HyperDao AMA Recap

HyperDAO AMA Recap

CryptoDiffer team

Hello, everyone!

We are glad to meet here

Ryan Ang (@Ryana22), Co-Founder and Head of Operations and Jayden Wei (@jaydenwei), Co-founder and Head of Strategy.

Jayden is here and Ryan will soon join us!!

Q1. How did you join HyperDAO?

Jayden Wei
Head of Strategy

I am one of the co-founders of HyperDAO. I came from a traditional finance background working in the asset management and private equity space.

Our team were pretty fortunate to have been involved in many blockchain projects through our fund management business prior to founding HyperDAO.

We have been able to work closely with many of these projects along the way and in the process, built a strong network of interdependent projects that shared resources together. Essentially that’s how our team came together to create HyperDAO.

 

CryptoDiffer team

2. How did the idea of HyperDAO come about and can you briefly describe what is HyperDAO in 3-5 sentences?

 

Jayden Wei
Head of Strategy

Absolutely, We saw many good projects with good leaders and good teams, but also those that were there to make a quick buck with no regard for investors who believed in them. We believe that a DAO solves this problem as it mitigates the risk of malicious actors in the system; if we design a proper incentive system and a carefully planned consensus protocol, stakeholders in the DAO can work together to govern the community fairly and effectively. We also realized that there was a lot of segregation, a lot of information asymmetry and a general lack of interaction and synergy amongst different projects.

This was when we started to envision a platform that could bring all these services to one platform and create costs savings for users. Where participants can interact and collectively develop together.

As our tagline states – Open, Fair, Interconnected, that is the core of what HyperDAO is, a transparent, equitable environment where various parties can come together to jointly develop the platform, and in the process, create a thriving financial marketplace and community.

 

CryptoDiffer team

What does HyperDAO offer users in terms of services? How can we be involved in HyperDAO?

Ryan Ang
Head of Operations

So I’m not sure if Jayden mentioned earlier, HyperDAO aims to be a comprehensive one-stop digital finance platform where users can come to for any kind of financial service. Currently, we support 8 main functions, exchange, stablecoin, crowdfunding, asset management, banking, forecasting, e-citizenship and microfinance. I will touch on the ones we think are unique to HyperDAO.

For one, we have a stablecoin system currently in the alpha testing stage. It will have cross-chain capabilities and allows the collaterisation of different types of assets and generate different stablecoins. We also have crowdfunding where HyperDAO is collaborating with a blockchain crowdfunding platform which had provided financing help to over 70 blockchain projects. HyperDAO aims to develop a digital asset management platform that where users and institutions can connect. Users or professional managers can publicise their portfolios and allow others to track them. All users will have a “reputation“ tied to them and of course there will be benefits to having a better reputation. That is another unique aspect of HyperDAO. HyperDAO will feature a forecasting zone that allows users to create and participate in polls on subjects within the industry. There is a prize pool as a reward mechanism. The goal of the interactive forecast zone is to provide users with data points and be informed about general market sentiments.

Aside from the utility of HDAO tokens across the entire HyperDAO platform that is offered, if investors were to find that they aren’t in need of the services, they could still participate in staking or vote on proposals for rewards.

 

Cryptodiffer Community

What is your long-term vision of the industry that HyperDao is working at?  In the future are you afraid there will be another project with more advanced technology that can replace HyperDao?

 

Ryan Ang
Head of Operations

Apart from the 2C 2B and 2G development plan that we have, the long-term vision for the DeFi industry and HyperDAO is a fluid system that works in parallel to the traditional financial system. Decentralised finance first of all, can help reach a wider audience, especially those that do not currently have access to basic financial services. I believe there’s an estimate of about 1.7 billion people right now that falls into this category, so that’s one priority that HyperDAO will work towards in the long run. I think we will see more people start to take an interest in this space because of the low barriers to entry and the costs savings it offers. We are definitely not afraid that there will be more advanced technology that can replace HyperDAO, in fact, I think we welcome it. The beauty of the DAO is in that the DAO structure allows for development and integration, it will constantly go through changes to remain relevant.

 

Cryptodiffer Community

What are the benefits that HyperDao receives when using all three common consensus mechanisms today, PoS, PoW, PoV?  What are the advantages and disadvantages of these consensus mechanisms?

Ryan Ang
Head of Operations

So just for an FYI for the whole commnity, we have three different consensus algorithms in place for HyperDAO, PoW, PoS and PoV. PoW is mainly for the nodes that are responsible for transactions and maintenance of the network. One part of our token distribution is also reserved for Proof of Stake. By staking HDAO on the platform, you’ll also be able to participate in the consensus protocol since HDAO tokens entitles you to voting rights. PoV or Proof of Votes is essentially a reward mechanism that encourages users to vote on matters in the DAO. So on all voting matters regarding the development of HyperDAO in the future, users that cast their votes will be rewarded with HDAO tokens. As we have mentioned, we want to build a purposeful and practical DAO in the long term and see ourselves as facilitators in the process, so there’s a lot of emphasis on community involvement.

 

Cryptodiffer Community

What are your plans after successful ieo on okex? what are your future plans to make defi network proud?

Makerdao seems your potential competitor could you explain how hyperdao protocol is superior?

Ryan Ang
Head of Operations

So we have a lot more work to do after the IEO on OKEx, the IEO is really just the start. I think a good way is to split the development plan of HyperDAO into short-term, medium-term and long-term or 1.0, 2.0 and 3.0.

1.0 is a 2C (To Client) service, 2.0 is a 2B (To Business) service, and 3.0 will be a 2G (To Government) service.

HyperDAO 1.0 is the core foundation of the system, it is a to-client business and encompasses all the eight functions. We see HyperDAO 1.0 as the underlying infrastructure, the most important piece that if done well, can develop into a much bigger organisation.

HyperDAO 2.0 is an extension of the infrastructure based on 1.0. The goal of 1.0 is to develop a financial service platform that provides a reliable and seamless user experience, and with that, achieve a strong growth of users. 2.0 will involve bringing in businesses for the management of assets on-chain. These are financial services targeted more at professional institutions and also as a means of connecting retail users with professionals.

HyperDAO 3.0 is the bigger goal. We’ve also invested in bank licenses and blockchain special economic zones in the last year. These are still developing. These resources will be the business of HyperDAO 3.0 (or to-government) in the future. For example, government information data can be brought on chain. Governance itself can also be brought on-chain. This of course is a very grand plan that will take many years to complete. For now, we will focus on 1.0 and develop a strong foundation.

And about the MakerDAO bit, we actually drew a lot of inspiration from MakerDAO in our stablecoin design, we wanted to improve on it by offering collaterisation of different assets, not just those on the ethereum chain, and also we want to be able to generate stablecoins that are not only pegged to USD, but to other fiat currency types as well.

Cryptodiffer Community

There are many other projects on DeFi. How HDAO is different from them? What unique feature does HDAO possess that lacks in other projects?

Ryan Ang
Head of Operations

I think HyperDAO has three competitive advantages as opposed to other DeFi projects in the industry. 

a. Comprehensive one-stop financial system

 

Unlike other projects that provides a single or some financial functions, HyperDAO aims to be a full-service one-stop platform for every kind of financial need. There is a lot of synergy that will be created when we integrate all these financial functions together, the most practical being tremendous costs savings and convenience for users.

b. Flexibility

The platform allows for tremendous flexibility in terms of the types of financial service and assets it can provide. For example, unlike other stablecoin systems who have limitations to the type of collaterals and the type of stablecoins generated, HyperDAO will allow multi asset collaterals and different stablecoin generation. In the asset management space, verified users can post their own portfolios and allow other users to track them for a reward. Our community nomination zone also allows users to pitch projects to the platform to be funded. The fact that it’s a DAO offers a lot of flexibility, users have voting rights over development of the platform and what features they want to see in the future.

c.    Purposeful decentralisation

HyperDAO understands that a DAO takes time to develop. We’ll also like to state here that HyperDAO is currently centralised, but as the community grows, we aim to transit to a decentralised model. Governance by the community is vital, with HyperDAO token holders having the right to vote on many governance measures. They can even elect representatives, nominate projects or asset managers to be introduced to the system. The HyperDAO Community Nomination Zone, Discussion Forum, Peer to Peer services, Microfinance system and Forecasting system are also fully user-initiated, user-driven and as we can see are all functions unique to HyperDAO.

 

Cryptodiffer Community

What brought you to the crypto community and why did you decide to connect your business with cryptocurrencies?

Will blockchain technology allow people to realize any, even very exotic projects? In your opinion, which sector of information technology is the most difficult to transfer to the blockchain

Ryan Ang
Head of Operations

Right, so a little bit about myself as I missed the introduction part. Prior to joining the blockchain space, I was working in traditional finance, mostly in the asset management and private equity sector. I also did a little bit of investing on the side myself. Of course after I saw the potential of blockchain, I quickly hopped over. Over the course of investing with blockchain projects over the years, we realised that there was a lot of competition instead of sharing of resources, the bureaucracy of the traditional finance system also meant that there was a lot of unnecessary waiting, that’s when we saw the potential of DeFi. Our goal is to consolidate all the DeFi services onto one platform and enable the community to jointly develop and determine the direction of the platform.

In regards to the exploration of exotic projects, I think that’s where HyperDAO’s crowdfunding section comes aptly into the picture. Our crowdfunding platform allows users to recommend projects to the platform to be crowdfunded, provided that they pass through some eligibility requirements, and whether these projects get funded are again, up to the community or the investors. But in terms of exotic projects, I think it’s a great place to bring in niche projects that otherwise would get little exposure.

Cryptodiffer Community

Is there any reward mechanism for holding HyperDAO Token maybe like content publisher or anything and how can customers be incentivized? Can you tell me How do you manage the liquidity control?

Ryan Ang
Head of Operations

Well, aside from the utility of HDAO tokens across the entire HyperDAO platform that is offered, if investors were to find that they aren’t in need of the services, they could still participate in staking for rewards.  One part of our token distribution is reserved for Proof of Stake. By staking HDAO on the platform, you’ll also be able to participate in the consensus protocol since HDAO tokens entitles you to voting rights. Voting will also have its incentives. As we have mentioned, we want to build a purposeful and practical DAO in the long term and see ourselves as facilitators in the process, so there’s a lot of emphasis on community involvement.

Regarding content publishing, that’s actually quite interesting because we do have an interactive discussion zone where users are encouraged to share ideas or write columns about the industry. We have a reputation mechanism in place that enables users to gain reputation as they continue to contribute to the platform. These contributors can later become KOLs, and there are incentives for them to continue to contribute to the platform.

 

Cryptodiffer Community

Q. In countries with high inflation rates. They can store their wealth in a stable currency like Hyper, which can act as a dollar, euro or yuan, instead of storing their assets in local currency and watching. Its value erodes over time. The opportunity is a great challenge and that is, how can HyperDAO be able to reach the masses, the real people?

Q. Can someone explain me the different mechanisms for creating stable currencies? Why is HyperDAO or MakerDAO different from USD Tether and why is the DAO method better or even necessary?

Ryan Ang
Head of Operations

1. We are constantly developing our products and are working closely with governments and institutional players to reach the masses, where we choose to market ourselves, at least in the early stages, is also very deliberate, southeast asia is one example of a geographical area we have our sights on. 

 

2. The HyperDAO Stablecoin System (SC) is a lot more flexible than other stablecoin generation services in the sense that users are allowed to collaterise different types of digital assets in exchange for Hyper, and Hyper itself can be pegged to a variety of fiat currencies, not just USD. It is also different from centralised stablecoins which exists as a blackbox where we do not know the internal workings or whether there really is enough USD to support these stablecoins. In HyperDAO, it is all recorded in the blockchain and thus, is transparent.

 

Cryptodiffer Community

Staking seem to be popular right now on many blockchain project to encourage investors to hold tokens and make it healthful for project ecosystem. 

Does HyperDao Project support this?

Ryan Ang
Head of Operations

Yes, there most definitely are staking rewards for the community. One part of our token distribution is reserved for Proof of Stake. By staking HDAO on the platform, you’ll also be able to participate in the consensus protocol since HDAO tokens entitles you to voting rights. Voting will also have its incentives.

 

Cryptodiffer Community

1 – Which beer you prefer to reveal all the stress after working hours? Another, which wine you prefer to celebrate any success?

2 – Do you guys believe that Decentralized Finance is better than Centralized, and should be omitted completely?

Ryan Ang
Head of Operations

1.That’s a really interesting question, I’m not a drinker myself but the occasional beer after a long day is great, I prefer lighter ones like Lager. And for wine, not a wine connoisseur myself but I prefer drinking red. 

2. I think that decentralised finance is better than centralised but I dont expect decentralised finance to completely take over centralised systems. The reality is that the system built by  centralised institutions have been around for a long time, and certain functions in regards to legality and clarity especially in the IPO sector, is hard to replace. As such, it wouldnt be omitted completely for sure, we see DeFi as a system that will run parallel to the centralised system, and as we gain the trust of the people, and people start seeing cryptocurrencies as an asset class similar to that of stocks and fixed income, that’s when we will gain a foothold and be seen as an alternative to centralised services.

Cryptodiffer Community

What type of problem right now exist in Fintech world? And, What are the problem though this project gonna address or solve?

Ryan Ang
Head of Operations

One obstacle that all DeFi projects face, not just HyperDAO is the lack of liquidity as opposed to centralised services, for example, a DEX’s liquidity pales in comparison to that of centralised exchanges, and because liquidity begets liquidity, it is hard for DeFi to compete. Earlier we mentioned that we saw a lot of segregation amongst various DeFi projects, our aim is to collaborate with these projects to improve the liquidity of the sector. Right now, we have more than 10 partners onboard and we’re constantly adding new partners to our network. Wallet service providers and other exchanges are of particular interest because of the volume it brings to the network. I think sharing of resources instead of competing with each other is one aspect that the industry has to work on.

 

Cryptodiffer Community

From technological and commercial perspectives, how can traditional companies be integrated into the blockchain?

What are your plans for traditional companies that continue to exist with their own systems?

Ryan Ang
Head of Operations

One aspect we are working on is bringing in traditional businesses into our platform, as we have highlighted in 2.0. This involves bringing in their assets and portfolios on-chain to be managed in a transparent manner. Of course there are a lot of intricacies involved in this process. We are working with a blockchain audit company at the moment who will help to onboard institutional clients into the platform, they will first be audited to ensure that they’re credible, so that’s one avenue that we wish to add value in. We continue to tap on our network in the traditional finance world and bring them onboard through this process.

Cryptodiffer Community

What is your strongest advantage that you think will make your team leading the market? 

In contrast, what is your weakness? How do you plan to overcome

Ryan Ang
Head of Operations

I think we’ve mentioned our competitive advantages earlier so I won’t delve into it again, I will touch on our weakness. As i’ve mentioned earlier, liquidity is an issue that plagues all DeFi projects, not just HyperDAO. The key is to continue to push acceptance in the public and drive more traffic to the industry, not to individual projects. That’s why we’ve been aggressively forging new partners, this is with the goal of integrating as many quality services as possible, like I said, we should be sharing resources, not fighting for it.

Cryptodiffer Community

Regulation is very important, Many project got shut down in many country because not using right regulation and license, In order to goes worldwide how does hyperdao team handle these issue?

Ryan Ang
Head of Operations

We continue to work closely with different jurisdictions, as we’ve mentioned, over the course of the last year, we’ve invested heavily in banking licenses and blockchain special economic zones. We also intend to offer services to governments in the future and let them see that DeFi has a lot of potential, especially in certain geographies where a large population is untapped by traditional fianancial service providers.

Ryan Ang
Head of Operations

I hope that’s been informational to everyone and sorry I couldnt get around to answering every question! 

Thank you everyone 🙂

 

Cryptodiffer TEAM

Great, thank you @Ryana22 and @jaydenwei ! This was an insightful session! Thank you everyone! I will open the chat now

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