🏅RECAP AMA EPID COMMUNITY x GENESIS SHARDS
🕖AMA Timing : 23rd April 1 PM UTC | 8 PM (GMT +7)
🏚Venue For AMA: @EPID_Community_VN
💰Reward Pool : 200$
➡️Part 1: Project Introduction.
Pikar Yang Hồ 🍋 | Vua Vo Danh 🔪|, [23.04.21 20:15]
Q1. Could you briefly introduce yourself as well as your project?
Cryptocat, [23.04.21 20:23]
I work on partnerships and growth at GenShards (GS) . 💎
I have 3+ years of experience in crypto.
Prior to this I had completed my MBA and worked at Goldman Sachs. (which is also GS by the way :P)
I started in crypto in 2017, when the bull run had made crypto a hot topic at my workplace :D
Then I gradually started learning about the fundamentals and I was hooked
I discovered GenShards a few months back and it caught my attention immediately — because the problem it was solving was something I was facing myself ! PreIDO liquidity, or rather the lack of it, is indeed a big issue in DeFi today.
Having a deep financial background makes me appreciate the value-add that DeFi is bringing into the world 🌎
Cryptocat, [23.04.21 20:24]
Let me introduce the core team as well…
Genesis Shards is a 12 member strong mission driven global team that has built and scaled products at Harmony, Marlin, EOS, Accenture, Deloitte, and Wharton.
It was co-founded by Nilotpal Mukherjee and Garlam Won in 2020, both having a combined 12+ years of crypto experience.
Nilotpal started his career as an investment banker with Deutsche working on deal structuring, valuation and IPO processes, and later was a strategic consultant at Accenture before taking the first step in Crypto back in 2015. Later in 2018 he joined and headed the Business at Marlin (a 1.7Bn$ project atm), and was instrumental in early growth of the company laying a strong foundation for the brand.
Garlam Won has also been in the ecosystem since 2015, and previously headed Marketing at Harmony before starting his venture — Momentum 6. He has been behind the marketing of some of the top DeFi & NFT projects in the space including the likes of Band, Kava, Mantradao, and 25+ others . He further exerts influence in various parts of the Blockchain Ecosystem through his in-depth connections in Korea, China, Canada and US.
As part of the Core team, we also have Jae Chung, who is our superstar blockchain engineer and is heading the development team at Genesis. He became known in the space through the EOS.IO mainnet launch as a gifted developer, with his abilities eclipsing those of his experienced peers. Jae is often invited to speak at prominent conferences and can be found discussing the benefits/pitfalls of blockchain technology during interviews.
— DONE —
MCK ở Circle K, [23.04.21 20:25]
Q2. What makes the Genshards project stand out more than the projects in the same direction at the moment?
Cryptocat, [23.04.21 20:30]
Sure…here’s how I would describe GenShards in short… 📝
Genesis Shards is a whole new marketplace for pre-IDO tokens on NFTs powered by Polkadot. 🀄️ 🃏
GS was created to usher in a new paradigm for DeFi transforming NFTs into a liquidity vehicle for pre-IDO tokens, and to introduce a whole new suite of DeFi products across multiple blockchains. ⛓
A quick discussion on the problems GS is addressing… ✅
The DeFi ecosystem as we all know has leapfrogged in the last few years specially in 2020–21 with IDO or Initial DEX Offering fast becoming the method of choice for token distribution and capital raises.
With the conclusion of an IDO event we have seen an influx of liquidity into the token.
However the Pre-IDO space is still riddled with several liquidity issues (have faced this myself) — while on one hand there are very few avenues for pre-IDO trading by the community it is also a big pain point for projects as they have limited community participation, and little sense of price discovery in the early stages.
For most of these pre-IDO transactions, they are currently being executed in OTC (over the counter) ‘platforms’ or ‘forums’ which are scattered and hard to find for the average investor.
The biggest problem, however, is the highly inconsistent OTC trade practices for pre-IDO tokens where these trades are often conducted by two parties in an uncertain environment with a high risk of default.
In short, there are hardly any trustless and permission-less platforms that allow for fair and easy trading of illiquid pre-IDO tokens. 💧
GS solves this issue by using GenTicket NFTs — which enable liquidity for pre_IDO tokens
In this respect, we are the first ever project with such a solution!
- DONE -
MCK ở Circle K, [23.04.21 20:34]
Q3. What are the memorable milestones of Genshards in the research and development process?
Cryptocat, [23.04.21 20:38]
Here’s a short recap of key milestones we’ve hit so far
1. Strategic fundraise round 💷
We successfully closed a $2.7Mn fundraise with participation from industry heavyweights such as 3Commas, Block Dream Fund by OKEx, LD Capital, Spark Digital Capital, Santiago Roel Santos of Parafi Capital and Momentum 6, among several others.
Press coverage -
2. Hugely successful launch of the first-edition GenTicket NFTs 🀄️
The launch of the $GS GenTicket NFTs (the first-ever GenTickets) received a staggering 215,000 registrations! 165 limited-edition NFTs were distributed to the community in this GenTicket sale.
Medium post -
https://medium.com/genesis-shard/welcome-to-the-gs-genticket-nft-launch-7f9db1b66bba
3. The wildly successful public sale for the $GS token ☯️
Our public token sale via a Polkastarter Dual IDO received a groundbreaking 1,500,000 registrations! GS was the very first-ever dual IDO on POLS with a simultaneous launch on ETH and BSC ( successfully completed Apr 14th )
Medium post -
https://medium.com/genesis-shard/genshards-gs-dual-ido-on-polkastarter-7f3769ea777c
4. Key partnerships for GenShards 🤝
Genesis Shards has entered into partnerships with projects that are industry-leaders or cutting-edge innovators in their respective fields. Partnerships that have been established to date include :
Polygon, PolkaFoundry, Kylin, dART, Zeroswap, Raze network, CardStarter
📌 We recently shared our roadmap, which discusses our progress in depth 📌
https://genesis-shards.medium.com/presenting-the-genshards-roadmap-3d37d2846897
— DONE —
MCK ở Circle K, [23.04.21 20:38]
Q4. What does Genshards plan to do to attract more users in the upcoming time?
Cryptocat, [23.04.21 20:41]
For Genesis — adoption would be both in terms of
a) DeFi projects adopting it as their early stage partner, and also 🤝
b) the community, using our pre-IDO marketplace platform 👥
Once we have promising early stage DeFi projects choosing us as their preIDO partner — the community side of the equation will largely take care of itself. Excited to share that we are already seeing massive interest from DeFi startups interested in our ecosystem and product.
In addition to this, we have a strong network of Access partners who will be helping us expand our ‘field of vision’ — by helping bring in promising early stage DeFi projects into our ecosystem. 💎
The cherry on top is the strong marketing background and networks of our team in the DeFi space. ..our Co-Founder Garlam Won headed marketing at Harmony, and has consulted several top-tier DeFi projects in this space 🌌
— DONE —
➡️Part 2: Question From Twitter (5 best questions).
MCK ở Circle K, [23.04.21 20:44]
Q1. @SteveJo37818340
The blog explains, Genshard Turns the NFT into a liquidity vehicle for Pre-IDO tokens, is this IDO the only way you can raise funds? and is this a regular Genshard agenda? how do you read the competition in the future?
Cryptocat, [23.04.21 20:48]
To answer this, first we need to understand how NFTs help in constructing DeFi option products by ‘wrapping’ preIDO tokens 🎁
As the first use case of Genesis ecosytem, by wrapping time-locked fungible tokens (in this case PreIDO tokens) into NFTs (in this case the GenTickets), the NFTs start behaving like a DeFi option.
Just like regular options, these Gen Tickets will have some value derived from the underlying assets (pre-IDO tokens), and some value derived from time sensitivity (token unlock points).
When the last post-IDO token tranche is unlocked by the project, that is when the time value would collapse to zero — and only the underlying asset value would remain.
And now I’ll discuss on the difference between ‘preIDO’ and ‘postIDO’ tokens 🃏🀄️
From the above, you can understand that GenTicket NFTs enable the continuity in liquidity between pre- and post-IDO phase
a) In the pre-IDO phase : the GenTicket would reflect would contain pre-IDO tokens. These tokens cannot be extracted at this point, but the NFT itself acts as a liquidity enabler for these pre-IDO tokens
b) After the IDO event : the GenTicket would be redeemable for the projects tokens (only the unlocked portion) — these are the usual “post-IDO” tokens that all of you are familiar with
Pre-IDO launch is an integral feature of GenShards
Any project that is launched on the GenShards launchpad will be able to do a pre-IDO launch using our GenTicket NFTs
— DONE —
MCK ở Circle K, [23.04.21 20:49]
Q2. @Plevnes
🌈 “STAKING” is one of the STRATEGIES to ATTRACT USERS and ACHIEVE MASS ADOPTION
Does your GREAT PROJECT have plan about Staking?
Cryptocat, [23.04.21 20:53]
Yes, we have $GS staking as well as liquidity mining coming up soon ✅
More details on the tech/product milestones can be found here
https://genesis-shards.medium.com/presenting-the-genshards-roadmap-3d37d2846897
— DONE —
MCK ở Circle K, [23.04.21 20:54]
Q3. @Nmay29183
Which one the most important for you in developing the community and increasing the value of the project? Which one that Will you do first?
Cryptocat, [23.04.21 20:59]
In order of importance…
1) Building community trust — as that’s what the platform is all about.
A trusted NFT OTC marketplace.
2) Token price — it comes next because we strongly feel if we do the first one properly, don’t see a reason why this should be a concern at all.
Having said that our token would accrue value with every pre-IDO that launches on it.
So if the community likes the projects, the platform supports the best environment, and the ecosystem partners offers a holistic support, the token price would automatically accrue.
— DONE —
MCK ở Circle K, [23.04.21 21:01]
Q4. @RiciK272
Community is the key to success of any projects. What is Genshards’s community expansion plan and what are your areas of priority?
Cryptocat, [23.04.21 21:04]
We are fully committed to expanding the community and also getting talented and interested community members involved in the project ! 👩👩👦👦
We recently announced the ‘Genvengers Program’ for our community. 🦹
Would request all of yo u to check it out , and apply if interested ! ✅
— DONE —
MCK ở Circle K, [23.04.21 21:06]
Q5. @Dgraw0
Many investors hit and run in the sell and sell session after listing on the first exchange, How did your project prevent early investors from selling their tokens and what benefits you would give them?
Cryptocat, [23.04.21 21:10]
📌 Utilities of the $GS token in the ecosystem
The $GS token is native utility token of Genesis ecosystem.
The token gets used for Genesis Access, Genesis NFTX and plays a significant role in Genesis network governance.
The various roles of $GS token in Genesis ecosystem:
Gen Access: 🗝
$GS Tokens are required to be swapped for Genesis Access NFTs to be a part of the Genesis network. Based on the amount of tokens held access tiers are decided enabling different access rights to its users.
Gen NFTX: 🀄️
$GS token is the native token on the NFTX platform allowing users to benefit from reduction in Swap fees for tickets, access cards or Gen smart contracts.
Gen Governance: 👥
$GS tokens would provide governance rights to its members where they can vote on different proposals within the ecosystem. The number of tokens held would be a representation of voting power within the network.
The best part about the Genesis $GS token is that it accrues value with every new pre-IDO that gets launched on it.
📌 Also, GenShards is a pre-IDO launchpad, and there will be projects launching on us
Holding a certain number of $GS tokens also provides access to launchpad projects 🔥 — more details on this will be shared in a later post.
— DONE —
➡️Part 3: Free asking (5 best questions)
Q1: How does the NFT tokenization work?
A:
The Genesis swap architecture allows swapping of NFT-wrapped baskets consisting of pre-IDO tokens, Defi indices, Genesis Access cards, Genesis tokens, Gen SAFT NFT contracts via an NFT contract engine. 🃏
Pre-IDO tokens are wrapped into Gen Tickets, which are NFT contracts that can be traded on an NFT exchange such as OpenSea, (or later on our own exchange Gen NFTX once it launches). ♦️
Gen Tickets are redeemable for post-TGE (Token Generation Event) tokens once its vesting cliff period is over. 🧗
— DONE —
Q2: How important is the community to you? and how can we collaborate or help you for the development of the project?
A:
Again, we would like to reiterate — Community is at the core of Genesis’s vision. 👩👩👦👦
The very heart of the product focuses on two main challenges faced by the community in Pre-IDO space :
- lack of liqudiity in OTC markets and
- inconsistent OTC trade practices in uncertain environment
In addition to this, our vision involves creating a community centric marketplace where retail members with Genesis Access Card holdings get access to early-stage entries in some of the best-vetted projects in the DeFi space — on the same stage as VCs/ institutions,
Community plays the most significant role in the Genesis Shards ecosystem, right from the ground up
If you are a community member who wants to contribute to the project, do check out the GenVenger program ! 🦹
https://genesis-shards.medium.com/introducing-the-genvengers-program-443ac76e2329
Q3: I care deeply about personal privacy, personal and organizational security, and the decentralization and sharing of power. What are your goals and motivations for taking on anonymity with transparency in general specifically as your project priority?
A:
We want to bring the option of privacy and anonymity for transactions on our network 👣
To this effect — we have partnered with Raze Network to bring next-gen privacy to our users and community (details in the below post)
To stay up do date with our updates, follow us on our social media channels !
Medium
Twitter
Telegram community
Telegram announcements channel
Q4: without proper marketing and capital infusion, project dies, how do you convince us you have adequate marketing power and capital to push this project to the top project ?
A: [In reply to Lofer Lin]
We think we have almost everything aligned in the team that’s required for the project’s success:
Tech:
We have Jae leading our dev
He became known in the space through the EOS.IO mainnet launch as a gifted developer, with his abilities eclipsing those of his experienced peers, and comes with years of Blockchain experience.
Marketing:
We do believe we have a very competent team from a marketing perspective.
In fact our Co-Founder Garlam Won headed marketing at Harmony, and has consulted several top-tier DeFi projects in this area including Kava, Band, Mantra Dao etc.
Capital:
We do have adequate backing with respect to capital — the fundraise article should give good insights around it.
https://cointelegraph.com/press-releases/genesis-shards-raises-27m-to-create-new-pre-ido-market-using-defi-nft-options
Business:
Our cofounder Nilotpal comes with a strong business and strategy background and previously headed the Business at Marlin Labs.
Q5: Due to Crazy Etherum gas fee, Are you planning to move Genesis Shards ERC20 to Binance Smart Chain? Because BSC have very low Transaction fee.
A: [In reply to Yon Cowart]
The $GS token is both ERC20 ( ETH ) and BEP-20 ( BSC ) compatible
Post our IDO, the token has been listed on the leading DEX’s for ETH and BSC. Details are as below -
- Uniswap
- Pancakeswap
- — -
Official contract addresses and exchange trading pair links 💱
✅ For ERC20 $GS tokens :
📌 Uniswap : https://app.uniswap.org/#/swap?outputCurrency=0xe0B9a2C3E9f40CF74B2C7F591B2b0CCa055c3112
📌 ERC20 Contract : https://etherscan.io/address/0xe0b9a2c3e9f40cf74b2c7f591b2b0cca055c3112
✅ For BEP20 $GS tokens :
📌 Pancakeswap : https://exchange.pancakeswap.finance/#/swap?outputCurrency=0x9bA4c78b048EEed69f4eD3CFddeda7B51BAF7cA8
📌 BEP20 Contract : https://bscscan.com/address/0x9ba4c78b048eeed69f4ed3cfddeda7b51baf7ca8
- — -
📌 Dextools Link :
https://www.dextools.io/app/uniswap/pair-explorer/0x213b02e31fd17d631e1d7207ce5957552990008a
