
- before that we will launch the iOS version of the app as well as the NFT campaign !! so not soo long right
- the android version that will follow later this year
and then of course the rather long-term roadmap of 2022 of our second app the "retail app" our growth plan and other πŸ™‚

Myko (CryptoDiffer)Myko (CryptoDiffer)

Nice plan!

Marcel HarmannMarcel Harmann

thank you !

Cryptodiffer CommunityCryptodiffer Community

I could see that Thorwallet has alot of features that will in the interest DeFi participants, however majority of all these products are yet to be launched. For instance I'm much interested in your lending/borrowing, so when should we be expecting these products to go live and what measures will you take to help ensure they are safe to use so that we don't loose our funds?

Marcel HarmannMarcel Harmann

Great quetsion lets pick this one first. So what we start with in Thorwallet is swaping native L1 in a fully decentrlaized way, without AML/KYC. Thats already a very important thing for the DeFi space. We will also provide the possibility to add liquidity to the pools. This enables oyu to earn APY on BTC in a fully defi way, non-wrapped. also something we havnt seen before right
after that the Thorchain core dev team is implementing the synthetic assets. They will enable trading on really low fees and with the speed of the thorchain. they are literly aorund the corner. Then they will focus on implementing other chains as well as lending & borrowing.
The thorchain core team are taking extreme measury to battle test and secure the chain. As you may be aware of the chain just restarted after succesffuly upgrading it with world class devs from around the world.
We as THORWallet team are focusing on Thorwallet as well as the security of our app. We have lots of experience, we also developed apps for Swiss banks which have super strict rules. We use the same basis for Thorwallet

Cryptodiffer CommunityCryptodiffer Community

When is Thor wallet going to be available on IOS and Google play store for download ? Can you explain the Native Multichain Swap features of the ThorWallet


What do you mean when you described Thor wallet as the " ROBINHOOD of DeFi ?

Marcel HarmannMarcel Harmann

So the iOS version is already beta tested for some 100 lucky Thorchain Community members. Within the next 2-3 weeks (or earlierπŸ‘€) we will open to the public and IOS will be available. We are also a little bit dependent on Apple store but we are on good terms with them
the Android version is planned for later this year. So still 2021.
The native multichain swap feature is among the most important things in DeFi if you ask me. It basically means you can swap/trade layer 1 tokens like BNB vs ETH vs BTC in a fully decentralized way our of the non-custodial wallet.
non-wrapped.
The Rune tokens of thorchain works here as intermediary. the tokenecomomics of rune is super neat, but i dont think this is the point of this AMA πŸ™‚
last but not least, why "Robinhood of DeFi" ?
I / we believe that the technology is now ready to develop an app such as Robinhood but for DeFi, i.e. decentralized finance. an app that can be both a usefull all-in-one solution for DeFi natives & easy -to-use gateway to the world of DeFi for beginners

Cryptodiffer CommunityCryptodiffer Community

Is this Thor wallet exclusively for crypto users, how about non crypto users, can they benefit?

What inspired to bring such a great idea into existence?

@mazzezh

Marcel HarmannMarcel Harmann

One important aspect of our idea that is worth mentioning as well is taht we plan to publish two versions of our app.
On the one hand our official THORWallet that is more directed towards the more DeFi-savvy users, on the other hand our more retail -oriented version.
I like to compare it like Coinbase Pro and Coinbase, basically they are able to reach two target segmenbts but leverage on the same technology in the background
we are of the opinion that this is th ebest way to serve the strongly diverging needs of DeFi natives and complete beginners.
Imagine explaining liquidity poolking and impermanent loss to a crypto/defi beginner - it is way too much for the reial app we launch after Thorwallet.
We will strip away the complexity for them.
Quickly to the idea:
Alraedy a few years ago I played with the idea of starting a crypto investing app out of Switzerland such as coinbase for my friends to invest in crypto. They always came asking "Marcel where can I buy bitcoin?"
well, I didnt end up doing that, but the idea stuck around. by now all my network does have cryptos, but it would be nice for them to get some nice APY for them.
But I set some requirements:
- non-custodial so they always are in controll of their keys. They dont want to send their funds to centralized Blockfi
- non-wrapped: wrapping is a risk. I dont like that. long term, rapping will be gone.
- acceptable fees: fees should be ok relative for small investments.
if you combine all those points you end up with Thorchain who delivers on all the above points. The only product actually that delivers on all the above points!

Cryptodiffer CommunityCryptodiffer Community

Q: Does the THORWallet wallet team have a training and guidance system for cryptocurrency novices? How do you attract and reach them?

Marcel HarmannMarcel Harmann

super question
we plan to involve crypto novices early on. first of all with the decriped 2 app approach. but thats not all
we also plan gamified community missions where we incentivise the right behaviour to our users
they will learn in a fun way
we beleive that is an important point to retain customers, make them sticky. retention rate will be much higher and the customers will love the extra rewards they get, when doing those commiunity missions.

Cryptodiffer CommunityCryptodiffer Community

What are the use cases of TGT token ?

Marcel HarmannMarcel Harmann

simple yet so important question.
TGT is a multi-utility token that can be staked in order to enjoy premium features/benefits within the THORWallet ecosystem.
It also serves as a governance token and is at the heart of our gamified community features mentioned before, which is in forms of mission allow users to earn TGT tokens.
TGT has a total supply of 1bn of which 40% will be given back to the commuinity over time.
Part of the fees generated in the wallet will also be used to buy back & bun TGT , in order to accure even more value to the token holders
we actually have some nice infographics , let me post it here

As you see we also plan to run a THORChain node. Again we will use the proceed to buy & burn TGT. This makes the TGT holders to become part of e node operations. Help decentralize and secure the network while financially also attractive. Something I personally like a lot and we plan for 2022.

Also as mentioned the TGT can be staked in order to unlock different tiers. The standard tier doesnt need any token. then 5000 TGT for the community and 50000 TGT for the Community Plus tier. you will get different kind of premium features like multi-wallet functionality, but also reduced affiliate trading fees.

Cryptodiffer CommunityCryptodiffer Community

Could you tell us what are the key features that THORWallet has? And what are the advantages that it has over all the wallets of both the CeFi wallets and its competitors in DeFi?

Marcel HarmannMarcel Harmann

good question, lets focus on this one.
the key features I have already answered but lets focus on the comparison to CeFi.
in CeFi you dont hold your private keys. For some that is fine, but for some it is not. As a matter of fact the trading volume of the decentralized exchanges is growing quickly, we all know that. Uniswap had higher monthly trading volume than Coinbase. On the same path is Thorchain for Cross-chain DeFi.
Cross-chain DeFi will be a monster.
also now with the china ban, we saw early statistics that users simply switch from CeFi to DeFi.
In the end Blockchain was invented for DeFi not CeFi.
lets compare ourself to some competitors
So if you look within the Thorchain ecosystem you find a few browser based interfaces like Thorswap or Asgardex. But as just said they are browser based and not native iOS & Android. Thorwallet is native mobile and we believe that the trend is towards mobile usage.
If we look at native apps I would compare ourselves with Trustwallet and Shapeshift
Trustwallet started with the focus of a wallet and then added more features such as dAPP Browser and swapping Tokens.
They have a fully diluted market cap of 1bn. with a peak of like 1.1bn.
Shapeshift started early with focus of trading/swapping functionallity - at first even centralized. They are somewhere around 0.5bn FDV
First of all we believe that the market is big enough for 3 of even more wallet players. The market is still growing rapidly so this counds also for the future.
Importantly though our focus is from the beginning to become the "robinhood of DeFi" with our 2 app approach.
We have heavy focus on usability and simplicity. I think you already see that in our clean app screens we regularly post on our Twitter account.

Cryptodiffer CommunityCryptodiffer Community

What are the biggest challenges and we expect to thorwallet and how do you plan to overcome these challenges? And what is your competitive advantage among other wallets?

Aside from you sir, Who is on the team, what are their backgrounds & credentials, and do they have any public track records?

Marcel HarmannMarcel Harmann

thanks for the question. lets start with the challenges.
The biggest challenge for DeFi is regulation.
Luckily we are located in Switzerland which is very crypto friendly and we work closly with the regulator.
nevertheless regulation remains a challenge as influencial countries try to crack down on DeFi.
there are basically to ways: 1) go fully decentraliced 2) go with the regulation.
Basically we are open for both options but for now we stick with regulation as we are with Switzerland in a neutral and very crypto promosing location.
Who is on the team, what is their background?
My team is not anon but we published everything in our pitchdeck.
they did incredible work in the past thats why we dont want to hide. We think that gives a lot of credibility.
as example the team built a savings banking app here in Switzerland (similar to 401k) that recently got rated No1 when it comes to UI/UX even before Revolut
the MVP was built in 100d including core banking integration
There are other examples of what the team did in the past, I encourage you to read the latest pitchdeck
https://thorwallet.org/wp-content/uploads/2021/08/Thorwallet-Pitch_v1.6.pdf
here you go
maybe we give them the chance to ask another round of question after they read my ansers now? some follow up questions?

Cryptodiffer CommunityCryptodiffer Community

I was looking at the THORWaller NFT's and they looked really fun, I think they would look great as characters for some kind of game. Don't you think it would be interesting to include some kind of Play to Earn mini-game inside the wallet? This would take THORWaller to the next level!!!!

Marcel HarmannMarcel Harmann

Gerat idea. I will discuss this with the team. What I have already discussed is the possibilty of a treasure hunt in other games, to attract other communites from other games. I totally agree that gaming and gamification is super important and I have an eye on that.

Cryptodiffer CommunityCryptodiffer Community

What are the details on the thorwallet NFTs?

Marcel HarmannMarcel Harmann

Yes our NFTs. great they are brought up now.
Im very excited about them.
We will launch three highly limited NFTs.
- 20 Commanders
- 200 Generals
- 2000 Soldiers
The THORWallet Army
they dont only come with beautiful artwork but unlock also features in the Wallet !!
The THORWallet NFTs play an important role in the future of THORWallet. We believe that NFTs are amazing for many reasons: They are not only beautiful artwork but a great tool for community building and communication. Furthermore they give a platform or wallet the possibility to link it with premium features to add additional value. We also plan to have the avatars displayed in your wallet.

The NFTs itself are free but you will need a certain amount of TGT to mint them.
For the Commander and General you need TGT. This means they are only available after our IDO end of October
the Soldier can be minted if you hold XRUNE (THORStarter) in your wallet.
This means the Soldier will be available before our IDO, as XRUNE is already available πŸ™‚
We will issue a medium post this week with further infos. So follow us on Twitter to not miss it!

Cryptodiffer CommunityCryptodiffer Community

Synthethics: how will they shape the ecosystem and how does Thorwallet plan to use them in the future savings account for retail?

Marcel HarmannMarcel Harmann

Synthetic will rune on Thorchain. A syntethic BTC, lets call it sBTC will be 100% collatoralized with real BTC from the liquditiy pool.
But now you can trade them in the Thorchain ecosystem at the super low fees.
This will increase volume, which in turn again raises the APY you earn as liq. provider. It is a catalyst for super growth.
also It allows for so called "cross-chain savings accounts". With them your sBTC earns APY.
compared to liquidity providing you are not exposed to 50% price of Rune and 50% to BTC, but 100% btc only.
the expected APY on BTC are around 15%. fully decentralized !
for liq. providing Rune-BTC it will be even higher.
thats a lot of incentiveπŸ™‚
maybe one last question

Cryptodiffer CommunityCryptodiffer Community

- Could you give us details of the current development phase of THORWallet? By what date do you expect to be able to launch the application? What kind of features will be enabled in its first versions?

Marcel HarmannMarcel Harmann

yes some points where we stand:
we currently have the iOS beta ready and 100 people are testing it. Very soon we will release it to the public.
the android version is ready later this year.
NFTs we will launch also before IDO, so in the next 2-3 weeks max.
and of course we have our IDO on Thorstarter and Thorchain.
The launch will start in 3 phases so we get a fair distribution:
1. Phase: Allocation with Thorstarter (free float). Price $0.025, same price as privat sale
(=fair launch)
2. Phase: Opening of RUNE-TGT pool on TC (free float) with closing price of phase 1
3. Phase: Opening of USDC or ETH-TGT pool on sushiswap (free float) with closing price of
phase 2.
Initial supply in our Rune-TGT pool is around 4%, this gives us a Public Launch Market Cap
of 1m.
thanks a lot πŸ™

Myko (CryptoDiffer)Myko (CryptoDiffer)

Thank you for the ama
You've answered a lot of questions

Marcel HarmannMarcel Harmann

you're very welcome
if you have more question, join our tg channel and I will answer more
https://t.me/THORWalletOfficial