Recap AMA Omphalos x Smart Investors Vietnam (VCM Community Branch)

VietNam Coin Market

13 min readOct 28, 2020

Goran: Hello Everyone :) Glad to be here today :)

Hubert: Hello sir

Goran: Don’t call me Sir, there is no need for honorifics

My name is Goran :)

Am business development manager at OMPL

Hubert: Ok Goran :)). We will start with twitter questions first.

Goran: Go ahead.

Hubert: Question 1. How do you make users believe that Omphalos is a high-quality, long-term project? Please share 3 main points to convince me and other angel investors to invest in Omphalos long term?

https://twitter.com/thanhthuy2606/status/1319269361777954817?s=20

Goran: Alright i know that all of you have read the recap of our last AMA but i don’t have you noticed the speed at which things are moving forward in OMPL. We’re very proud of our speed when it comes to moving forward. We have a big team to thank for that. Unfortunately sometimes when you mix speed and big team certain errors are made. But no project is flawless.

Our RoadMap is quite long as am sure you noticed.

OMPL is here to stay. Tokens going towards the team are going to be locked for a quite long time. On top of which we’ve decided to conduct our public sale as an EIO to ensure highest possible security for users. right now our smart contract is being audited by QuantStamp

My question to you is any project which doesn’t plan on sticking around for a while is willing to do so much before it even conducts a sale solely on the funds raised in 1 round of SEED funding.

OMPL won’t precisely bring new tech on the DeFI space. But we plan to combine best features of DeFi space we possibly can

And by Using Polkadot we will also evade Common ETH network clogs and insane fee’s for our users

@taitan296 this is an open discussion

Tell me what you think of this answer :)

Hubert: We kick off with a few questions that investors have asked first. Then we work directly with the investor. They ask and you answer.

Thanks for your answer. We come to Jahidu’s question:

Question 2. 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?

https://twitter.com/Ontortk/status/1319229734425751554?s=20

Goran: I will consider you guys to be potential private investors so in order to answer this question.

Tokens which get sold during public sale will be sold at a regular price of 0.95$

However for private investors investing over 10 000$ we’re offering a significantly lower price of 0.6$ per OMPL but with a lock down period of 30 Days after which you will unlock 10% each 30 days to prevent people buying during the Private sale period to just dump at first exchange listing and destroy our Project.

On top of that we’re offering an even lower price for people investing over 20 000$ of 0.32 which is the same at which we sold our seed Sale of 2 000 000 OMPL to our initial investors. However for this price you will have lockdown period of 180 Days after which you will have 10% monthly unlock.

Hubert: I think this is a great question. Before that, I also provided information in the closed group: “Blockchain project development and investment fund of VCM”. They also discussed this. :))

Okay Next Question:

Omphalos has a unique anti-inflation system, so How this technology can keep the price stability?

https://twitter.com/manugotsuka1/status/1319501057387565057?s=20

Goran: :))) Glad you think that as well

I will spare you 2 Meter long spreadsheet which explains our rebase rules.

To make it as easy as possible to understands.

Total Supply of OMPL = 100% of the total supply.

When you buy OMPL Token instead of buying a fixed number of tokens you buy

A certain percentage of that amount. So every time price goes above or under our safety margins. Smart contract triggers during the next rebase.

Pulling the price upwards or downwards while adding/removing certain amount of tokens from the market

So that number of tokens = Amount of funds

Currently you’ve got USDT for instance

Which cannot say for certain that amount of Tokens on the market = Amount of $ they own in Gold/

They can say. But we can only guess are they telling us truth or not. OMPL will be governed by a totally independent contract which will perform a rebase automatically removing human factor. Which should be reassuring for all investors. What i forgot to mention here. Considering that you own certain % of total supply . When Total supply changes. Amount of tokens in your wallets will change accordingly. So when people say that OMPL moons. You can only moon in terms of supply of tokens as it’s price will be between 1.06 and 0.96 $ at all times. But depending on the amount of funds in OMPL over time. Your total supply of OMPL tokens can go up significantly.

That’s about it. :)

Hubert: It’s quite long, but it’s easy to understand :))

This mechanism has also been seen in DZI in the past. I also ran for that project. Maybe everyone already understands about it.

Goran: :) There you go.

However unlike them. Rebase mechanism is only 1 feature of our project

We’ve got a lot more in store

Hubert: yes you have many new steps.

Hubert: Next Question:

Recently Omphalos and Rio DeFi announced a partnership, so can you give more details about It? What is Omphalos want to get with this?

https://twitter.com/TonyMon253/status/1319500604310458372?s=20

Goran: Unfortunately, due to the fact that we’re still finalizing our agreement and details with Rio am not yet allowed to announce details as that’s not only our decision to make.

I can tell you the following however, That partnership isn’t the only 1 we’re working on. As we said a minute ago, OMPL has quite a bit features. We’re discussing partnership with few other projects as well in order to bring most potential use cases as possible for our users.

Hubert: Thank you. We start with some questions on google form.

Goran: Awesome.

Hubert: Question 1. Hello, VCM previously provided other private sale information such as: INJ just listed Binance, Won listed on Bitmart … They have potential for investment funds. Do you have any investment funds yet? How many investment funds have supported you?

Goran: Yeah. I’ve mentioned before but we’ve already raised 2 Million $ during a seed funding for this project.

While we’re unable to provide you with details about our investors. I can tell you that there were 5 different bigger funds which participated in that sale.

This is our first aproach to the bigger fund in Asia.

Hubert: I understand why that friend asked this question. Because before that, INJ announced support from Binance Labs and Won announced China’s germination fund.

But maybe that number is also a big milestone.

We will go to the next in-depth question
Goran: Second

Our funds we’re raised in US during the SEED phase so.

You all know about Security regulations there, people don’t wanna expose themselves much. That’s why i can’t name name of the groups which participated.

I figured i owned u an explanation

Hubert: Yes I understand about this. There they are quite difficult about this information.

Goran: Thing is. Some of you might get same price They did during SEED round by joining us at 0.32 :)

I don’t wanna speculate but i believe that’s more than a fair price :)

Especially considering that those Investors which invested a while ago

have to wait for their tokens as long as those which invest now have to

Let’s go :)

Hubert: I understand this problem. I have also sent to you about this. It means that before, projects with the same total supply but with lower prices in “private sale”, many people compared this.

Goran: Unfortunately

Hubert: We come to the verification question:

Question 2. We will go to the next in-depth question

I have read through Recap AMA at VCM before. During the AMA session, the representative of the project provided information about the partner of Blockchain Capital, but now I check on: https://blockchain.capital/portfolio/ do not see information about the project. What’s wrong with this?

Goran: When you’ve got only an idea and barely any funding on your own. You’ve got make a sacrifice somewhere.

What’s wrong is the fact that Blockchain Capital only lists those project in which they invested quite a bit. We don’t qualify, so since they didn’t list us. We’ve removed them as well.

That’s only fair. :)

That was a simple one :)

Hubert: Ah I understand this. Here is the verification question from my cofounder. :))

OK Next question Goran. :))

Are you planning to sell Public Sale on an exchange (CEX)? Is OMPL listed on DEX exchanges like Uniswap? The time you want to list is not in months?

Goran: Public sale if it comes to it will be listed as EIO, on one of the exchanges, as we decided it’s safer for us to conduct sale that way for both ourselves as well as for community as they will know that the exchange which will launch public will review our token and ensure it’s safety.

After the sale is conducted we will list on DEX Exchanges and on Uniswap as well. But due to the rules of EIO we cannot do so before they’ve finished sale and distribution.

If we fill our requirements during this sale. We won’t have a need to conduct public sales. Which will speed up process of listing on Dex-es quite considerably. But for now we didn’t list time of listing in months.

Due to the fact that if we conduct an EIO

we’re at the mercy of an exchange

to do it’s part and that might take some time to complete

Hubert: Yes, everything can go well. As before, projects have talked about the project’s period about how many months they will list. Maybe he wants to know this.

Goran: Not more than 3

we will list somewhere in Q1 on cex-es at latest if we conduct

EIO
we’re already discussing listing as soon as sales are over with several

Well known and high end Cex-es.

Hubert: Ok, that’s great :))

We’ll come to the question of the project’s product events to be released in the coming months:

Can you show your technical development direction in the coming months?.

Goran: Well guys. I ain’t a developer. So am not really sure i can answer this question properly, however i can ask our CTO to provide me with a detailed answer which you could forward to everyone a bit later when he wakes up @taitan296 ?

Hubert: OK. This question is the project timeline you want to release the technology product. I think you have that. OK we go to the next question. :))

The distribution of many separate packages raises this question. You want to buy separately:

Currently I want to invest a large amount of money in the project but do you have a contract for me? Or do I have to contact my leader directly?

Usually, before that, projects will make contracts for investors to sign commitments.

Goran: As i said. You can find the general roadmap and timeline on our website but all that can go a bit up or down in terms of dates. CTO is pretty much only person capable of telling me the precise estimate of what will be done and when during the next several months. If i told you i risk lying which is something i am not willing to do. We appreciate honestly and transparency with our investors

Hubert: Ok I understand about this problem. Roadmap for reference only. It may fluctuate for a little while. I think he asked what was the latest product and when :))

Goran: Yes.

Due to the fact that we might undergo an EIO, that also means that the exchange will control our smart contract and tokens until the completion of public sale. As Such we’re unable to issue our token just yet so we prepared contract forms for all our private and seed investors which will ensure they get tokens and that we get $.

That i can tell you

Our APP demo is out now!

Check the #Omphalos Spring liquidity mining dApp ~

#Omphalos Spring is one of our 5 pillars where users can get $OMPL profit for providing #liquidity. The official app will be launched soon.

https://t.me/investorschocoin_VN/85849

Hubert: I’ve also shared this before.

OK. Maybe I need to read this contract in advance.

OK, we will start meeting with investors in person. Let’s give them 3 min to ask questions directly.
Goran: Sure thing :)

And i will ask Philip to send you a blank contract

for review
Hubert: Please feel free to ask questions regarding the pricing or investment of the private sale. No more technical questions asked.

You only have 3 min to ask a question and only allowed 2 questions.

Question 1. How was the idea to create this project born? It is very interesting. What do you want to prove? What are your expectations?

Initially idea was simple, we’ve noticed a number of different project trying to accomplish one thing or another but ultimately failing due to the limitations of ETH or due to other problems. Weve decided to find their errors fix them and combine everything required in order to create a project community wants and which community itself will govern. Omphalos as zm sure you know =navel of the world, so with that said. Our expectations are quite high and we aim to stand on top above the mars when it comes to stable coin solutions.

Question 2. 🌀A lot of people will want to know what the strength of Your Project is but I want to know the weaknesses and problems Your Project faces ? How do you plan to solve it?

Biggest problem is I believe sleep. I constantly need to catch up. Today I will go to bed and tomorrow there will be something new and fresh finished while I was asleep which I missed without even knowing, which often happens when you’ve got a huge team in 5+ different time zones and second trouble is probably our community activity levels. Since dapp ain’t out yet and community is relatively new we’re still working on it.

Question 3. ⚡️I think every project should prioritize security. What technology is you used to protect users money from hacking? I think the security is the most important thing. What is the most important thing you are focus on?

QuantStamp is performing audit for our code right now. On top of which if we go trough with EIO they will conduct additional safety checks on our code and ensure it’s hack proff

Question 4. What is the GAP you are addressing in the market? What is the opportunity you are exploring? What is the problem you are trying to solve?

Accessible product is needed. DeFi is a great thing but currently u need to change 5 dapps to get several simple thing done. We’re simply aiming to allow our users to have everything they need within 1 app /1 system instead having to use multiple ones.

Question 5. What are the plans to educate and raise awareness and adoption among the community to make more people understand about the project easily?

Your name says it all. As you noticed we’re actively working on educating communities worldwide about OMPL. Currently its Vietnam next up will be maybe Brazil not entirely sure yet but. Were actively trying to spend as much time as we need to educate our community about OMPL and its goals

Question 6. Are you planning to burn or buy back any tokens from the market in the future? Do you have such programs?

No. That doesn’t work with this system. Since our rebase controls total supply of OMPL we won’t need to perform buyback or burns at all.

Question 7. 🌀As You know, Many people judge a Project By the Token price, What do you have to Say to investors? What’s the plan to increase the Token Demand?

Provide multiple features under 1 app + you can’t judge us by the price as we will sit around 1$ at all times due to rebase and the fact we’re a stable coin.

Question 8. ✅ At this point, do you think you need exchanges as a binance to keep growing? Or is it better to forget those things and focus on other activities?

We need good exchanges. That a must in order to create mass adoption of our OMPL

Liquidity and exchanges are a must for that especially since we’re a stable type token in the end

Question 9. You organized an AMA session very rewarding and received a lot of questions related to utilities and technology, future vision, etc

So now I want to ask what do you want to receive from the community?

In short. We want users. Because no matter how good our product is. Without users its worthless.

Question 10. As Education for crypto currency is necessary nowadays , what’s your plan to to attract those people who don’t know about cryptocurrency?

There are less and less people unaware of crypto as each day passes buy, so all we have to do is actually make our project accessible and easy to understand for new arrivals in crypto space and we should be fine.

Undertaking a job such as educating non crypto users about this would be far beyond our current possibilities. Perhaps at some point. But we’ve got a project to finish now

And that’s a full time

Question 11. 🌀Does the price of the token matter to you from an operational perspective, if the token price is $1 or $100?

Our token price cannot go far over or under 1$. Rebase ensures that.

Question 12. “Token burn” is beneficial for any project, in being able to control the number of token circulation and to provide greater incentives to investors. Does your great project have a plan about token burn?

Token burn is beneficial for a project. But are you sure you’re on a right place. Centralized tokens aren’t what we’re talking about today. Whole point of DeFi is to remove human influence from good projects to prevent abuse. Control supply ourselves is precisely what we DON’T want. Community will control it itself through voting along with automated smart contract

Questions seem to repeat multiple times and are more less similar or already answered.
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