🏅RECAP AMA EPID COMMUNITY x CITADEL.ONE
🕖AMA Timing : 26th April 1 PM UTC | 8 PM (GMT +7)
🏚Venue For AMA: @EPID_Community_VN
💰Reward Pool : 150$
➡️Part 1: Project Introduction.
Q1. Could you briefly introduce yourself as well as your project?
So hi everyone! I’m Rina Shtedle, CMO & blockchain analyst at Citadel.one. My journey in crypto has started almost 3 years ago, and for about 1,5 years I’m with Citadel — so far I’m involved with this project since it’s very inception and I’ve never been so enthusiastic with any other project before😊 I’m currently responsible for public side of Citadel.one, strategic partnerships&integrations, and all marketing-related activities.
Previously, I’ve worked as an analyst at Paradigm Fund, so I got a chance to have a deep dive into the industry and stay in touch with multiple leading projects. I’m also a huge fan of PoS networks, so together with Mirko Shmiedl of Staking Rewards, we’ve been creating an all-encompassing research reports on staking.
And now, let me introduce Citadel.one!
My name is Alex, I`m co-founder and CFO of Citadel.one. I`ve joined crypto back into 2013 and was a private investor till 2017. In 2018 we founded a Paradigm Fund (don`t mess with Paradigm.xyz). Our first node was launched in 2018 (a Tezos node under brand Tezocracy) and Citadel was started as a project in mid 2019.
When it comes to complex asset management, staking, or using DeFi apps, a user’s life is never easy — numerous wallets, misleading terminology, new intricacy with each token. The reason behind this is simple — crypto platforms take into account everything but real users.
Therefore, the Citadel.one project was born to provide an easier user onboarding for various networks and bring intuitive UX/UI to this messy crypto world. Our main goal is to create a multi-asset solution with extended analytical functionality and unique features that makes it much more convenient to interact with your portfolio and maximize rewards.
Later on, we’ve found a brand new way of development, and, thus, we are moving towards the transformation of Citadel.one into community-driven, scalable DAO that unlocks advanced staking experience for everyone. Among PoS platforms, Citadel.one supports BAND network ($BAND) Secret Network ($SCRT), Cosmos ($ATOM), ICON ($ICX), IOST, Orbs, and Tezos ($XTZ). We also support Ethereum, Bitcoin, and Tether ($USDT) for our users’ convenience. New networks, including Polkadot and KAVA, are scheduled for the upcoming updates.
You can check out how to get onboarded easily via the link — https://www.youtube.com/watch?v=UIotQ9-SEUo 🎉
Q2. What makes the #CitadelOne project stand out more than the projects in the same direction at the moment?
Citadel can be compared to several project in the field. Its Mantra and Frontier. How ever Citadel is very unique in its value proposition.
1. Citadel.one is a successful validatior, running nodes and validating on 20+ networks securing $75mln value staked on its nodes.
2. Citadel is a platform, with support of cross-chain network functionality like staking, sending, built-in bridges etc. Call it an advanced wallet functionality. Also it is a wallet agnostic platform with support of Leger, Trezor, as well as it own one-seed solution.
3. Its an asset management platform allowing users to customize and structure their portfolios, keep track of their balance across multiple chains, claim rewards and more.
4. Citadel.one is a DAO with native XCT token.
5. Built-in extensions that are coming this summer
Q3. What are the memorable milestones of #CitadelOne in the research and development process?
Citadel.one was launched in beta on July 13th. Soon we’ve crossed the milestone of 2,5k users — now we have more than 10k people happily managing their assets with Citadel.one. The first network to integrate was Tezos — it was also the first network that we’ve joined as a validator back in 2018.
Our platform is fully operational — you can test it out yourself via citadel.one. Also, our mobile apps are available both for Android and iOS.
Q4. What does #CitadelOne plan to do to attract more users in the upcoming time?
In brief, our promotion plan includes:
-SMM — We grow our social media networks like Twitter, Facebook, Telegram, Reddit, Instagram, LinkedIn, Weibo, WeChat.
-Partnership Network Expansion — With new milestones and integrations, we will focus on making new strategic partnerships for marketing and global awareness purposes. New exchange listings will give us more collaborative marketing opportunities.
-Email campaigns — We will launch mailing services to improve customer engagement. We will also collect and measure the data in order to optimize the user retention.
-SEO + ads — We will increase organic visibility with AdWords, Knowledge Graphs, Sitelinks, In-depth articles and Twitter content. We are also working with Reddit ads.
-Influencers and thought leaders — We will work in collaboration with Foundations of integrated networks, Industry experts, Media influencers, Media platforms like CoinDesk, Cointelegraph, Crypto Briefing
-Events — We will organise AMAs, interview sessions, public presentation of new products and community meetups.
-Community programs — We are looking forward to growing a loyal group of customers for whom Citadel.one is a first-choice platform. Apart from the international channels, we’ve already started local communities in Russia, Korea, China, Vietnam, and Indonesia.
-Ambassador program — We are planning the launch of the campaign to support and incentivize active community members who help spreading the word of Citadel.one
-Localisation — Not only there will be local communities, but we will also provide platform localisation for the content, landing page and platform itself. Russian and Chinese landing page localisation is already live!
Email campaigns — We will launch mailing services to improve customer engagement. We will also collect and measure the data in order to optimize the user retention.
SEO + ads — We will increase organic visibility with AdWords, Knowledge Graphs, Sitelinks, In-depth articles and Twitter content. We are also working with Reddit ads.
Influencers and thought leaders — We will work in collaboration with Foundations of integrated networks, Industry experts, Media influencers, Media platforms like CoinDesk, Cointelegraph, Crypto Briefing
Events — We will organise AMAs, interview sessions, public presentation of new products and community meetups.
Community programs — We are looking forward to growing a loyal group of customers for whom Citadel.one is a first-choice platform. Apart from the international channels, we’ve already started local communities in Russia, Korea, China, Vietnam, and Indonesia.
Ambassador program — We are planning the launch of the campaign to support and incentivize active community members who help spreading the word of Citadel.one
➡️Part 2: Question From Twitter (5 best questions).
What are the difficulties you have been faced during the development of Citadel ? How many product have build on your platform? Can you tell some highlights from them?
Over the past year, we were mainly focused on polishing the wallet functionality. This is the core product — DAO & integration of other features and solutions are added upon the asset-management functionality. Among the major development problems we faced there are:
1) scrutinizing and creating a parser for the each network’s blockchain, (i.e. when the network extremely specific parameters, for instance in IOST or Polkadot, it can be very difficult to understand the data structures in order to turn them into Citadel.one unified form)
2) storage and processing in the database of 2M+ transactions
3) constant scanning of networks
4) building balance charts for extended analytics
5) implementation of the ability to create many wallets from one seed-phrase and make the correct generation of transaction signature for each network
6) processing of historical exchange rates that we receive from third-party applications
Only getting users, holders etc is not everything. In my opinion, a project needs to deal with solving a real world issue or problem What is the problem that your project primarily focuses on?
I believe every issue involving human need is a real world issue, and blockchain tech is definitely on the edge of society transformation.
Our mission at Citadel is to create a product suited for mass adoption, allowing unsophisticated users to get involved in crypto space.
This will benefit solving income inequality as today unqualified investors are very limited with ability to get exposure to what is called “risk assets”. How ever only such type of assets are able to generate life changing returns.
Can you list 1–3 killer features of Your Project that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?
There are multiple features that we consider valuable and significant
1) The smoothest wallet experience that includes advanced transaction tracking, analytics dashboard, sub-portfolios and aliases for addresses. Also, the multi-staking UI is the easiest for user-onboarding.
2) Citadel one-seed wallet enables users to create addresses for all the networks integrated into the platform using only one mnemonic phrase. Thus, there is no need to store and remember multiple seeds for various wallets. In any case, we don’t limit anyone to using Citadel.one platform with our one-seed wallet. We are a wallet-agnostic platform, so you can import addresses with seed-phrase or private key created in other services; you can also use Citadel.one with your Ledger or Trezor device. Later on, you will be able to connect your Web3 wallet and enjoy Citadel.one functionality.
3) Citadel.one DAO & native XCT token. This is something that is pretty unique for wallets and asset-management platforms. With Citadel.one DAO users can actually get more from their staking as XCT is rewarded for staking with Citadel.one nodes via Citadel.one platform. In that sense XCT is a securitized token, meaning it has intrinsic value based on basket of other crypto assets. XCT token also operates as a governance token, so users can be involved in platform activities directly — they can choose networks and features to integrate, vote for DAO financial and governance settings.
4) The most exciting part about Citadel platform, is its ability to become a crypto operating system. Call it iOS for crypto. With the introduction of extensions Citadel will be able to natively support any DeFi protocol or Dapp. We will focus on integrating most popular protocols like AAVE, Uniswap and Pancakeswap natively as well as provide our SDK for outside developers. Think of it as of Wechat, a Super App with Dapps inside.
My question is about your long term marketing plans. How, or through which big partnerships do you plan on utilising to pass your product onto the normal consumer — especially non-crypto people?
Marketing is on me, so i’ll cover it as well ☺️☺️ It’s by no means a secret that the crypto space is attracting more and more tokenholders with the significant growth of the market. The solution users are striving for should be all-in-one, easy-to-understand, with transparent fees & transaction history. It should also provide users with the opportunity to increase their profits. So here we are! Citadel.one has the potential to become the all-in-one crypto super-app with wallet functionality, staking, built-in extensions for various crypto use-cases. We are already offering a pretty sleek user-onboarding for staking and management of crypto assets — the interface is pretty crear for newbies as well as for experienced crypto adopters. Later on, we will present our updated interface with guides and even more convenient access to crypto.
As for the partnership side:
We’ve grown our partnership network significantly — both for the marketing and development sides. We have established partnerships with Secret Network, BAND Protocol, iOST, Nexus Mutual, Staking Rewards, Injective Protocol and many more — full list is available on our website. With each and every integration we are opening up for a new audience — we believe that the launch of extensions section will bring us brand new partners and new strategic opportunities. We also have a strong back of our advisors and investors. Plus, as soon as we are projecting to transition to BSC, so Binance partnership is in our plans.
Stay tuned for more partnerships and integrations shortly.
A Iot of bIockchain projects are on paper onIy and no product or product has no practicaI meaning. PIease teII us which products are currentIy focused on?
Unlike other projects in crypto space which promise to deliver in future, Citadel actually has a working product. We are solving practical issues such as staking, assets management, bridge functionality, ability to use any wallet. With introduction of extensions our users will enjoy a full cycle of on platform experience without the need to “jump” between DeFi protocols and wallets. Our mission is to take a UX in crypto to the next level.
➡️Part 3: Free asking (5 best questions)
-Citadel runs active validation nodes on multiple networks so you can easily bet and earn rewards. Which networks does Citadel use to increase rewards for its users? Is this node model an automated process or is it operated by people who become Citadel nodes?
We run our own nodes in 21 networks (for example, Cosmos, Secret Network, Oasis, Persistence, IOST, ICON and many others) — there are 30+ networks including testnets. The validators that we host are 99% uptime. So users can receive the passive income without worrying. Staking UX is also really easy for everyone — go ahead and test it out via citadel.one ;) If you are still wondering about our nodes performance tracking, I’ll give some details. In order to track the healthy node performance we use Grafana for monitoring of the CPU load, uptime, current and missed blocks + random-access memory usage.
We also use ELK Stack software for building analytics, errors search, failure mode and effects analysis. In addition, there is Zabbix for hardware, hard disk and memory load monitoring.
To take full control we involve Telegram bot that sends notifications if something out of order occurs.
Right now issuing a token is a fairly simple process. However, building systems and ecosystems is the hardest part. My question is, how will the demand for tokens increase and how will this token be used in the ecosystem?
Excellent question. Our tokenomics in built on several concepts.
1. just as on any other DAO in space XCT will have a pure governance function. Stakers would be able to vote on on platform features, set and adjust policies
2. XCT token has a unique concept of “positive loop”. after the DAO launch half of rewards from nodes would go to the community pool and can be voted to get back into the pocket of stakers. Thus staked XCT token in basically a claim to the basket of crypto tokens, making XCT a securitized asset. This creates an incentive for stakers to stake more funds on CItadel nodes and to stake more XCT to maximize returns.
3. Along introduction of extensions other revenue steams would be added in for of commission fees from on platform transactions.
For a project development first of all main priority is having enough fund. Does your team financially capable to run this project? and Do you have enough fund for it is developement Can you tell us that how your project generate the profit?
We were completely self funded for 2,5 years before our private round. After it we have enough funds to cover several years of our development considering extensive grow. Also what makes us really unique comparing to others is what we have a revenue stream generated by Citadel nodes. Currently rewards alone are almost covering our expenses. So we a very well funded project.
Smart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secured is your smart contract, and did you ever audit it via any external party?
We will conduct a third party audit of our smart contracts in the foreseeable future. Perhaps the best possible candidate is Certik, as they have a great reputation and experience. Also we have their core team member as an advisor of CItadel.one
Developing a new platform always requires a lot of research and effort. We see, most of the project just clone of an existing project. So, IS Your project clone of an existing project or is it built from scratch? If yes can you please introduce the team behind this idea and development?
no, we are very unique. our closest analogue are Mantra and Frontier, still we have major differences that we’ve covered during the AMA