<\/strong> In this AMA Recap we will try to summarise the most interesting points for you.<\/p>\n\n\n\n Irina Kravchuk: <\/strong>Hi everyone and welcome to a new edition of Satoshi’s Club AMA series. @HatuSSS<\/a> and @timotheahorwell<\/a> are our guest today. <\/strong>Nice to e-meet you.<\/p>\n\n\n\n Timothea Horwell:\n<\/strong>Hi everyone! It’s great to be here and thanks for having us. Look\nforward to all your questions!<\/p>\n\n\n\n Hatu: <\/strong>Hi everyone, look forward to the community’s curiosity.<\/p>\n\n\n\n Irina Kravchuk: <\/strong>Yeah,\nlikewise, <\/strong>@timotheahorwell<\/a>\n, @HatuSSS<\/a>\ntell us a little bit about yourself<\/p>\n\n\n\n \nAnd how did you come to be involved in Orion Protocol?<\/p>\n\n\n\n Hatu:<\/strong> I am the CMO and co-COO of DAO Maker. We are split among a technology provider, accelerator, and early stage investor.<\/p>\n\n\n\n Since 2019, our\nstrategy has been to accelerate projects that have a strong\nproduct\/market fit, established years of development, and seed rounds\nfunded by the team. Timothea Horwell:\n<\/strong>I\u2019m Timothea and I\u2019m CMO of\nOrion Protocol. Over the last decade I\u2019ve worked with tech\ncompanies in the data, mobile, and payments space, with a focus on\ndriving business growth and revenue through marketing. Irina Kravchuk: <\/strong>In the first part we’ll have questions collected from the community on our platform. Whenever you’re ready, we’ll jump to the first one.<\/p>\n\n\n\n Q1 from\nT<\/em><\/strong>elgram<\/em><\/strong>\nuser Erol<\/em><\/strong><\/p>\n\n\n\n What is\nthe uniqueness of Orion Protocol that cannot be found in other\nprojects that\u2019s been released so far? And how the demand of your\n$ORN will increase in the future? or what steps would you take to\nincrease the demand?<\/strong><\/p>\n\n\n\n Timothea Horwell: <\/strong>Firstly, the most unique and powerful aspect of Orion is our liquidity aggregator protocol at our core. We understood the need for the merging of the centralized and decentralized worlds of crypto, so we built the most advanced liquidity aggregator ever developed – aggregating the liquidity of the entire crypto market into one platform for the first time. Regarding $ORN, it’s at the core of our protocol and each of our products. We\u2019ve integrated it into all main transactions to take the form of an internal currency or utility token. Similar to tokens integrated with platforms like Binance, ORN will give holders a range of benefits, plus additional functionality that will increase demand: it\u2019s required for payments, staking, participation, and the unlocking of advantageous network access with discounts on trading, oracle usage, and Protocol access. Irina Kravchuk: <\/strong>And the products are already usable, right?<\/p>\n\n\n\n Hatu: <\/strong>The terminal is the first product, and it’s already in private beta, accessible to early brokers and applicants.<\/p>\n\n\n\n Hatu:<\/strong> A Q1 response from my perspective: Irina Kravchuk: <\/strong>When do you expect to launch?<\/p>\n\n\n\n Hatu:<\/strong> We invite everyone to apply for the private access already! As for the non-apply, open release, that will be in the next quarter.<\/p>\n\n\n\n Irina Kravchuk:<\/strong> Sure. You can share a link, maybe those interested will join.<\/p>\n\n\n\n Hatu: <\/strong>Great, please fill the “Beta Signup” form on the Orion site https:\/\/orionprotocol.io\/<\/a><\/p>\n\n\n\n Q<\/em><\/strong>2<\/em><\/strong>\nfrom T<\/em><\/strong>elgram<\/em><\/strong>\nuser isnain dhuha<\/em><\/strong><\/p>\n\n\n\n As a cryptocurrency Trader, Whats the benefits of Orion to me or any traders and how we can generate passive income from Orion protocol?<\/p>\n\n\n\n Hatu:<\/strong> There’s 2 parts to this question: As a trader the benefits you get are highlighted in this short clip As for token holders’ benefits, the Protocol has a robust product roadmap, with each building a revenue system. Timothea Horwell: <\/strong>Great question. As Hatu and I mentioned, our flagship product is Orion Terminal. It was built to help traders save their time, money, and assets, enabling them to trade across all major exchanges on one decentralized platform with zero risk. Irina\nKravchuk: <\/strong>Does\nthis affect the time involved in running the transaction itself? <\/strong>I\nmean it should take some time to aggregate and deliver all the data\nfrom the exchanges?<\/p>\n\n\n\n Timothea Horwell: <\/strong>We’ve built this in a way to be almost instantaneous, with the least slippage of any solution that is attempting to solve liquidity.<\/p>\n\n\n\n Hatu: <\/strong>The data delivery is quite efficient for a number of reasons. Not\nto mention, exchanges compete on the quality of their APIs. As an\naggregation platform, any individual exchange’s advancements\nmake Orion increasingly more competitive.<\/p>\n\n\n\n Irina Kravchuk: <\/strong>Nice. So it wouldn’t really make a difference for the regular users. Thanks for the clarifications on this.<\/p>\n\n\n\n Timothea Horwell: <\/strong>Nope, except for more efficient and profitable trading for the trader.<\/strong><\/p>\n\n\n\n Q<\/em><\/strong>3<\/em><\/strong>\nfrom T<\/em><\/strong>elgram<\/em><\/strong>\nuser giovanni<\/em><\/strong><\/p>\n\n\n\n Safety\nand security are always the most important things. So what is the\nsecurity mechanism of ORION to ensure user data do not become the\ntarget of hackers ?<\/strong><\/p>\n\n\n\n Hatu: <\/strong>As it’s a decentralized platform, its users own their data and hence Orion itself does not put user data at risk by design.<\/p>\n\n\n\n Timothea Horwell: <\/strong>Totally agree that safety and security are critical in crypto – this is the whole reason behind the development of our trustless and decentralized protocol. Also, leading\nblockchain security firm CertiK will audit smart contracts and core\nmodules on our platform. All open-source software running on brokers\u2019\nlocal computers will be audited. Meanwhile, every project built on\nOrion will be referred to CertiK for security auditing, improving the\nentire ecosystem.<\/p>\n\n\n\n Irina Kravchuk: <\/strong>Got it. When will you have their results?<\/p>\n\n\n\n Timothea Horwell: <\/strong>Feedback from Certik is given regularly with a full audit, with public report being released after our public test net and public main net go live.<\/p>\n\n\n\n It’s an ongoing\npartnership though to assure the safety of our traders. As technology\nadvances, sadly it also helps malicious actors. We want to be sure to\nmitigate any and all risk as they may come at us.<\/p>\n\n\n\n Irina Kravchuk: <\/strong>Aha. Public component\/ report is very important for the credibility.<\/p>\n\n\n\n Timothea Horwell: <\/strong>Yup, we totally agree and will be publicly releasing this to our community asap to ensure transparency.<\/p>\n\n\n\n Q<\/em><\/strong>4<\/em><\/strong>\nfrom T<\/em><\/strong>elgram<\/em><\/strong>\nuser Vyacheslav<\/em><\/strong><\/p>\n\n\n\n Orion\nexchange platform depends on the liquidity of other exchanges. What\nif you are deemed an unnecessary competitor and the use of API is\nprohibited by Exchanges? Liquidity will drop and trade will stop?<\/strong><\/p>\n\n\n\n Timothea Horwell: <\/strong>Here’s the thing – we don\u2019t compete with exchanges: we aggregate them. Instead of competing with sources of liqudity like exchanges and swapping pools, we unite all of their order books into one easy-to-use terminal, giving traders access to the entire crypto market in one place. Hatu: <\/strong>Very true. Which is why the earliest brokers are actually some of the top exchanges themselves. Irina Kravchuk:<\/strong> So technically you use a trader’s account to get access to an exchange’s API?<\/p>\n\n\n\n Trader’s\naccount that give access to an API = broker. Is that correct? There\nmight be more brokers for one exchange. Is that accurate?<\/p>\n\n\n\n Timothea Horwell: <\/strong>Brokers with exchange accounts run Orion Broker Software, automatically executing trades routed from the liquidity aggregator based on how much ORN they stake. There will be multiple brokers across multiple exchanges – if we only had one broker per exchange, we’d have some serious scalability issues!<\/p>\n\n\n\n Hatu: <\/strong>A summary of what the protocol does Because of this, you can use any wallet to interact with the liquidity brokers are providing, and brokers can maintain that level of liquidity without ever being actively involved. The closest comparison would be Kyber Timothea Horwell: <\/strong>\u201cBecause of this, you can use any wallet to interact with the liquidity brokers are providing, and brokers can maintain that level of liquidity without ever being actively involved. \u201c – Not exactly, traders don\u2019t need to open accounts on multiple exchanges. So no API key sharing and no complicated fund management – the trades are performed from brokers\u2019 accounts on the traders’ behalf. That’s the beauty of it, anyone can be a broker and monetize their idle assets. And what’s even better is that the big exchanges are noticing this and want to take part in making this revenue too :rocket: Q<\/em><\/strong>5<\/em><\/strong>\nfrom T<\/em><\/strong>elgram<\/em><\/strong>\nuser Laila<\/em><\/strong><\/p>\n\n\n\n What are\nthe benefits of Dynamic Coin Offering (DYCO) to ORN Token holders?\nWhy should I participate in Dynamic Coin Offering (DYCO)?<\/strong><\/p>\n\n\n\n Hatu: <\/strong>We created the Dynamic Coin Offering to ensure that token buyers have a downside protection. The dynamic coin offering is designed to let you be vested in the upside of a project’s potential for 16 months. The second part is\nthe burning of refunded tokens. The third part is the mirror flip. Irina Kravchuk: <\/strong>Sounds good for the investors \ud83d\ude00 What about the projects? Is this like a loan for them? Or how does it work? Do they have access to the funds during this 16 months?<\/p>\n\n\n\n Hatu: <\/strong>I’ve covered this in detail here: \nWorth noting that through out the 16 month period, the only tokens in\ncirculation are those that have been bought, and so there is no\nsupply inflation.<\/p>\n\n\n\n Irina Kravchuk: <\/strong>And are there any projects now that are interested or use this new technology?<\/p>\n\n\n\n Hatu: <\/strong>We’ve had several applicants, but we have a thorough due diligence process and only Orion qualified, and that too after months of communication and assessment.<\/p>\n\n\n\n Irina\nKravchuk: <\/strong>Ok.<\/strong>Thank\nyou @hatusss<\/a>\nfor the explanation of DYCO. I think we’re good on this question. Is\nthere anything that you want to add to your answer for Q5?<\/p>\n\n\n\n Hatu: <\/strong>Some added resources to learn about how the DYCO works \u2014 Q1 from\nTelegram user (\u00af`*\u2022.\u00b8,\u00a4\u00b0\u00b4\u273f.<\/em>\uff61<\/em>.:*J\u0151h\u0144l*.:<\/em>\uff61<\/em>.\u273f`\u00b0\u00a4,\u00b8.\u2022*\u00b4\u00af)<\/em><\/strong><\/p>\n\n\n\n “Staking”\nis a very popular topic recently. Please tell us in detail about the\n$ORN staking plan and the benefits of adding “staking”??<\/strong><\/p>\n\n\n\n Timothea Horwell: <\/strong>Operating our protocol is our staking mechanism, Delegated Proof of Broker. Q<\/em><\/strong>2<\/em><\/strong>\nfrom Telegram user Savage<\/em><\/strong><\/p>\n\n\n\n Are there\nany requirements needed to be met before an Exchange can be added to\nOrion\u2019s terminal ? Do you filter out Low Quality Exchanges with\nfake volume or wash trading ?<\/strong><\/p>\n\n\n\n Hatu: <\/strong>Exchange quality is irrelevant Q<\/em><\/strong>3<\/em><\/strong>\nfrom Telegram user Shin Chan<\/em><\/strong><\/p>\n\n\n\n What are\nthe use cases of $ORN token in Orion protocol. Right now, $ORN is\nhosted on Ethereum blockchain. Are there any plans to migrate $ORN to\nnative blockchain?<\/strong><\/p>\n\n\n\n Hatu: <\/strong>The token is not issued on Ethereum, and the final decision is still pending, but on which chain the token is issued is not relevant in Orion’s case as the protocol itself is blockchain agnostic. Q<\/em><\/strong>4<\/em><\/strong>\nfrom Telegram user Lunm (investing microcap projects)<\/em><\/strong><\/p>\n\n\n\n Will I\nfinally be able to exchange different tokens from other chains SAFELY\nand FAST?<\/strong><\/p>\n\n\n\n Hatu:<\/strong> Yes, and conveniently with the wallet of your choice, be it MetaMask or anything else. Q<\/em><\/strong>5<\/em><\/strong>\nfrom Telegram user Lee<\/em><\/strong><\/p>\n\n\n\n What is\nthe use case of ORN token in your ecosystem and what is the mean of\ndynamic coin offering?<\/strong><\/p>\n\n\n\n Timothea Horwell: <\/strong>At the core of Orion Protocol is the ORN token. We have ensured deep utility of our native token across the entire protocol, integrating it into all main transactions to take the form of an internal currency or utility token. No product or feature can work without it: ORN is required for payments, staking, participation, the unlocking of advantageous network access with discounts on trading, oracle usage, and Protocol access. Q<\/em><\/strong>6<\/em><\/strong>\nfrom Telegram user I AM | Elrond<\/em><\/strong><\/p>\n\n\n\n Does\nORION exchange support Fiat currency Or do you have the plan for\nthis?<\/strong><\/p>\n\n\n\n Hatu: <\/strong>Not from day 1.However, it’s part of the roadmap. Given that brokers are deployed as part of the network, OTC brokers who settle in fiat are already interested.<\/p>\n\n\n\n Q<\/em><\/strong>7<\/em><\/strong>\nfrom Telegram user erza Scarlet<\/em><\/strong><\/p>\n\n\n\n How do\nyou plan to keep your position solid in the whole crypto market and\nsustainable overtime while there are too many exchanges created day\nby day?<\/strong><\/p>\n\n\n\nPart 1 \u2014 introduction and\nquestions from <\/strong>SatoshiClub members<\/strong><\/h2>\n\n\n\n
\nOur portfolio, till now, in comprised of LTO\nNetwork, Elrond, 2key, and now… Orion.
\nThese companies were\nbootstrapped by founders, meaning the founders put their own savings\nto make the product come to life. This is the ultimate testament to\ndedication.
\nThis is the case with Orion too, as the first year\nor so was entirely funded by the team, who put in hundreds of\nthousands. It’s that kind of team that we want to support, and invest\nin.<\/p>\n\n\n\n
\nPrior to\nthis I was Head of Marketing and Research at Telefonica UK, founding\nand leading their research division. Very happy to have landed in\nthis space having met a few members of the team at a Blockchain\nconference last year, and was instantly drawn to the concept of\nOrion.<\/p>\n\n\n\n![\"\"](\"https:\/\/esatoshi.club\/wp-content\/uploads\/dao.jpeg\")
From this protocol, we\u2019ve built a stack of DeFi products that address industry-critical needs, including a trading terminal, price oracle, and high-margin DEX, as well as a suite of B2B solutions for exchanges, blockchains, and crypto projects.<\/p>\n\n\n\n
We\u2019re committed to ensuring its sustainability and demand. It\u2019s supply-capped, meaning new tokens are never minted beyond the Token Generation Event, while efforts are in place to strategically and frequently remove tokens from circulating supply.
-Unrivaled token utility
– Non-inflationary staking
– Diminishing supply
– Strong holder benefits
– Refund opportunities
– Thirteen revenue streams<\/p>\n\n\n\n![\"\"](\"https:\/\/esatoshi.club\/wp-content\/uploads\/or1-1024x441.jpeg\")
<\/figure>\n\n\n\n
Orion is a liquidity aggregator that has been in development for over 2 years.
It’s not the first one, but the few that exist have massive demand, like Tagumi, which was bought this year by Coinbase for $100M.
Orion’s differentiating point is that it aggregates liquidity not by itself, but by a distributed network of brokers\u2014anyone can be a broker but the first few brokers are major exchanges and the foundations of large-cap coins.
This difference lets Orion be superior to centralized aggregators like Tagumi by collecting volumes and liquidity of not 15 or 20 exchanges, but every exchange in the world.
It also allows Orion to offer a non-custodial solution, which is both more secure and convenient. Keep your funds in your wallet, say MetaMask, just go to Orion’s terminal website, and buy\/sell whatever you want at the best price available.
The terminal also accounts for fees so the trade you get will be the one with the lowest fee possible from across exchanges, at the best price for the asset.<\/p>\n\n\n\n
<\/em>
<\/strong>https:\/\/www.youtube.com\/watch?v=dAWxdc-eML0<\/a><\/p>\n\n\n\n
Collected fees are then distributed to those who stake the token.<\/p>\n\n\n\n![\"\"](\"https:\/\/esatoshi.club\/wp-content\/uploads\/or2.jpeg\")
Time: you no longer need to waste time exchange-hopping as you can access the liquidity of the entire crypto market in one place.
Money: you no longer need to worry about finding the best price for your assets – Orion aggregates all major exchange liquidity into one order book to provide you with the best price possible. By doing so, Orion provides the best prices and lowest fees in market – with almost zero spread and zero slippage.
Assets: critically, you no longer need to risk your assets to access liquidity. You simply connect your wallet and execute your order across any exchange – centralized or decentralized – without the need for an account.<\/p>\n\n\n\n
The protocol is not centralized.
This adds linear scalability as each broker that joins the network adds the necessary computation power to support him\/herself. The decentralized aspect not only adds security and convenience, but makes the product more competitive.
As for data routing itself, much of the institutional volume is via APIs as it is. Traders on the platform will have an equally competitive data reliability as the industry’s main institutional traders.<\/p>\n\n\n\n
Orion or its brokers never get access to traders\u2019 accounts or funds, as the terminal is governed by smart contracts to enforce secure conditions of token exchange. Only if the order is filled by a selected broker will the transfer of assets occur atomically within the smart contract: the trader gives the sold asset in exchange for the bought asset. The exact amounts of exchanged assets are strongly enforced by the conditions specified in the order and cannot be altered by us or the broker.<\/p>\n\n\n\n
Rather than taking users away from these exchanges, we\u2019re providing another point of access to their liquidity, allowing users to trade across exchanges they don\u2019t even have accounts with.
Also, it’s impossible to prohibit our use of the APIs – with anyone being able to be a broker, it’s impossible for exchanges to know which of its traders are giving the API access to Orion. The decentralized nature of our brokers make it impossible for exchanges to shut down our access to their APIs.
We\u2019re here to ensure the sustainability of the crypto landscape though, and that extends to exchanges too – having built a Liquidity Boost Plugin for exchanges with low liquidity, as well as a DEX Kit for blockchains looking to build their own ecosystem.<\/p>\n\n\n\n
That’s actually one of the first questions I had asked the Orion team.
Beside that, Orion is decentralized, and that means in the final release, anyone can become a broker. Hence, even if some exchange intends to block it by blocking one account, another broker can jump in and claim the opportunity.<\/p>\n\n\n\n
The Orion protocol creates the software with which traders can interact with a smart contract, and the software with which brokers are automatically synched to their exchange APIs and the smart contract.
For each user trade, a broker is always the counter-trader.
The brokers retain a balance within the smart contract and that’s all.
From that point onwards, as trades are made, a somewhat on-chain swap takes place from a trader and one of the brokers, and the protocol immediately pulls the additional funds from the broker’s exchange account, be it any coin, any amount.<\/p>\n\n\n\n
Hence, eventually anyone can become a broker as the process is hands-off once the setup is complete.<\/p>\n\n\n\n
But one with an order book and not just swaps, along with aggregated liquidity of not node balances, but of every exchanges’ volume, liquidity, and order book.<\/p>\n\n\n\n
<\/strong> <\/p>\n\n\n\n
Some key points:
– All sold tokens are refundable
– Refunded tokens are burned
– It creates a mirror flip, which allows holders to arbitrage profits if a token goes below its price floor
I’ll expand on these now.<\/p>\n\n\n\n
That means holders have the ability to stay involved in the project for at a very long period of time while still retaining the right to refunds. This means you get to see projects launch, see their level of adoption and demand, and then decide whether or not to keep the tokens.
Throughout the period, holders get to be involved in the upside, with limited downside. This is refundable aspect of the project.<\/p>\n\n\n\n
\nIf refunded tokens are burned,\nsupply is consistently reduced to adjust for the market demand. If\nthere’s a need for refunds, then there’s a need to remove those from\nsupply.
\nThis means that the DYCO adjusts token supply to market\ndemand, reducing project valuation (and even its initial hard cap as\nthe number of tokens sold is not set in stone, and is in fact decided\nby holders who can have supply burned after refunds).<\/p>\n\n\n\n
I believe that buying tokens at issuance should be different from buying them off an exchange. As an early supporter, you deserve to be privileged.
For that reason, refunds are limited to DYCO participants only.
And they even have the right to buy from an exchange and claim refunds for those tokens. If market price drops below refund price, there’s from for risk-free arbitrage.
More details here: https:\/\/medium.com\/daomaker\/what-is-a-mirror-flip-and-how-to-profit-through-it-f036fd870d1b<\/a><\/p>\n\n\n\n
https:\/\/medium.com\/daomaker\/money-backed-utility-tokens-are-a-necessity-930baa5aa5b0<\/a>
But some quick notes:
Project performance is essentially a milestone. Once you buy in, you have a stake and if the project is going well, you clearly do not want refunds as that would be a loss for you compared to what market price would be.
On the 9th, 12th, and 16th month, holder have to decide whether or not they want to claim refunds.
As people forego refund rights, more funds are unlocked for the project itself to scale up product expansion and hence benefit the token holders.<\/p>\n\n\n\n
https:\/\/daomaker.com\/dyco<\/a>
https:\/\/medium.com\/daomaker\/dynamic-coin-offering-dyco-in-300-words-91c10020d92c<\/a><\/p>\n\n\n\nPart\n2 \u2014 live questions from the Telegram community<\/strong><\/h2>\n\n\n\n
<\/strong>This mechanism fulfills every function on the protocol from order execution, to clearing, to the governance of choosing a broker, and everything in between, via a decentralized brokerage with the native ORN token at its core. Brokers with exchange accounts run Orion Broker Software, automatically executing trades routed from the liquidity aggregator based on how much ORN they stake, while Non-Broker Stakers stake ORN to \u2018vote\u2019 for their choice of Broker based on the variable benefit share offered.
Brokers never get access to traders\u2019 accounts or funds as the terminal is governed by smart contracts to enforce secure conditions of the token exchange. Only if the order is filled by a selected broker will the transfer of assets occur atomically within the smart contract: the trader gives the sold asset in exchange for the bought asset. The exact amounts of exchanged assets are strongly enforced by the conditions specified in the order and cannot be altered by the broker.
Orion\u2019s MainNet V1 is due to be released in Q3 of this year and will feature trusted brokers from major exchanges, OTC desks, and market-makers. Learn more here: https:\/\/blog.orionprotocol.io\/delegated-proof-of-broker<\/a><\/p>\n\n\n\n
If an exchange has no liquidity or volume, no broker would want to sync it
Even if a broker syncs, the protocol aggregates the orderbook such that best instantaneous price of an asset is discovered. Exchanges with fake volumes would never qualify for the best price discovery match.<\/p>\n\n\n\n
It’s designed to operate as a layer-2 on almost any chain, but the blockchain on which primary transaction settlement will take place will be announced soon in a joint-statement with the foundation of that blockchain.<\/p>\n\n\n\n
The final settlement chain is Ethereum VM compliant to support most of the popular wallets.<\/p>\n\n\n\n
You can learn more about our token economy here: https:\/\/blog.orionprotocol.io\/tokeneconomy<\/a><\/p>\n\n\n\n