Helis Network AMA Recap

HELIS NETWORK AMA Recap

CryptoDiffer team

Can you introduce yourself to the community? What is your background and how did you come to the idea to create your project?

Kerman Kohli
Founder/CEO

I started coding at the age of 12 then sold my first venture with 100k users @ 20 years old. Throughout this time I also was one of 350 scholars worldwide to be selected by Apple to go to California and attend their developer conference.

In terms of how we started off with 8x, the original idea was to create a protocol for subscription payments. However, we realised the opportunity to expand to solve problems for crypto enterprises as a whole was more exciting and bigger hence Helis.

CryptoDiffer team

The second question is: Can you briefly describe what is Helis Network in 3-5 sentences?

 

Kerman Kohli
Founder/CEO

Of course. So the over arching mission statement for Helis is to transition the world into a new era of finance. We want to achieve this by making decentralised finance available to everyone. Enterprises are our first target but we plan to move to a much broader audience as the project progresses along.

The first product we have is enterprise payments/payroll but we’re currently working on our next product that features aggregate lending

 

CryptoDiffer team

What is the token utility in the ecosystem? Where it will be used and how do you plan to scale?

Kerman Kohli
Founder/CEO

The primary utility of the token is burning and staking from fees generated through using the products/infrastructure.

Since DeFi involves large transaction sizes, the fees generated from even a few basis points can be large absolute amounts

 

CryptoDiffer team

What do you think about DeFi industry? How it has evolved in the recent 3 years, and what can we expect in the future?

 

Kerman Kohli
Founder/CEO

So funny story, we actually saw the birth of the term DeFi when we started off with 8x over a year ago. At the time it was just a bunch of layer 2 projects which looked like they could work together in interesting ways. However once MakerDAO smart contracts had hit 1% of the total ETH supply – that’s when things got parabolic. We’re still very early days in the DeFi space but it’s becoming increasingly clear that it’s going to be the first killer use case of crypto – an unregulated financial system anyone can have access to. Moving forward the types of financial primitives are going to explode in complexity and scope. I’m waiting for decentralised perpetual swaps to become a thing soon =)

 

CryptoDiffer team

What products do you plan to deliver to the market, and what companies are you target on?

Kerman Kohli
Founder/CEO

Good question. We’ve got two products we’re looking to go to market with, both in different stages. The first is enterprise payments which we’ve got our existing pilots with Kyber, Nexo, Loopring and more. The second is aggregated lending solution we’re in the early stages of developing. You’ll be hearing more about this in the coming weeks and will be rolled out to a new community iniative soon as well

CryptoDiffer team

Cool! Let the community ask questions now!🔥

Cryptodiffer Community

Hi Helis Network team!  

Your pilot programs list is already impressive, more to come in the short term?

 Enterprises are usually reluctant to embrace something new. What is your strategy to get them abroad?

 Which projects do you see as your main competitors?

 

Kerman Kohli
Founder/CEO

1. Yup got some in the works that will be announced in the coming weeks – stay tuned!

2. We take small steps with them to make sure that we’re not intefering with any businesse processes and work closely to deliver somethin they wany and will use. It’s not 0-100 instantly

3. It’s hard to define exact competitors since each product in the space has tradeoffs with custody, decentralisation and costs. That being said Whisp Money is probably our closest competitor

Cryptodiffer Community

When you make something, the hardest thing is building up his community. Well, how do you build a strong community?

Kerman Kohli
Founder/CEO

We’ve started off with the Panda Program whcih is the first phase of growing our community. We’ll be launching some exciting new iniatives very soon and over the upcoming weeks. This community will helps us with a variety of things including helping us shape our products

Cryptodiffer Community

What do you think is the biggest problem helis will solve that no other project is solving now, and why is the problem important to solve? 

Kerman Kohli
Founder/CEO

Making DeFi accessible for sure. My previous venture whcih I sold (The Homework App) was all about making it super easy to help students organise their work. It may sound simple but I first hand saw the struggle people have with even that level of complexity. DeFi is 10x harder and explained 10x worse. Having empathy towards people who aren’t technologists or finance people is defenitly missing.

Cryptodiffer Community

How do you think to migitate the risk of someone manipulating the symetracial liquidity pool. And are you taking steps to prevent liquidity wash trading?

Kerman Kohli
Founder/CEO

Good question although this applies to the entire DeFi space and not just Helis. Wash trading is slow and expensive in DeFi systems and is mcuh harder to do due to the public nature of blockchain such as Etehreum.

Cryptodiffer Community

Do you plan to grow the crypto-community around your project and why? If you do not conduct an IEO, why do you need retail investors?

Crypto Arnie
Advisor

We plan on growing the community around helis because of the nature of Defi and the philosophy of open source and wider financial inclusion with greater access and democracy in this industry. Growing the community is important as with organic growth in the usage of our products comes greater education around defi. Also, as we have a utility token, having this distributed gives our community a stake in the success of helis’ ecosystem. At the moment we aren’t plannig an IEO as the terms seem to undercut early investors however we are staying flexible during conversations with listing partners to potentially have a ‘launch’   of around 500k usd. We want to make it clear that we do not endorse the changing of terms on investors which has become a common practise.

In our token ecosystem we want a balance between institutional investors and normal participants in the blockchain space. It’s reflective of the disruption that defi will bring to traditional finance. By bringing these communities we remove centralised control of finance from the social elite and allow cross fertilisation across different social groups in crypto/blockchain

Cryptodiffer Community

Do you target only crypto enterprises? What about the real-world companies, do you have any strategies on how to implement crypto payments in their usual business processes?

Kerman Kohli
Founder/CEO

Great point! We’re starting with crypto companies for now but the idea is to gradually improve the offering to the point where we can add value to real world enterprises. The way I look at it is similar how cloud computing became popular. Until the movement reaches a critical mass, it’s hard to onboard and go after people who cross the innovation chasm later on. That being said’ we’re still doing our best to onboard the early adopters in the enterprise space by partnerning with credible fiat on/off ramps

Cryptodiffer Community

If you could describe just the single biggest issue in the current DEFI solutions, , what is it?

Kerman Kohli
Founder/CEO

Accessibility for sure. Pretty similar to the question above but happy to answer it again if you have different view/angle to the question

Cryptodiffer Community

How Helis got the idea to create a protocol for subscription payments?

Kerman Kohli
Founder/CEO

That was originally from 8x when we started off. The subscription payment system has been abstracted to support more payment types such as batched and scheduling and is used in the Payroll product now =)

Cryptodiffer Community

Why do you need token, I mean just for governance purpose? I don’t quit get the token utility part

Crypto Arnie
Advisor

Many of the other defi projects in terms of aggregating have gone down the equity route. We think they are missing a key point here by tapping into the liquidity that a token brings. For example, as volume in helis’ smart contracts grows, there will always be a fee taken in the native assets collaterialised, this represents potentially huge liquidity in our ecosystem, at even a minimal amount of basis points, taken from fees: there is a huge liquidity play here. For example as we enable lending and borrowing throughout our pilots,  some of the liquidity of these individual projects are in the tens of millions range. Just to add, we also have governance system so the token will be used for voting, as well as a staking function not too dissimilar to LTO networks main net/erc 20 token setup

Cryptodiffer Community

You are using bridge fee. Are you somehow connected with LTO? Why did you choose this option?

Crypto Arnie
Advisor

Yes we are using the bridge fee. I was an investor in LTO and also admire the teams efforts in its organic strategy of building community. I’ve been supporting lto as and when possible. We think the bridge fee model has the best equilibrium between seed investors and private sale because of the penalty for liquidating, it also means there is an aggressive burn rate which is good for all. We have been in talks with lto for support for a while and have plans with them which will be announced in August. Stay tuned.

Cryptodiffer Community

What do you think about facebook Libra? do you plan to work with Libra coin and support defi dapps built on it ? Can you tell more details about this cooperation ?

Kerman Kohli
Founder/CEO

Sure. Our focus is to be collaborative rather than exclusive to other base layer chains. Libra’s potential is billions of businesses and individuals that we can targer. Since Helis aims to aggregate underlying blockchain protocols we can provide the benefits of multiple base layer chains directly in our products. We think of it like this:

– Ethereum = programmabilty

– Binance = liquidity

– Libra = distribution to the masses

Helis aims to be agnostic and bring the best of each chain directly into the products/

Cryptodiffer Community

In the website i see 6 people as a team Helis Network, how can it possible to handle blockchain enthusiasm?

Crypto Arnie
Advisor

We are currently hiring and do have a team of devs currently not listed on the website just yet. The team are experienced in the blockchain space, i.e .current cardano, ex wanchain, ex coinbase. Heavy hitters who punch above their weight so for the time being we have been able to keep lean and keep our costs down. One of the biggest reasons 2017/2018 projects failed was poor lack of treasury management and overspending on unnecessary resources.

Cryptodiffer Community

Your ultimate vision of building out a plasma chain that enables anonymous transfers for businesses to transact in,right ?. What does this ultimately enable? what’ advantage ?

Kerman Kohli
Founder/CEO

Our goal is to build applications that people really want. The infrastructure will be guided based on that, not the other way around. The plasma chain is one possible solution should businesses want to transact quickly and privately however until we have enough customer demand for it we can’t justify building it out

Cryptodiffer Community

How did you estimate your hardcap, why did you decide to raise $4m, not $1m, not $500k? Any business plan and use of proceeds?

Kerman Kohli
Founder/CEO

The cap we chose was based on the runway required to execute on our vision for 3-4 years while not trying to raise above what the current market conditions can support. For us building and capturing value into the token is paramount.

Cryptodiffer Community

So you are planning something for humsters?) Like Promotional Event or small IEO?) How I can invest? What is the minimum amount for private sale? I’m not a whale(((

Crypto Arnie
Advisor

We are keeping things flexible without destroying all previous investors. We know exchanges can be sneaky and demand complete term changes on everyone which we are strictly against. If anything, we will annex 500k of private sale round (keeping raise at 4m max.) for a potential ‘launch’

Hamsters can also join an exciting program we are announcing today or Wednesday 🙂

Cryptodiffer Community

Lol okay, so I don’t think this is a valid point at all, 

I can just fork helis remove token and put ETH as the token to operate the network

This ^ would still work well and people don’t need to hold some random coin 

For example: salibar, dharma, Nuo , instadapp are not using any token at all

If the utility is just staking and fees then it’s of no use

Kerman Kohli
Founder/CEO

The cap we chose was based on the runway required to execute on our vision for 3-4 years while not trying to raise above what the current market conditions can support. For us building and capturing value into the token is paramount.

Cryptodiffer Community

Where do you and the helis team see the world of blockchain being in years to come, and how will helis change the landscape of the cryptocurrency space in years to come?

Kerman Kohli
Founder/CEO

Sure. This is a hard question to directly answer but I wrote a piece about it over here: https://medium.com/hackernoon/the-crypto-maze-the-present-future-2111fd948292

TLDR: We’re in the second wave of innovation and the next/third wave is what we want to be ready for and support. I’d say this most likely conincides with mass adoption as well.

Cryptodiffer Community

As I understood, you create a payroll for crypto-projects. Is it the only product you are planning to deliver in 2019, or we can expect something more?

Kerman Kohli
Founder/CEO

Of course. We’re actually doing a bunch of user interviews and making wireframes for our aggregated lending solution as we speak. We’ll be announcing a community iniative soon that will allow you to be a part and help us drive this. Getting customer feedback and making something people want it paramount. The way we build products is through making incremental improvements rather than making one massive build and hoping it gets traction.

Cryptodiffer Community

How did you estimate your hardcap, why did you decide to raise $4m, not $1m, not $500k? Any business plan and use of proceeds?

Ali
Strategy & Ops

We started out by putting a budget in place to develop the products, and based on a 4 to 5 year runway (with some contigency) we estimated resources that will get us towards meaningdul adoption and traction with DeFi products

Cryptodiffer Community

What can we do to keep increasing adoption? What is your vision in next few years , thank !

Kerman Kohli
Founder/CEO

Consistently building out our offering and expanding to other products such as borrowing, derivatives, asset management and many more. We’rel also talking about DeFi-As-A-Service so that exchanges can offer DeFi as a product inside their ecosystem.

Cryptodiffer Community

What’s the benefit being Helis Network Community?

Kerman Kohli
Founder/CEO

We actually want our community to be an integral part of our products and ecosystem. Unlike other coins which are blockchains and hard to really interact with, our products can be actually used and provide benefit directly to our community whether it;s through lending stable coins or making payments for a business that they run 🙂

Cryptodiffer Community

Can you tell why it is such a difference between seed round price and private round price? even with bridge fee seed round has a huge advantage… 

Ali
Strategy & Ops

If you calculate the advantage, it’s around 3x or so at best. People make the error in applying and calculating the Bridge Fee on the price, rather than the tokens and end up mis-calculating the price advantage. Also, we think the advantage is justified since the seed investors came in quite a few weeks ago and a lot of them are actively working in helping us accelerate the project.

Cryptodiffer Community

What local markets Helis are going to engage in future?

Kerman Kohli
Founder/CEO

DeFi is accessible to everyone. Emerging countries will be a big focus down the line as they’ll have access to high quality, instant banking/financial services directly on their smartphones.

Cryptodiffer Community

So we can expect that that amount will go on IEO/promotional listing event?

Crypto Arnie
Adviser

No, not this allocation. That was allocated to strategic partners and community incentives, however we have so far managed to keep our spend down to a really finite amount so we might be able to do something with this. If there is going to be any kind of ‘IEO’ which for now we are stepping around this issue very carefully, it will be taken from the 3.5m private sale round. So one scenario could be 500k removed from private sale and used for an exchange ‘launch’ or pre-listing liquidity.

Cryptodiffer Community

How to make liquidity on Helis Network?

Ali
Strategy & Ops

There are mutliple ways to do this. 1) Organic – institutional investors, funds and retail investors who use the products will by default create liquidity; (2) By plugging into existing ecosystem like Binance Dex (when their smart contracts are ready) will allow us into tap into market liquidity.

Cryptodiffer Community

Can you tell why it is such a difference between seed round price and private round price? even with bridge fee seed round has a huge advantage… 

Crypto Arnie
Adviser

I think the follow up on Ali reply, people also need to remember that our project only has a 4M hardcap, with bridge fees across all rounds. The only other project in the space which I can think of which has data but also did well was LTO network. We are using this as a model for how things could potentially go, but also some of the feedback was that the private sale round being completely unlocked was quite difficult to deal with

Cryptodiffer TEAM

Kerman Kohl. (@kermankohli), Ali Hararwala (@aharar ), Arnie (@CryptoArnie ), thanks a lot!

It was a pleasure to conduct an AMA with such a cool project like Helis Network. Thank you for your time!

If you want to ask more deep questions and receive detailed answers, you are welcome to do it in Helis Chat – @HelisNetwork

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