Recap AMA Omphalos Protocol x Vietnam Coin Market Community

8 min readOct 1, 2020

Mr Hubert: Hello everyone,

Only 15 minutes left and the AMA event of Omphalos Protocol will be started

The representative for Vietnam Coin Market (VCM) is Admin Owner @taitan296 who will run AMA and Omphalos Protocol project’s representative is @Cronicsi1950.

Translator: @nguyetvcm

Vietnam Coin Market Group (VCM) will be locked to make the event convenient.

After Segment 2 of the Vietnam Coin Market group will be opened a chat so that the community can ask the project.

How’s everything going?

Again, it’s been my greatest pleasure to announce today’s special AMA session

“Omphalos Protocol”

Today’s AMA session is composed of 4 parts:

1 — Say hello, introduce the project.

2 — AMA moderator asks the project 5 questions that will be selected first.

3 — Ask the community (unmute the channel and let the community ask questions freely on telegram. Then the guests will choose about 5 good questions to answer)..

4 — Twitter — Choose the 5 best questions on the project’s Tweet.

Craving for the question rain ahead after I unmute the group.

Anyway, let’s get the curtain roll-up and welcome @Cronicsi1950.

Mr Davorin: Hello 👋

Mrs Nguyet: Welcome to VCM. ❤️

Mr Hubert: It’s a pleasure to all of you who participated in the AMA today.

Mr Hubert: Could you briefly introduce about yourselves as well as your project?

Mr Davorin: I am Davorin, I spent last 5 years working as the marketing and community manager for various crypto projects. More than 40 are on my list.

We are Omphalos, an elastic supply cryptocurrency protocol built for web3 and Defi Applications. Our goal is to be the cornerstone of the DeFi universe.

Omphalos consists of five “pillars”: Decentralized Bank, Council, Omphalos Spring, Omphalos Adesha, and Omphalos Proxeny. We will learn more during this AMA about Omphalos.

Mr Hubert:How wonderful, sir. The VCM audience is also eager to study the Omphalos Protocol project.

Mr Davorin: Absolutely 💯

Mr Hubert: Welcome!

Looking forward to have our audiences to know more about the project and the views.

Let’s get to the first question we’d like to know from you.

What makes the Omphalos Protocol project stand out more than the projects in the same direction at the moment?

Mr Davorin: We are different from other DeFi projects in a number of ways.

First, we will support cross-chain interoperability, powered by the PolkaDot parachain protocol, which means OMPL will be compatible with other chains, unlike other Defi Projects are restricting users to a single chain such as on ETH or Bitcoin chains.

Our cross chain ability allows our OMPL asset to move freely in every blockchains. In addition, we are going to employ a fully decentralized DAO council governance model and let everyone in our community join us in designing the next defi products that are good for everyone.

This is very different than the current projects.

Mr Hubert: Thank you, we could give some mins for our audiences to read more about the comment.

Mr Hubert: Thanks for this impressive information. We will go over the next question.

Who are some business partner/clients for Omphalos Protocol?

Mr Davorin: Some of our current partnerships are:

In Blockchain, Blockchain Capital, Polkadot and you can see them on our website omphalos.cc

More will come in the future so stay tuned.

Mr Hubert: Thanks for your sharing. We continue to spend some time with VCM audiences and Mrs Nguyet again. :)).

Mr Davorin: All right!

Mr Hubert: Ready to come to the next question?

Mr Davorin: Yes

Mr Hubert: What are the memorable milestones of Omphalos Protocol in the research and development process?

Mr Davorin: Our plans and roadmap goals for the next period of the time are looking like this:

🎯Q3 2020 — Launch of Omphalos Protocol and OMPL Token

🏆Q4 2020 — Launch of Omphalos Spring (Liquidity Mining)

🎆Q1 2021 — DAO Module Implemented

🎯Q3 2021 — Launch of Omphalos Adesha (Borrowing and Lending)

🤝Q1 2022 — Launch on Polkadot Parachain

Mr Hubert: Feeling quite excited about this project, sir. I think everyone will love it and support it as well.

Mr Davorin: Yeah looks very exciting 😀

Mr Hubert: We to the last question of the Q-A segment:

What does Omphalos Protocol plan to do to attract more users in the upcoming time?

Mr Davorin: Holders of OMPL could receive more tokens via the daily automatic rebase process. Although the price remains stable largely, holders will actually own more OMPL.

Besides, the rebase process may not kick in time, allowing room for upward price movement. Also community voting will allow holders to vote about future development, give them right to participate in the decision making and many more.

Also 15% of the tokens are reserved for the community.

Mr Hubert: How wonderful, sir. VCM will make a small contribution to the project support. Nice to do this. 😊

Mr Hubert: The last question is already done. Thank you @Cronicsi1950 for bringing the above useful information.

Next, the Vietnam Coin Market team (VCM) will open a chat for the community to ask questions to the project. We will have 3 min to ask. The Omphalos Protocol project will then choose 5 questions to answer.

Please do not copy questions asked in other communities.

Let’go!

Now!

Let’s give some mins for @Cronicsi1950 to choose 10 questions to answer.

@Cronicsi1950, you may proceed now.

Question 1. DeFi is one of the hottest topics in the blockchain field. Can you share your opinion about DeFi with us?

Do you think DeFi will destroy the existing financial system?

What’s your project Approach towards DeFi?

DeFi has changed the narrative already for sure. People all around the world are buying and selling coins without intermediaries. So I think that financial institutions will need to adapt very soon or join the wave, otherwise it will not be good for them.

Question 2. What are the benefits of holding OMPL token as long term investment?Can you tell us about the motivation and benefits for investors to keep the OMPL token in the long run?

Every holder of OMPL is our community member, they have the right to vote and participate in our future planning process. They can even create contents, dapps and get rewards from Omphalos. That’s why we have set aside 15% of tokens for the community grant.

Question 3. How do you plan to spread your understanding of the project in different countries where spoken English is not good like me?

That’s why we are doing a lot of AMAs with different communities. Asia is very important market for us. We want to spread a word about Omphalos everywhere we can. Also our team is international so everyone is sharing info and updates in their native languages also.

Question 4. What was the biggest milestone your project has? What is plan in the future ?

In the near future, we are creating OMPL token and striving to organise private and public sale so that our community can become officially part of the project.

Question 5. As a community based project, how can I donate my quota for your success? Do you have a Global Ambassador Program or a Referral Rewards System?

We will have more marketing promotions soon. Make sure you join our Telegram group @omphalosdefi and be informed always on time.

Mr Hubert: Thank you @Cronicsi1950 for replying to the community.

We will go to Segment 4.

Mr Davorin: Sure 👍

It was my pleasure

Question 1. Can you briefly explain how the Top milestones that the OmphalosDefi team aims to execute before the end of this year or going to execute in future, will help them succeed and What OmphalosDefi may look like in 2020 and beyond.

We can say that liquidity mining and decentralized borrowing are on the development pipeline.

What makes Omphalos stand out is that we use an instant liquidation process, that the users can have a lower liquidation ratio compared to other borrowing Defi Projects.

For example, MakerDao requires 150% of collateral while we can hold only 120–130% with our instant liquidation mechanism.

This will help us to attract more people for sure.
Question 2. There we see many projects that claims they are fully Decentralized. But they done their work in a Centralized way. How can we sure that currentcoin is fully Decentralized? Can you please tell us what’s fact’s working method?

The reason we started with the project is that we believe that DeFi world needs a stable crypto that can be served as a base cryptocurrency for web3 and Defi applications and that has the cross interoperability. In that way, more people and institutions can join the defi movement, without the fragmentation and that is our way to keep decentralization on the first place.
Question 3. What is the role of Omphalos tokens in the network? Does the payment need to pay for Omphalos ? Do I need to pay for Omphalos to send a message? In other words, what is the Omphalos token appreciation logic?

OMPL token will be the native network token in the Omphalos ecosystem, OMPL will be used to do liquidity mining, pay for network fees, and be used as collateral for borrowing other cryptos. Also it will give voting right to our community members who will hold OMPL as we mentioned it earlier.

Question 4. Safety and security are always the most important issues. How will the team resolve if there is an unfortunate security problem on the Omphalos network? Has the team thought of a workaround for this problem?

We will conduct a third party security audit check with a reputable on-chain security firm — QuantStamp. We have made contact with them, details will come soon when everything is realised.

Security is most important to us, you can be sure in that.
Question 5. Q. Ampleforth has not been successful in creating a stable yet flexible DeFi-based currency that is resistant to market volatility, so what is the reason? How will Omphalos solve those problems?

OMPL will have less volatility compared to other tokens with our daily rebase process, when the price goes up, users get more tokens in the wallet, when the price goes down, tokens will be subtracted. Bringing the price of OMPL always within a healthy stable range.

The automatic rebase process will kick in when the OMPL coin price is above $1.06 ( increase supply) or below $0.96 (decrease in supply), to ultimately bring the token price back to a $1 equilibrium.

Rebase happens every 24 hours.

For details of rebase process please visit: https://omphalos.co/rebase/

So the AMA Omphalos Protocol at Vietnam Coin Market (VCM) is also coming to an end. Hopefully in this direct exchange, the community has a basic understanding of the Omphalos Protocol project. I am the moderator today. Congratulations to the Omphalos Protocol.

Thanks @Cronicsi1950 for joining AMA with the VCM community today. Wish you much health and success.

Again, don’t forget to join the Omphalos Protocol community for further assistance. Thanks everyone.

Telegram: http://t.me/omphalosdefi

Twitter: http://twitter.com/omphalosdefi

Website: http://www.Omphalos.co/

VIETNAM COIN MARKET COMMUNITY INFORMATION:

Website: http://vcmcommunity.online

Medium: https://medium.com/@chocoin_VN

Youtube: https://www.youtube.com/c/vietnamcoinmarket

Twitter: http://twitter.com/chocoin_VN

Facebook: http://facebook.com/chocoinVN

Vietnam Coin Market Community: http://t.me/chocoin_VN