🏅RECAP AMA EPID COMMUNITY x COOK PROTOCOL

🕖AMA Timing : 29th March 2 PM UTC | 9 PM (GMT +7)
🏚Venue For AMA: @EPID_Community_VN
💰Reward Pool : 100$

➡️Part 1: Project Introduction.

MCK ở Circle K:
Q1:
Could you briefly introduce about yourselves as well as your project?

Harry Chawla [Community Manager]:
I am the community manager at Cook Protocol. I am basically in charge of marketing And looking at the industry and thinking what the company will need to do to stay relevant in the industry

So Cook Protocol is a decentralized asset management platform built for ordinary investors and professional asset managers to unlock an entirely new universe of DeFi innovations.
The product that we have envisioned is a trustless, transparent, and well-incentivized platform that provides investors with a selection of investment choices and fund managers with access to highly liquidized funds.

MCK ở Circle K:
Q2:
What makes the Cook Protocol project stand out more than the projects in the same direction at the moment?

Harry Chawla [Community Manager]:
So, we are a platform and our users are investors and asset managers. By talking to our users, we discovered that a lot of them wanna get into DeFi but do not know how. So that’s the reason why we decided to create a platform that will help investors to participate in the DeFi revolution. Basically, they can choose any investment strategy they like and deposit their crypto assets into the selected smart contract. Then for asset managers, since DeFi is so new, a lot of them do not have access to liquidity and there is not a lot of investment tools out there. So our platform helps them bridge the liquidity gap.

MCK ở Circle K:
Q3:
What are the memorable milestones of Cook Protocol in the research and development process?

Harry Chawla [Community Manager]:
We have developed a centralized asset management platform called binves.com and we had a 5M USD asset under management and different asset allocation strategies in different verticals such as DeFi. Then the platform evolved into something bigger and more decentralized, Cook Protocol. In the future, our main focus is to create a decentralized asset management platform for the spot market, and then tap into more advanced markets such as derivatives, margin trading and loans.
You can check out our roadmap here: https://www.cook.finance#roadmap

MCK ở Circle K:
Q4:
What does Cook Protocol plan to do to attract more users in the upcoming time?

Harry Chawla [Community Manager]:
It’s an interesting question since there are so many players in DeFi. We are in the asset management subdomain, which is not that crowded. Because it is basically sitting at the top level of the DeFi lego. An analogy would be in traditional finance, you would not have mutual funds without a stock market. So in our scenario, the fast development of DEXes, lending protocols, derivatives are all giving us more and more options to play around with.

MCK ở Circle K:
Q5:
Who are some business partner/clients for Cook Protocol?

Harry Chawla [Community Manager]:
We’ve several partnership and are building them on the way. We recently partnered with duckdao and velvas. We also got investment from OKEx investment firm
➡️Part 2: Question From Twitter (5 best questions).

MCK ở Circle K:
Q1. What makes you feel confident about the survival & sustainable success of Your project in the near future?While you build your project, do you take into account community feedbacks and demands? @roseq11

Harry Chawla [Community Manager]:
I don’t think anyone can forecast or predict the future. But we do have our vision and beliefs based on our industry experience and observations. We think although there is a bubble in DeFi, the Gamestop and Robinhood incident that happened last month was a clear indication that we cannot depend on centralized organizations. In the centralized system, there are and will always be monopolies that can block anyone at their wish. So I would say token prices might rise and drop but good companies will stay for a long time and make real contributions to our society.

MCK ở Circle K:
Q2. How many wallets that can support $Your Token until now? And do you have any plan to build your own wallet? @alisa_crypto

Harry Chawla [Community Manager]:
Our token work across different chains, so any wallet that supports erc20 tokens, and you can look at our roadmap for detailed information about projects

MCK ở Circle K:
Q3. 3. Lots of projects have appeared and issued their own tokens or coins, but many projects failed to disappear (SCAM) because they could not develop their tokens or coins, how did your project achieve success and tell us that your project is not a SCAM project? @costariclipo

Harry Chawla [Community Manager]:
For us, the biggest advantage we have is definitely the team. We already have experience with asset management with the binves project. Plus as I mentioned before, we are Silicon Valley veterans representing the best companies in the world like Google, Youtube and Dropbox and then also from top universities in the states like Stanford, UC Berkeley and Carnegie Mellon.

MCK ở Circle K:
Q4. Cook’s protocol for the public sale on the IDO DuckSTARTER platform on March 31. Following the launch of the Cook Protocol, what will be the a wide range of use cases within its ecosystem that the $COOK token will have? Why have you chosen DuckSTARTER to take this important step? @TheShadowJK_1

Harry Chawla [Community Manager]:
The token utility includes:
- community and protocol governance
- pay platform fees
- receive platform revenue
- staking to initialise funds

So the token price will be based on demand for its utility in the market.

Cook Protocol has two target audiences: one is people who do not necessarily have the tools and knowledge to navigate through the complex and highly technical landscape of DeFi

Second group is people who have more knowledge on DeFi but would like to have a one stop shop to interact with the major DeFi platforms

We will definitely have a lot of tools and investment strategies for common users but also at the same time more advanced tools for proficient DeFi experts.

So we expect there to be significant demand as the protocol can be used by a wide range of investors.

MCK ở Circle K:
Q5. Adoption and Transparent communication; which builds trust, is become big problem in the implementation of the project it self.
What’s CookFinance solution to solved these 2 matter and really brings excelent experience to its users? @Corrie_Dorf

Harry Chawla [Community Manager]:
A lot of these projects have unlocked tokens. So the price goes super high and everyone dumps and the price falls to the floor. First, we have a price-based unlocking schedule. For every 7 days, if the average price hits a certain point, then a portion of the tokens will be unlocked. This mechanism essentially prevents the pump and dump from happening. For us tokens are just a means to reach our goal, which is to bring finance to the masses. Token price is very important to bootstrap our ecosystem and bring in users but it is definitely not the final goal.
➡️Part 3: Free asking (5 best questions)

Q1:
Can you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team?

A:
10 billion COOK tokens will be minted at genesis. The token allocation is as follows:

60% to the COOK community treasury with a six-year vesting schedule.
6,000,000,000 COOK

10% to community incentive & Airdrop. 1,000,000,000 COOK

10% to early community investors with a price-based and time-based unlocking schedule. 1,000,000,000

10% to business and media partners. 1,000,000,000 COOK

10% to team members, advisors and future employees with a price-based unlocking schedule after 90 days cliff. 1,000,000,000 COOK

Q2:
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?

A:
There were quite some DeFi attacks associated with flash loans and manipulation of Oracle services. So first thing first, we have a pretty strong engineering team from Google, Youtube and Dropbox, top notch Silicon Valley engineers. So we have high coding standards. Second of all, we use already battle-tested industry standards such as OpenZeppelin for smart contract development.

Also, we will perform robust unit test and integration testing. We will have the industry leading audit firm CertiK audit our smart contract to minimize security risks and vulnerabilities. In addition, we also provide insurance options so that investors can opt to purchase insurance to protect their investments.

Q3:
COVID 19 has slowed many economies around the world but as a crypto business has it affected you negatively or positively? Secondly, are you still on track to achieve your targets as the road map says?

A:
Fortunately we were effected postively as you’ve seen the DeFi craze has been really in hype ever since covid, DeFi might be in a bubble, we believe however our trust in our vision and our product Is absolute and we believe the companies with actual working products will stay even after bubble burst.

Q4:
Does your project have a local community for those who don’t understand english?

A:
Our approach is global, we are targeting companies and communities across the globe.

Q5:
What makes you feel confident about the survival & sustainable success of Your project in the near future?While you build your project, do you take into account community feedbacks and demands?

A:
the space is not crowded as I mentioned. As we are sitting on the top of the DeFi lego. The space is just starting to get really interesting because all the groundwork has just been laid down. So I would say that we are probably not the first mover in the space but we definitely have the early mover advantage, which is even better than the first mover. Because we can just study what the first movers did well and which part they did not do so well. Then we can become better and there are so many more things we can do in this space.

Thank you for the support and enthusiastic participation of the community!
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