Askobar Network AMA

🔷 Askobar Network AMA Recap🔷

Crypto-Bharat organized AMA successfully with Askobar Network team on 4th of August, 2020 in our telegram community group .

Thank you to Joe Filmo for answering all the questions & for choosing Crypto Bharat for AMA. We look forward to collaborating more with you in the future.

Questions were submitted in our announcement tweet and questions were also asked on telegram by our community members.

Following is the transcript/recap of the AMA.

Harshad Wagh:

Good evening everyone, to the best indian crypto community Crypto Bharat!!.

Before we start AMA session I would like to introduce my group those who joined recently for AMA Session.

In our group we have full of crypto enthusiast traders and we also have some Indian Stock market traders and Forex trader too so our group covers all fans to talk freely and share their views and Ideas on Market.

Our website (www.mycryptobharat.com)

now let’s begin the show, and for that I’d like to invite our one of the Administrator of Crypto Bharat Traders Community to host this AMA session please most welcome to Mr.Beetle .

Beetle:

Thanks Harshad!

Joe Filmo | ASKO NETWORK:

Hello! Im happy to be here. Thanks for inviting me!

Harshad Wagh:

For today’s AMA session we have honorable and creative as well as intelligent Mr Joe Filmo from Askobar NEtwork

Rahul Contractwala:

Welcome Joe 😊

Beetle:

Welcome to the community @joefilmo

Joe Filmo | ASKO NETWORK:

👋👋

Beetle:

All right, Can you introduce the project and a bit about yourself?

Joe Filmo | ASKO NETWORK:

Yes, of course!

My name is Joe Filmo, I’m the lead dev for Askobar. I

I’ve worked on quite a few blockchain projects over the years, and Askobar is a realization of the ideas I’ve had alongside Patz and Raff.

Our core team is 4 individuals with a variety of others assisting us. I’m the lead dev. Raff is the founder and responsible for managing our partnerships. Patz is our cofounder and runs our promotions and marketing. Dojo is our lead designer. We’re located across Asia and North America.

Beetle:

Quite Good Team! 👌

Harshad Wagh:

Wow you have a nice experience and we can also see that looking at the progress of ASKOBAR Network

Joe Filmo | ASKO NETWORK:

Yes, my experience really helped with quickly getting our technology up fast!

Beetle:

Without much delay, we’ll move to the admin round of questions. Are you ready Mr. Joe?

Joe Filmo | ASKO NETWORK:

Of course.

Beetle:

Sure.

We heard that your first project is Askolend, can you explain how’s that work and what’s the difference from other lending platforms?

Joe Filmo | ASKO NETWORK:

AskoLend uses tiered lendin gpools to reveal insolvency risks.

Current lending platforms like Aave and Compound hide insolvency risks.

Insolvency risks means that lenders on these platforms can lose money if the value of collateral falls too fast, below the value of the loan. The lenders are then responsible for the difference between the colalteral value and the loan value.

There’s no way to completely remove insolvency risks, but it is possible to reveal them to investors and provide higher returns as a reward for taking on risk.

For other lending platforms, because the risks are hidden they have to be extremely conservative in what assets they list. Smaller Uniswap tokens like ASKO could never be listed on Compound, because the insolvency risks are too high.

AskoLend solves this problem

AskoLend uses tiered lending pools, a tier 1 and a tier 2 pool, instead of just 1 pool.

The tier 2 pool is first in line for covering insolvency risks, which means the tier 2 pool gives better interest rates to investors.

The tier 1 pool has lower rates, but is much safer.

These tiered lending pools allow AskoLend to list smaller Uniswap tokens that meet certain standards for liquidity, so we will be able to list a wider variety of colalteral than other platforms.

I know that’s a lot to take in!

Beetle:

Yeah ✌

Transparency is what we need in finance! Great. We should always be aware of the risks involved.

Joe Filmo | ASKO NETWORK:

Basically, AskoLend is safer for investors and can have more tokens 😊

Yes!

Beetle:

🔥🔥

After your partnership with LID, are you going to be partnered with those projects that they will be licensing?

Joe Filmo | ASKO NETWORK:

Yes. The Lid partnership accelerates the listing process for new tokens on AskoLend.

With the tiered lending pools, as long as a project is honest, has propert liquidity, and distributed token ownership, AskoLend works well. The risk for AskoLend is scammers creating fake projects to exploit the lending system.

Lid certification allows us to much more quickly evaluate and onboard new tokens as collateral.

With AskoLend, you’ll be able to deposit your Lid Certified tokens as collateral and take out loans within just a few weeks of launch.

This is great for investors, because you can keep exposure to the underlying asset while also having access to the value of that capital. Just like Compound, but for all tokens!

For instance, yield farmers could deposit LID into askolend, so they are still exposed to that asset, then take out Dai loans to farm yields on other platforms.

Beetle:

💪 Really good to know that.

Here’s the last question of this round before moving on to twitter round.

By the end of this year, do you think AskoGambling will be delivered?

Joe Filmo | ASKO NETWORK:

We’re currently talking to some other projects for partnering to deliver AskoGambling on a quicker timeline. A lot depends on how quickly we can scale AskoLend, because AskoGambling relies on the ability to earn interest in AskoLend.

We believe in positive return games that allow people to earn over time rather than lose.

So we want to make sure we have a stable platform for giving positive returns to players before releasing any gambling dapps.

I would say, it’s likely AskoGambling won’t be out until early next year. But if the partnership works out, it may be sooner.

Beetle:

🔥 We’ll be there to explore it 🔥

Joe Filmo | ASKO NETWORK:

👍👍

Beetle:

I wish you luck ahead.

Joe Filmo | ASKO NETWORK:

Thank you! I love building these dapps.

Beetle:

Thanks a lot for conducting the admin round so beautifully and aesthetically.

Now @Tiger7 will take over for the twitter round.

Welcome @Tiger7 !!

Harshad Wagh:

Hey beetle thanks,

Wow Joe looks like Askobar has its bag full for the years ahead with so many partnerships and projects ahead

Joe Filmo | ASKO NETWORK:

Yes! It’s super exciting.

Harshad Wagh:

Indeed !

I am very eager to know more about Askobar, so let’s head on to the first twitter question:

In general, every project faces risk. What are risks affecting the ASKOBAR ? How do you solve with them to develop project in long term and attract users?

https://twitter.com/papaji3lakh/status/1290592860765528064?s=19

Joe Filmo | ASKO NETWORK:

The biggest risk for Askobar into the future is the technology. The tech is also what makes Askobar so important.

We’re looking to release the AskoDao after the first version of AskoLend is released, to help fund future development more rapidly

Harshad Wagh:

That’s great and so future proof!

Joe Filmo | ASKO NETWORK:

AskoDao will allow the Askobar community to more efficiently allocated capital to development in a way that reduces the likelyhood of hacks. For instance, better audits, more testing, and so forth.

Harshad Wagh:

now this is what’s called as community driven project!

Joe Filmo | ASKO NETWORK:

I personally spend much more time writing tests for our technology than the actual smart contracts — its very important that the code performs exactly as expected.

Yes!

Beetle:

Yeah!!

Joe Filmo | ASKO NETWORK:

But first we need AskoLend released, because daos that do not have revenue are too conservative.

Harshad Wagh:

SO true after all its the backbone of blockchain

Joe Filmo | ASKO NETWORK:

Asko holders need to see that there is real revenue coming in from AskoLend so they can feel confident spending AskoDao’s funds on upgrading the technology.

Exactly. Code quality is critical.

Harshad Wagh:

Here’s the second Question from twitter:

What are the main revenue streams generated by the $ASKO token? What advantages do you get as a platform by relating your token to all aspects and products of the Askobar Network ecosystem?

https://twitter.com/pandalucu66/status/1290250259025690624?s=19

Joe Filmo | ASKO NETWORK:

So right now, the main revenue stream is the transfer tax, which rewards long term stakers for holding. Obviously this is a stopgap, since in the long term there has to be an external revenue source.

The first major revenue source will be AskoLend. If you check out the AskoLend whitepaper, you’ll see that theres a difference between the borrow/lender rates, which creates a small fee that goes to stakers as dividends.

Other dapps in the future will also generate revenue, but AskoLend will likely be the primary driver.

For the second part of the question -

The token is critical as a way to encourage investment into the platform.

Once AskoDao is released, ASKO will become a full governance token. ASKO holders will earn dividends from Asko dapps, and they can decide how to allocate those rewards. Since they are earning from the dapps, it

it is likely they will vote to invest further in the technology.

Harshad Wagh:

Great the Askobar has such a perfect system which is designed so artistically and inventive!

Joe Filmo | ASKO NETWORK:

Thank you! I have to give credit to Patz and Raff, they came up with the original ideas!

And Dojo too of course, he did all our designs which are just amazing.

Harshad Wagh:

I am sure such an impeccable team you got

Joe Filmo | ASKO NETWORK:

Im very lucky to have teammates of such high quality.

Harshad Wagh:

Moving to the third question from twitter user which is quite interesting and has lot to know about askobar:

Askobar planning to launch a series of products and services that seem to be the substitutes of the current banking system, such as AskoCard, AskoUSD, AskoLendV2, and staking. Can you explain how these products work and how they can resolve the problems of current banks

https://twitter.com/capcosmos/status/1290251299112378369?s=19

Joe Filmo | ASKO NETWORK:

Many different DeFi products are working together as a huge ecosystem to augment the existing financial system.

I say augment instead of replace, because the traditional financial system is very strongly integrated into the political structures and will likely continue to exist as such.

That said, our plan is to release a series of DeFi products to help resolve issues with the current financial system. Big problems for traditional finance are access, cost, and complexity. All of Asko’s products are designed to resolve these issues.

Of course this is true for all DeFi projects.

What makes Asko unique, is our focus on services for smaller, newer tokens that are launching on dexs like Uniswap.

We believe that the needs of these projects is different than the needs of bigger assets, and that a different set of solutions is required.

So for instance, the issues with an AskoCard versus the existing cryptocurrency cards,

is existing cards are designed for very large, highly liquid currencies with relatively stable prices.

Our tech isn’t ready to discuss yet, but we’re planning to make AskoCard work with a wider variety of smaller currencies.

Harshad Wagh:

Thanks for answering with so much expertise and knwoledge of yours!

Joe Filmo | ASKO NETWORK:

All my knowledge comes from the DeFi community, all the great questions people ask and the conversations I’ve had!

We’re all working together to build something great.

Harshad Wagh:

Haha that is kind of you to say

So truly said

Harshad Wagh:

Moving to the next one:

What is meant by Locked Liquidity of Askobar Network? What’s the main benefits of Locked Liquidity to Askobar Network? @AikawaMigumi @ddmahendraa13 @AmeliaPNanda

https://twitter.com/MiyukiMikoto/status/1290186075273433090?s=19

Joe Filmo | ASKO NETWORK:

Without locked liquidity, none of Asko’s dapps would work. It’

It’s like the foundation of the house, a solid foundation everything else rests on.

At the end of our presale, the contract automatically locked the liquidity from the ethereum raised into Uniswap.

This means that ASKO will always have excellent liquidity for investors, meaning they can easily buy and sell their ASKO.

Locked liquidity is important because it gives investors assurance they can sell when they need to, so then they, funnily enough, don’t need to sell! It allows everyone to hold long term while feeling safe.

On top of that, Askobar’s dapp roadmap requires the supported tokens to use locked liquidity.

For instance, AskoLend has to be able to liquidate undercollateralized loans safely.

Some of you may remember the debacle with MakerDao a few months back, where loans were liquidated far below thier collateral value.

This can’t happen with AskoLend, because with locked liquidity there’s a guaranteed ability to liquidate undercollateralized loans directly onto Uniswap.

Harshad Wagh:

Sounds very strong foundation of a skyscrapper building. I am sure Askobar will reach more than 100 times the height of skyscapper and touching the space.

Joe Filmo | ASKO NETWORK:

Yes! With the help of a strong community, it will happen!

Harshad Wagh:

💢👏

Here is the last questions from the twitter round:

Why does $ASKO use the ETH network? Currently this network has certain limitations! How does the erc-20 network contribute to the Askobar Network ecosystem? Do you plan in the future to build your own network and leave the erc-20 network behind? @molestika @Ale_Urich @iracundito

https://twitter.com/Pamoato/status/1290261037531320322?s=19

Joe Filmo | ASKO NETWORK:

Developer tooling and ecosystem.

We are definitely concerned about the future scalablity of Ethereum. The high gas prices have recently brought these issues into focus. We’re constantly looking into alternatives.

The problem, is other blockchains simply don’t have the same quality of tools for developing, have fewer developers, and a smaller ecosystem.

That said, we need to see Ethereum release EIP1559 as soon as possible to help with reducing gas fees

and ETH2.0 needs to be accelerated much faster than it currently is.

If these two things don’t happen, we will need to switch chains.

However, on Ethereum Askobar gets huge advantages.

For instance, we’ve just recently partnered with dOrg to scale our development.

dOrg is a dao of top Ethereum developers, based in USA, with global reach, and deep connections to top experts at MIT in Boston.

There’s nothing similar that exists on any other blockchain, so trying to build out something like AskoLend would take several times as long and cost several times as much as it does on Ethereum.

dOrg took just 3 days of full time dev work to release their first code for us, an API for calculating supply data.

No other chain has a developer org we could contract and have a working product in 3 days.

Harshad Wagh:

That’s such a perfect answer and solution i must say!

I can clearly see these steps will solve the issue for askobar on erc20 network

Joe Filmo | ASKO NETWORK:

yes! If you are active on twitter, please raise awarenes of EIP1559! It will massively help with reducing gas costs.

Harshad Wagh:

Thank you Joe for the superbly adept answers to all of the twitter questions!

It was interesting to interact with you.

I would now ask @Beetle To take the lead for the next session

Joe Filmo | ASKO NETWORK:

I love all these questions, they are really getting at the core of the issues DeFi and Askobar are taking on.

Beetle:

Sure!

Dear Community, we’ll now move to the community round. Chat will be unmuted in a moment. Kindly Remember the rules.

@joefilmo Are you ready?

Joe Filmo | ASKO NETWORK:

Yup!

Beetle:

Okay!

Beetle:

Community is on fire 🔥

Joe Filmo | ASKO NETWORK:

Wow

So many good questions, how can I even pick!!😁

Beetle:

@joefilmo Take your time to select quality questions and answer them. Over to you.

Haha!

Harshad Wagh:

Wow 340 plus questions in one minute!!!

Luis Zamora:

There have been many other projects which clearly share your goals, but what makes Askorbar different from everything else?

Has this year brought on several hardships?, what has been your coping-mechanism?

What type of protocol takes over the security levels of Askobar Network?

Joe Filmo | ASKO NETWORK:

Askobar is focused on providing services for ILO tokens that launch on dexes like Uniswap. Most existing DeFi is only focused on the top market cap tokens and stablecoins. We believe these services need to be expanded.

On hardships, this year has been challening for many people but thankfully none of my family has been affected.

The Askobar Network is secured by Ethereum.

Jade:

Askobar claim that Will revolutionize the DeFi space, but How exactly? And what are you advantages over strong competitor as Maker and Compound?

The Askobar team is very little, just 5 members, so are you hiring employers? What i need to do to be apart of the team?

Joe Filmo | ASKO NETWORK:

Askobar will never replace Maker, and we don’t view them as a competitor. Same with Compound! These platforms are designed for highly liquid, high marketcap tokens like Ethereum, USDC, etc. The revolution that Asko provides is for all the hundreds of new projects constantly launching now. These tokens may have marketcaps under $100m, but their investors, ideas, and futures are still important!

On scaling, our partnership with dOrg is already proving fruitful. I’m only one dev, and my expertise is in basic research and building prototypes. dOrg has proven themselves on projects like Balancer and Compound to be able to deliver high quality code at scale. They are super excited about AskoLend and the other projects we have planned, and we will have more to announce soon about our deepening relationship.

Aditya:

What is main potential Threat do you see in the Blockchain Technology Currently?

What is the real problem Askobar is aiming to solve with Blockchain?

Joe Filmo | ASKO NETWORK:

Scams and centralization.

These two problems are closer in relationship than might seem at first. In the early days of blockchain, everyone was anonymous. The ideals were from the cypherpunk writings by people like Timothy C May, who wrote “The Crypto Anarchist Manifesto.” Unfortunately, many scammers took advantage of these ideals to cheat people out of their wealth. Askobar is working to create better decentralized protocols that can help prevent scams without centralization.

rohit:

How do you plan to address the storage issue when the network is overloaded with thousands of transactions on all chains

Joe Filmo | ASKO NETWORK:

Ethereum 2.0 resolves these issues with sharding. The tech is really interesting, and the beacon chain is actually live on the ETH 2.0 testnet. The ETH2.0 release timeline needs to accelerate, or we will be forced to migrate for the reason you mentioned, amoung other scaling problems.

Isam Mery:

This AMA has been fantastic, you have commented on AskobarNetwork, its function, its objective and its future. Now, what do you want to receive from us the CryptoBharat community?

Joe Filmo | ASKO NETWORK:

There’s a few big things you can do to help build Askobars future.

(1) Raise awareness about Ethereum’s scaling issues. Promote EIP1559. Encourage Ethereum devs to release ETH2.0 on a quicker timeline.

(2) Keep reading, studying, and asking deep questions about Askobar. I only know as much as I do because of the many difficult questions people have asked me. These questions force our team to really develop the tech to its maximum level.

(3) Help others learn how to use Ethereum, Uniswap, DeFi, and Askobar. Just by being here, you’re riding the wave of the future. You dont need to overexplain, or go forcing people to join. But if someone is interested, if you can explain to them simply how things work in 1 or 2 sentences and help them get set up, maybe even send a small amount of cryptocurrency as a gift, it really helps them and the whole community.

Harshad Wagh:

No wonder Askobar is creating such a buzz as it’s been created and developed by humble trustworthy team like yours

Joe Filmo | ASKO NETWORK:

Thank you. I really appreciate the support you’re giving us, and the whole Crypto Bharat community 😊

Limits~Arya EC ajh:

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 Askobar Network is fully Decentralized? Can you please tell us what’s askobar network working method?

Joe Filmo | ASKO NETWORK:

Centralization risks are definitely present for Askobar. It’s critical we release the AskoDao as quickly as possible to minimize these risks. Once AskoDao is released, the Askobar Network will entirely be in the hands of the community. However, we first need to demonstrate real revenue sources, since daos that dont have revenue tend to be too conservative with investments.

Lun Mei (Invt. in lowcap cryptos):

What is the purpose of classifying Lending in TIER 1 and TIER 2? what benefits does it bring?

Joe Filmo | ASKO NETWORK:

Good question. Having two tiers allows investors to set their risk/reward allocations.

Tier 2 is vulnerable to insolvency risks. If a loan becomes insolvent, Tier 2 lenders may see their balances decline. However, Tier 2 lenders also get much higher interest rates.

Tier 1 lenders are protected by the Tier 2 lenders. So while Tier 1 interest rates are lower, they also take much lower risk.

Investors can shift their allocations between tiers depending on their risk tolerance. For instance, investors can put 25% of their assets into T2 and 75% into T1. In this way, they can earn better interest while still having a high level of protection for most of their assets.

Filoteo:

When will you list on CMC and Coingecko so that people can easily follow up on Asko Network? In what exchange are you currently?

Joe Filmo | ASKO NETWORK:

We’re currently on both CMC and coingecko! Just visit those sites and search for ASKO. We’re currently listed on MXC, Biki, CoinW, and a few others. We’ll also be announcing some other exchanges in the near future.

Limits~Arya EC ajh:

I want to ask about the function of asko card on phase 3, is this the same as a debit / credit card? Can it be used for online shopping, and what are the benefits of using it?

Joe Filmo | ASKO NETWORK:

The AskoCard will come in a much later phase as the AskoUSD must be made first, and AskoUSD requires AskoLend. But it will allow you to make purchases with AskoUSD anywhere that Visa is accepted. You will also earn rewards with each purchase!

Beetle:

Thank you @joefilmo for your time. It was really good to have you with us. Appreciate your efforts 😊🔥

Joe Filmo | ASKO NETWORK:

Wow, I love all these questions. I wish I had time to answer all of them!

Beetle:

Hearfelt thanks goes out to all our members and are our talented guest Joe who stood by us answering all the questions ,guided us, and lead the event and motivated us aswell with his great project. We feel proud and thank you for making this AMA so precise eventful and educational as well.

Thanks to the Askobar team and the Crypto Bharat admins along with the great support by Crypto Bharat members.

Also Join @askobarnetwork for further queries.

Joe Filmo | ASKO NETWORK:

Come visit askobar-network.com , and feel free to stop by our community anytime and ask questions!

Also check out our partner’s websites at lid.sh and dorg.tech

Thanks so much for hosting a great AMA.

Harshad Wagh:

Thanks to the ever supportive members of Crypto Bharat group and The Askobar network being such a positive influnce in the crypto community and gracing us their presence this evening.

Great to have you and keep supporting the crypto world projects!!!

I know Askobar group will be flodded with questions now

Joe Filmo | ASKO NETWORK:

Oh! I almost forgot!

We have a community for our members in India at @Askobarindia

So come stop by when you can!

Harshad Wagh:

Wow that’s great we will head over there, thanks for the update

Beetle:

All Right, Unmuting Group.

Raff | ASKO NETWORK:

Thank you guys!

Feedback and comments are always welcome 😊

Compiled by- twitter.com/KalpeshEm for the Crypto Bharat Community.

Credits to Crypto_Bharat Team.

Bringing Innovative dApps to the Forefront of DeFi