Plethori x Satoshi Club AMA Recap from 31st of March

Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Plethori and our guest was @crypt10crypt. He have been in the crypto space since 2016 in various roles starting off as an investor and moving into development and working alongside teams in marketing, partnerships, strategy and many other roles. The AMA took place on 31 March.

The AMA session was divided into 3 parts with a total crypto reward pool of 500$

In this AMA Recap we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Telegram community

Gold Rocket | Satoshi Club: Hello Satoshi Club!

Andrés M. | Satoshi Club: Hello everyone, welcome to another AMA session🥳

Gold Rocket | Satoshi Club: We conclude our today’s AMA marathon series with Plethori.

Today our guest is @crypt10crypt!

Andrés M. | Satoshi Club: @crypt10crypt welcome to Satoshi Club

Ryan Matovu (10crypt): Hello everyone, it’s a pleasure to be here!

Gold Rocket | Satoshi Club: We are very glad to conducting AMA with Plethori!😀

And we want to know more information about the project😊

Ryan Matovu (10crypt): Im glad to be here and answer all the questions you have😃

Andrés M. | Satoshi Club: How is going your day?

Ryan Matovu (10crypt): My day has been going great thanks! Working hard with the team

Gold Rocket | Satoshi Club: А little intro to start🚀 from you.😊

Introduce youreself. How did you get to be involved in crypto & Plethori?

Tell us please about yourself and your position in Plethori.

Ryan Matovu (10crypt): Sure!

I’ve been in the crypto space since 2016 in various roles starting off as an investor and moving into development and working alongside teams in marketing, partnerships, strategy and many other roles.

Gold Rocket | Satoshi Club: What is the essence of Plethori?

How long does it take to develop a project? What plans do you have for the future? And what can we expect from Plethori?

Ryan Matovu (10crypt): I come from a Mechanical Engineering background which drew me towards the technical aspects of blockchain and my entrepreneurial experience led me to leading projects. I’ve worked in finance, B2B and B2C sales, marketing and news among various other start-up ventures. I have also been a Forex, commodities and crypto trader

Gold Rocket | Satoshi Club: You have a lot of experience 👍

Ryan Matovu (10crypt): Plethori is an investment platform for the trading and creation of decentralized ETFs(exchange-traded funds) built on Polkadot.

Andrés M. | Satoshi Club: Great background

Ryan Matovu (10crypt): Through all our team member’s experiences, we realised that the crypto space was driven by trends as opposed to individual projects. For example, towards the end of 2020, it was DeFi and yield farming with the likes of YFI taking centre stage but also ushering in a new phase for blockchain usecases. At the beginning of this year oracles and derivatives gained alot of attention and right now, it’s clear to see that ons of the driving force in the market right now is NFTs

We saw that there were many solutions and protocols to invest in individual projects but none for investing in overall trends

This is how Plethori was born. We are building the solution to this. Our ETFs made up of portfolios of various tokens and assets will allow users to invest in entire trends, industries and sectors in the crypto space at the click of a button on our exchange

Andrés M. | Satoshi Club: What about fees in your platform? Could it be a problem for new traders?

Ryan Matovu (10crypt): Not at all, this is one of the benefits of our platform in that you can invest in, for example, an NFT ETF made up of a portfolio of key well performing projects in the NFT space in one single transaction as opposed to buying each individual asset

But the most innovative fee saving mechanism is our integration with the soon to release Optimism layer 2 solution

This will allow immense increases in speed but also decreases in transaction costs on our platform all while maintaining the full security that the Ethereum mainet provides

We will be one of the first projects to utilise Optimism upon release

Gold Rocket | Satoshi Club: We can see how you are passionate about the project 😁

it’s always impressive! thanks for the great intro. ready to move on to questions from the community?😊

Ryan Matovu (10crypt): Developing a project can take anywhere from weeks to months to years depending on its complexity. Plethori is building a large ecosystem of products and technologies so we have a long term vision spanning years into the future. Our v1 platform launching in a few weeks will be the start of this with the V2 ETF creation protocol in Q2 expanding this further. Q3-Q4 will push us closer towards our expansion into traditional finance

Gold Rocket | Satoshi Club: Oops😁

Take your time please😊

Ryan Matovu (10crypt): I’ll finally say that we look to provide these amazing services not just within the crypto community but outside aswell with our mobile application later this year and also our integration of mirrored assets essentially providing all the basic assets that can be found in tradfi such as stocks and commodities on our platform

Andrés M. | Satoshi Club: Let’s proceed with our first question

Q1 from Telegram User @yellowchamp

One of the capability of Plethori Protocol is users can earn a percentage of the transaction fees for every trade on the platform. So can you explain how this works? Is this earnings applicable to all traders in Plethori? How will the earnings from transaction fee be distributed to users or traders in your platform? Is this earning be withdrawable in Plethori? Thank you

Ryan Matovu (10crypt):

Here is our roadmap with more details of the amazing things we are building

This will be applicable to all holders and stakers of the PLE token who use the platform, will be distributed periodically and will be available to withdraw in plethori

Gold Rocket | Satoshi Club: Wow! you have an ambitious goal and plan for the future! 🚀🚀🚀

Thanks for sharing with us 🙂

Ryan Matovu (10crypt): No worries 🙂

Andrés M. | Satoshi Club: Apart of that, what will be the main benefits for holders?

Ryan Matovu (10crypt): The main benefits to holders is in the utility of our token giving access to the platforms features but also acting as a governance token for Plethori. Holders and those who engage with our platform will hold power in the decision making processes that drive the development of Plethori as a whole

Andrés M. | Satoshi Club: Great answer, do you want to add something before the next question?😃

Ryan Matovu (10crypt): Not at all, would love to here more questions 🙂

Q2 from Telegram Username @Romadel33

This powerful union between these incredible ecosystems, Ethereum and Polkadot in Plethori, are responsible for achieving one of the qualities, which fixes much of the attention of investors, such as ultra low commissions, speed and maximum security ? can you tell us how Plethori achieves the synergistic work of the 2 ecosystems to achieve this wonderful achievement ?

Ryan Matovu (10crypt): Great question

We are already working alongside Moonbeam to facilitate this in a smooth manner. Their EVM comparability and our substrate solutions we are building will allow for easy movement of investment back and forth between both ecosystems.

Andrés M. | Satoshi Club: Talking about it, we would like to know more about your partnerships, can you tell us more about it?

Ryan Matovu (10crypt): Partnerships are very important to us as a project looking to expand into various ecosystems

We are already working with a few projects which are soon to be announced this week who are drivers in their respective fields and will improve the tech we are building. Every partnership will have an identifiable usecase in our ecosystem whilst also giving us the opportunity to showcase our own technology in how we improve their ecosystems

Andrés M. | Satoshi Club: Any easter egg for us about that?😁

Ryan Matovu (10crypt): Portfolio management and being able to see the market analytics clearly is important for our platform. Very important “tools” for any trader🤫

Andrés M. | Satoshi Club: Thank you so much, that give us a possible idea😁

Btw, we will be expecting to know more

Are you ready for the next question?🥳

Gold Rocket | Satoshi Club: and also thanks for the great answer👍

Ryan Matovu (10crypt): Ask away 🙂

Q3 from Telegram User @AugusS7

I recently heard information about the development of a BTC ETF creation in Canada, and that it will create an impact on the BTC, but what is an ETF really? Are they related to already established currencies or can it be a separate currency?

Ryan Matovu (10crypt):An ETF is similar to an index in that it tracks the price of a portfolio of underlying assets and can be traded on an exchange. They don’t have to be related to already established currencies

Andrés M. | Satoshi Club: So, about NFT what group of coins will be part of the portfolio? All NFT currencies like DEGO, SAND?

Andrés M. | Satoshi Club: I’m right?

Ryan Matovu (10crypt): They can be any NFT project that is traded on uniswap

We will announce a full list of the projects making up the ETFs before platform launch

Gold Rocket | Satoshi Club: please do not forget to inform Satoshi Club😉

Ryan Matovu (10crypt): Of course 🙏

Andrés M. | Satoshi Club: I will ask you the same, could you give us an easter egg about some of those projects?🤔

Ryan Matovu (10crypt): They will be key projects in the industry/sector of that ecosystem. For example, in our Polkadot Ecosystem Fund, Polkastarter and other key projects would be included

Andrés M. | Satoshi Club: Amazing news, thanks for share it Ryan👏

Is time to go with our next question, something else do you want to add?😃

Gold Rocket | Satoshi Club: Awesome👏

Q4 from Telegram User @Xusuo

I just checking your website, there are info ‘Build on Polkadot’ and ‘Build on Optimism’ actually I understand about polkadot chain but what is optimism? Can you explain that part?

Ryan Matovu (10crypt): Yes of course

https://optimism.io

Optimism is a layer 2 solution for the Ethereum blockchain that will be releasing soon. It is the solution that uniswap V3 is building on

Gold Rocket | Satoshi Club: thanks for your answer! do you want to add something or can we proceed to the next question? 🙂

Ryan Matovu (10crypt): Essentially how it works is that it acts as a side chain for Ethereum by processing all the computations for transactions. The big benefit over other solutions is that the data remains on the ethereum mainet but it is only the computation/hard work that is transferred over to the Optimism chain. Once the computation is complete, the final value is returned to the Eth mainet to complete the transaction

We are working on articles to break down this advanced tech in terms of how the OVM and optimistic rollups work into a more simple palatable form for everyone to be able to understand this

Next question😃

Andrés M. | Satoshi Club: Thanks for the answer, let’s proceed🥳

Q5 from Telegram User @victorogb

With the ETF market’s current value soaring at an astronomical rate and potentials for further expansions & increase steadily rising, Plethori has done a brilliant job to usher this attractive and lucrative market opportunity which previously had a more traditional investment structure, to the crypto and DeFi marketspace. With the well known complexities of traditional ETFs how will Plethori efficiently and conveniently make this venture less worrisome and more attractive, appealing and profitable to the DeFi community?

Ryan Matovu (10crypt): This is a really good question

This is the benefit of blockchain in that everything we build can be integrated into a smart contract which executes processes and transactions automatically. Combining this with our oracle integration for on and off chain data gives possibilities not found in traditional finance in terms of being able to performing the necessary rebalancing that is needed for ETFs in a secure and decentralized manner. All this will happen in the backend with the user seeing only the ETF of their platform portal, a buy and sell button and and the many other features we provide with no interruption to their trading experience!

Andrés M. | Satoshi Club: Thanks for the detailed answer. Btw we would like to know about your tokenomics, how is the quantity of tokens distribution?

Gold Rocket | Satoshi Club: great features!

Ryan Matovu (10crypt): Great, I can share our tokenomics paper here for you 🙂

Andrés M. | Satoshi Club: Thank you😁

Ryan Matovu (10crypt): https://drive.google.com/file/d/1025ybT-PX7s0CqSNfMMc_IeXR3Swh9ra/view?usp=drivesdk

The max supply will be 100 million at a public sale listing price of 0.04

More details will be announced soon for our upcoming public sale later in April

Andrés M. | Satoshi Club: How to join the public sale? Is there any whitelist?

Ryan Matovu (10crypt): Yes, there will be a whitelist and we will announce details in the very near future

Before the next question..

@AndresM77 I see you like Easter eggs haha.

All I can say for now is everyone who participates in the public sale and those join our community and buy after listing supporting our project will be “paid” well

Andrés M. | Satoshi Club: Haha yes😁, we love to know secrets

Thank you Ryan for the answer, it’s so important for us that share this kind of info with our users

Let’s proceed with the last question of this part of the AMA🥳

Q6 from Telegram User @MaxiVV

I read that Plethori will connect the Ethereum and Polkadot ecosystems empowering traders by providing a wide range of ETF tokens to trade and invest and leveraging the technology of both blockchains to open new avenues for investment strategies. BUT in your roadmap for Q2 2021 is planned the Binance Smart Chain Integration, it will be the cherry of the ice cream if your platform have the three ecosystem (ETH, Polkadot and BSC). What are your plans regarding the new integration? How do you expect BSC boost you in being a more recognize project? When will it be available?

Ryan Matovu (10crypt): Yes, great eye seeing that on our roadmap. BSC will be an initial trial of how our cross-chain functionality will work. It wi be a fully fledged working system and the Binance Smart Chain ecosystem will be accessable on our platform. Yes you’re right, having those three ecosystems would be the cherry on the cake and that is exactly what we will do.

However we also see that there are many other blockchains in this space that are performing well and have amazing tech. Ethereum, Binance Smart Chain and Polkadot are just the beginning!

Andrés M. | Satoshi Club: So, you are trying to adopt so much blockchains as you can? For example, there is posible that we see Cosmos integrated to Plethori in the future?

Ryan Matovu (10crypt): We are very selective of any technology we integrate so it’s not just a case of us expanding to as many blockchains as we can but moreso observing the landscape in crypto and carefully selecting ecosystems to explore. If Cosmos meets our standard then it’s a possibility but there are many out there doing amazing things. We have a long term vision for this project beyond the roadmap

Andrés M. | Satoshi Club: I’m impressed, your are doing an amazing job with an strong concept in crypto market👏

It has been an amazing time for us in this first part of the AMA. However I know our community is excited to interact with you😁, are you ready for the second part of the AMA the live segment?

Ryan Matovu (10crypt): Thank you 🙂

Sounds great, I’m ready to go!

Andrés M. | Satoshi Club: [ 🚀 Sticker ]

Gold Rocket | Satoshi Club: Thanks for your great answers! Now get ready for the most exciting part of our AMA: live questions from the open chat 🚀🚀🚀

Andrés M. | Satoshi Club: We will open the chat, please choose your 10 favorites questions and answer them💪

Part 2 — live questions from the Telegram community

Q1 from Telegram user @Andrey_Seleznov

Plethori is an ETF Trading Platform, I understand it will be geared towards creating crypto space ETFs at least at first. I wonder if you plan to integrate with the traditional stock market in the future to support creation of the ETF based on the companies from S&P 500, Nasdaq, Russel etc?

Ryan Matovu (10crypt): Yes we do, we plan to integrate mirrored assets into our protocol to allow for the trading of traditional assets such as stocks or commodities and we will even facilitate the creation of ETFs using these assets!

Q2 from Telegram user @JoxesXIII

Some could make ETFs under malicious behavior, with scam projects with potential rug pulls, do you plan to avoid this type of bad act within Plethori?

Ryan Matovu (10crypt): Yes, there are strong mechanisms in place to prevent this with there being restrictions to the projects that can be added ranging from the liquidity that is locked to the codebase that is available publicly and many other factors that will be included to prevent malicious projects being added to created ETFs. We are ahead on this front!

Q3 from Telegram user @jayzfreakshow

While looking at your website, I couldn’t see any information regarless of your governance model. Can you tell us more about it? Will $PLE holders have any kind of privileges or rights when it comes to voting on the governance of Plethori? If so, on what decisions will they be able to participate and what holding requirements they need to complete to be able to be part of your governance? Will holding $PLE be the only way to be able to participate on this kind of important issues?

Ryan Matovu (10crypt): Yes, our governance will be in the form of a DAO and we will be building one of the most complex governance forms for a project of our sort

The Plethori Governance platform will behave almost like a fully fledged social networking system with PLE holders being able to interact with each other, create teams and put forward ideas to be voted on by the entire community.

The voting system will be tiered and your rank/level will depend on various factors such as how long you’ve held/how long you’ve staked/how often you use the platform and many other parameters relating to your engagement with the Plethori ecosystem

Q4 from Telegram user @BJosefinal61

A FIAT gateway for a decentralized and unregulated ETF system is now daring, congratulations on that, but could you explain how you plan to add this feature? credit cards for example?

Ryan Matovu (10crypt): Great question, very perceptive of you to be considering the legal ramifications of a project like ours.

We are already working with lawyers and are putting together a legal structure that will allow us to remain fully compliant whilst providing all the amazing features we are building to you.

Users will be able to easily pay using credit/debit card, PayPal and many other forms from fiat directly to ETH and our PLE token

Q5 from Telegram user @baimwong1

What are the benefits of Project Plethori by adding cybersecurity advisor, Adesh Kolte for the progress of this project and what is the impact of Adesh Kolte joining the Plethori project?

Ryan Matovu (10crypt): This is a big benefit to us as we value security in everything we do from the token and smart contracts themselves which will all be audited by solidity before release to the platform itself which will go through rigorous threat analysis and modelling and penetrating to ensure safety for all users. Adesh will be advising us on this front and being a global expert in this field with accolades from the likes of Microsoft naming him in the top 100 in the word in his field of expertise, he will be an immensely valuable asset to us ensuring cybersecurity for all of you

Q6 from Telegram user @realtrizmalli

You have hosted a very useful Ama session and received lots of questions about vision / mission, technology, utilities, etc. So, What do you want to receive from the community And how can we help with your project?

Ryan Matovu (10crypt): Thank you for this question @realtrizmalli

Community is very important to us and important to the space in general. Just look at the LINK marines and the force they bring as supporters to Chainlink!

We want the same for Plethori which is why myself and the team take time to be active in the community and be there to answer all your questions and keep the community updated on our developments. It is our community, the Plethorians who will drive adoption of our protocol and we will involve them with various community events such as art contests, meme contests, large bug bounty programs, community gigs and many other fun events.

I may even hop on calls within the community every now and then to speak to you all haha

All we ask from the community is support and spreading awareness of what we are building!

Q7 from Telegram user @Guandog

A personal question, are you convinced that Optimism will be the preferred platform as L2 for Ethereum or do you also plan to deploy Plethori in other second layers such as xDai or POLYGON?

Ryan Matovu (10crypt): Yes, we are convinced Optimism will be the driving layer 2 solution with them already being integrated into the upcoming Uniswap V3!

Not only this but their solution has a key advantage over others by maintaining the security of the Ethereum mainet

Q8 from Telegram user @testercoin

Do you plan to provide yield, lend, and margin services on Plethori project or just trading?

Ryan Matovu (10crypt): We have plans to provide staking, farming and many other services to Plethori alongside the trading(margin/leverage plus many features are included in this)

We wi be unique in this regard integrating NFTs on the platform into all these process in innovative and create ways

Q9 from Telegram user @emilyfelizia

Would Plethori be looking to partner with banks or fintech companies to offer Plethori as a service?

Ryan Matovu (10crypt): Yes definitely. Our expansion into tradfi will eventually lead to this. We were careful to begin our journey here in crypto on the blockchain to the strong foundations of decentralization and security and we will take those into he traditional space through partnerships with large institutions who share this vision and offering our services there

Q10 from Telegram user @Arisabela

I was researching that one of the most important advantages of your cross-chain protocol is the cheap cost to users, can you provide us an example of how cheap this operations are? How much are we talking in percents?

Ryan Matovu (10crypt): With Polkadot offering almost almost limitless scalability among other features, we are looking at fractions of a cent for transactions in the end.

Optimism on Eth should offer similar reductions in transaction costs!