On July 22nd, 2021, 10:30 AM EST, SwapAll x Roo Protocol AMA was successfully held at SwapAll Discord channel. Here is the recap:
@SwapAll Tommy:
Dear community members, thank you for joining us at SwapAll x Roo Protocol AMA session. Today we have invited Dan Ciocan, CEO as our interviewee.
In the beginning, let’s kick it off with the 4 Twitter questions we have chosen. Please welcome @Roo Protocol for the Twitter questions Q & A!
@Roo Protocol:
Alright, let’s get started
@SwapAll Tommy:
Will do! The first question:
People are always worried about the transaction speed because they worry about their transaction going to fail. How fast and secure is MetaverseNFT gaming platform? If the number of users spikes, will transactions on MetaverseNFT get congested?
@Roo Protocol:
Yes, this is also something the team is considering. We have seen that the hotter AXIE recently has the problem of server overload due to too many new users. But in terms of transaction speed and security, we believe that the transaction speed and security of the Binance Smart Chain are currently sufficient to support our current number of users. Following the opening of Metaverse NFT related content, we will continue to pay attention to transaction stability and transaction security issues.
@SwapAll Tommy:
That is indeed very considerable of you guys. Transaction stability has always been important as people really care about the safety of their property and the efficiency of transactions.
Let’s move on to the second question:
What is the contract address of $ROOB?Market Cap? Is $ROOB can be seen in CoinGecko and Coinmarket?
@Roo Protocol:
Regarding this issue, the team also knows that the market cares about when your token will go online, how much it will increase after going online, and how much its market value is. What we can tell you now is that ROOB currently has no plans to launch the secondary market and open up the private placement process. Our positioning of ROOB is a “proof of work” tool, ROOB is more involved in Roo Protocol as a governance token. However, we have also issued another token: Roo. Roo later supports the opening of private placement subscriptions and online secondary market transactions. At the same time, ROOB will also have potential contact with ROO. For specific information, you can wait for more details on the follow-up team.
@SwapAll Tommy:
That’s very exciting news and I am really looking forward to future updates.
Here is the third question:
Value of ROOB? Will the ROOB only be used to trade NFTs or it will be listed on any exchanges?
@Roo Protocol:
The total amount of ROOB is 210 trillion, which is the official endorsement of the Roo protocol and uses the token issued by the Proof of Sharing mechanism. ROOB will be shared with community users free of charge. For the team, ROOB plans to implement the NFT trading function, but for the time being, on-line secondary market transactions are not considered.
@SwapAll Tommy:
Nice! And here is the final question from Twitter:
Can you provide us with your complete roadmap? Now #NFTs Craze us going all over, I want to know till what time we will see @Rooprotocol #NFTs marketplace will be fully functional..? What will be security measures that @Rooprotocol will take to avoid scammers and fud ..?
@Roo Protocol:
The current NFT is indeed in the explosive stage, and the Roo Protocol team has also noticed the changes that are taking place in this field. At present, we have developed NFT-Marketplace to serve our partners and provide them with online NFT and transaction functions. SwapAll is currently one of our partners. At the same time, we are also actively negotiating cooperation with traditional well-known IPs. At present, we have reached friendly cooperation with the Smurfs and the Australian Gold Exchange (AGSX). Regarding NFT cheaters, we will have a strict review mechanism. In the early stage, only partners and IP parties can upload and sell NFT functions. Later, it will be gradually developed for users. This will prevent false and low-quality NFTs from flooding the market. In the future, we plan to develop an NFT public chain like FLOW for the development of partners in NFT-related fields.
@SwapAll Tommy:
Thank you for answering!
@Roo Protocol:
Thanks
@SwapAll Tommy:
Now, it is time for the official AMA session to begin!
Thank you for your attention to the latest issue of AMA in the Swapall community. In this issue, we invited @Dan Ciocan, CEO of the Roo Protocol project, to reveal the innovation and exclusive advantages of Roo Protocol in the field of NFT.
@Roo Protocol:
Let’s invite our CEO to the court next
@Dan Ciocan:
Hello everyone, my name is Dan Ciocan, and I am the Vision Holder of Roo Protocol (some refer to that as “CEO”), and I’m honored to be here today to have a conversation about Roo Protocol with the SwapAll community.
@SwapAll Tommy:
Thank you for joining us Dan! Now let us begin!
The very beginning question today from me would be an introduction of the Roo Protocol.
As a first-time guest of the Swapall community, can you give us a brief introduction to the Roo Protocol project from your perspective? What are its vision and mission?
@Dan Ciocan:
Roo Protocol is positioned as a cross-chain, NFT-enabled DeFi platform that excels at increasing liquidity, unlocking innovative and sustainable revenue streams for liquidity providers, acting as a store of value, reducing transaction slippage, and ensuring a pleasant and optimized user experience.
In less technical terms, our NFT-friendly Decentralized Finance platform aims to combine best practices that have emerged in building NFT and DeFi projects and “sprinkle” our own innovative features on top. Over time, we expect the “sprinkling” to become quite significant. The result is a curated set of capabilities that benefit ecosystems that entrust us with providing the technical platform that underpins their projects.
You may think of asking the “so-what” question. Here is why:
Roo Protocol is poised to make a significant contribution to democratizing NFT/DeFi using a modern and comprehensive cross-chain financial platform — giving people like you, me, and your listeners a voice in the crypto world. No doubt that a major part of the motivation is financial — some people call it “freedom of money”. The way I think about it — it’s time to change the paradigm, from people having to find money when they have something of value (and being forced to jump through multiple hoops) to money finding THEM without the need for intermediaries. There are many thought-provoking ideas that can be unpacked here, but I hope that the concept resonates with your listeners.
A bit on our team: it is distributed in several countries, mainly in Australia (we are an Australian company), Canada and Japan. Personally, I am based in Vancouver. We have managed to attract a diverse set of expertise and backgrounds, which in my view is paramount to the long-term success of a crypto-driven project, a field that is constantly (and rapidly) evolving. While the focus is clearly NFT and DeFi, one should not underestimate the need for cross-domain expertise, critical thinking, the ability to learn very, very fast — and, above all, the art of listening.
@SwapAll Tommy:
That is very innovative! Your team does have unique perspectives.
So, how did Roo Protocol decide to build a decentralized asset exchange platform that favors NFT?
@Dan Ciocan:
We instantly clicked with the concept and saw the benefit of engaging immediately. We decided to invest time and effort in conversations with major IP holders of global brands, based in several countries, including Japan and Hong Kong. We are at the early stages of what we believe is a disruptive domain. We are early, there is no doubt about it — but that is exactly where you want to be. Unlike other projects, we give a lot of importance to building relationships; this gives the technical side some time to distill. For example, we are not the only ones that think in terms of cross-chain functionality or deploying liquidity mining without any code to incentivize the right behaviors. But we believe that those who have the right partnerships in place will be able to profit the most from the inevitable technological advances.
As for the decentralized theme, the answer is very simple. Unlocking the value of dormant assets by using them as collateral is a straightforward use case. There is a natural fit between NFTs and DeFi for exactly this reason.
Of course, the opportunity does not lack challenges — for example, price valuation. Using so-called price oracles to help with collateral and collectible evaluation is a key step forward, but this needs to be carefully designed. Using AI-assisted Price Discovery is complex, as it depends on many parameters, such as liquidity, transaction volume, reputation, etc.
We are excited about the projects that we are currently contemplating and strongly believe in our philosophy and approach.
@SwapAll Tommy:
Does Roo Protocol have any plans to put online any NFT at present?
@Dan Ciocan:
The short answer is “Yes”. As already mentioned, Roo Protocol is having conversations with world-renowned IP holders, in domains such as animation, consumer brands, gold collectibles, high-end artwork, etc.
Please stay tuned and you will see more news coming out. For obvious reasons, we are not yet going public with some of the names that are involved in these conversations.
@SwapALl Tommy:
That is exciting to know! Can you tell us what plans or ideas Roo Protocol will have in the field of NFT?
@Dan Ciocan:
First of all, Roo Protocol can be implemented and deployed on any blockchain that supports smart contracts. We have decided to start with Binance Smart Chain, which is a very solid solution that accommodates several successful NFT projects (it helps that it is backed by Binance, which is the world’s leading cryptocurrency exchange). Among other things, we will:
1、Look into other technologies, for example, Cardano and even Hedera Hash graph, with a focus on sustainability, security, and user experience (we are NOT married to one specific chain, want to bring the best and latest to the ecosystems that we support). Even if it means to walk the less beaten path — for example, it is true that Hedera does not conform ideologically for a lot of crypto enthusiasts, but there is no inherent weakness of the network that we can see.
2、Add innovative DeFi services along the way for lending, leasing, etc.
One of the issues with NFT projects is the lack of laymen-language clarity that “democratizing” is supposed to bring about. So let me use less-technical language to describe three main areas of focus for us, which will help us realize the promise of NFT:
Accessibility
The fewer barriers for entry in the collectors’ world, the more successful the project. For example, today’s collectors need access to expert advice revaluation. We want to level the playing field using advanced technology and the power of the community/ecosystem. Some of you may know what price oracles are (I mentioned them before), but just to keep it simple, we want to employ artificial intelligence mechanisms to manage the valuation side, with a positive impact on transactions of all kinds. This not only creates and preserves trust — but also opens the doors to everyone’s participation, instead of encouraging a closed domain, meant for the elites.
Liquidity
There is a direct correlation between market liquidity and NFT attractiveness and, ultimately, value (because of supply and demand mechanisms). If we can accelerate the speed at which NFTs can be traded in the secondary market — as well as increase the confidence in price discovery — we will make it easier for sellers (creator and/or owner) to profit from their work, as well as easier for those who wish to experiment with NFTs (they will be more likely to participate, as they will know that exiting their investments is not an issue).
Utility
This is the most straightforward of the bunch and goes to the heart of the NFT/DeFi idea: leverage assets that traditionally have been dormant and, in some cases, waited for generations to have any recognized value whatsoever due to lack of exposure.
Overall, this can be a much longer conversation, and I know that we will have to come back to it.
@SwapAll Tommy:
Indeed. We will wait for further updates. What are the advantages of Roo Protocol compared to the projects already in the market today?
@Dan Ciocan:
This is a great question, and I am glad that you asked.
For starters, let me go back to the idea that the Team Fabric needs to be a suitable match for the stage we are at in NFT/DeFi world. People are no longer impressed with just technical strength — in fact, they would prefer that technical details be abstracted out of conversations. With so many open-source projects popping up, there is no doubt that even a decently skilled technical team can pull off a highly complex solution. The question has become “what is the best solution at a given point in time?” and “what is the roadmap to continuous excellence, whatever that means in a specific context?” and the somewhat assumed “when should we pivot and why?”
These questions might have non-technical answers! For example, if we are speaking to an artist who is willing to allow us to mint NFTs for his creations, say paintings, but he is a believer in a green planet, the last thing we would want to do is propose Bitcoin’s Liquid sidechain to bring his NFT vision to life. It will simply not work. This is not supposed to bash Liquid and much less Bitcoin (without which we would probably not have this conversation), but rather to emphasize that there is a strong need to understand the larger context around a project and not just “gather technical requirements and blindly code away”.
Agile Research is a strong trait of ours. In a world that seems to constantly accelerate, we manage to find ways to stay agile but always look ahead. We do this by decoupling the Research and Delivery functions, so that project timelines do not affect the quality of our due diligence. Of course, we schedule regular touchpoints between these two teams; we have blunted and practical conversations about what’s next; and (importantly) directly involve our Customer Success team! Essentially, there is no point in doing research if the Voice of the Customer is missing (that’s our compass)! As I mentioned before, leveraging the success of carefully curated projects, and adding our own mark to them is a strategy that we believe will pay significant dividends in the long run. Think about it: IF we can identify winning trends AND react quickly to incorporate them after they have been vetted by our team (provided that the customer has green-lighted the upgrade), THEN integrate them in our solution by providing a sleek, seamless transition from the current state, then I’d say that we would be very successful — TOGETHER.
The concept of a One-Stop-Shop is central to our philosophy. For example, our NFT clients can benefit from any combination of the following:
1. Tailor-Made Design — considering all brand characteristics
2. NFT Minting — as easy as possible from an interface point of view (aiming for “one-click mint”)
3. Distribution and Promotion — depending on the context, we might be able to provide sales guarantees based on thorough market research
4. [SOON] — Payment Gateway to accept fiat payment, which is another step towards democratizing access to NFT. Just FYI, we have zeroed in on a platform that our experts like quite a lot — I am not ready to talk about specifics yet, but I will do so in due course
In SwapAll’s case, we will support your marketplace (coins and NFT) as well as DeFi services. In fact, we anticipate that DeFi can play a major role in increasing the attractiveness of your NFTs.
Substantial Cross-chain Coverage is important to us. The more technically astute will appreciate that we are able to exchange tokens between all blockchains that support the leading cryptographic algorithms (top two: ECDSA or EdDSA). Essentially, doing so allows us to ensure compatibility with at least 95% of all cryptocurrencies, which we think is quite remarkable.
Sustainability (Eco-friendliness) without the loss of Scalability is a central theme at Roo Protocol. We find that showcasing and monetizing NFTs in a green, sustainable manner best aligns with our customers’ values. If we notice misalignments, we spare no effort to fully understand the context and why such an important pillar of our philosophy might have been overlooked.
These are just a few high-level thoughts that hopefully answered your question. We can keep you in the loop as we move forward, if there is interest, of course.
@SwapAll Tommy:
That is a very detailed explanation you shared and we appreciate it!
Now, it is time for a surprise to the community!
We have heard some rumors about Roo Protocol opening an airdrop campaign soon — can you shed some light on it?
@Dan Ciocan:
In ROOB’s SwapAll’s community airdrop, we designed the following rules to allow SwapAll users to participate in ROOB’s airdrop.
1. “Newcomer Award”
In the “Newcomer Award” airdrop event, you only need to follow the Roo Protocol official telegram group, official Twitter, fill in the Google Form, and get 100 million ROOB for free as an airdrop reward.
2. “Invitation Award”
After you enter Roo Protocol, if you want to get more ROOB, you can invite someone to the Telegram group and get 40 million ROOB rewards. More invitations will get more rewards. There is no limit.
3. “Sharing Award”
At the same time, if you are willing to share the event, you can also get 40 million ROOB rewards by sharing the airdrop event poster to the telegram group and reposting the ROOB airdrop poster on Twitter.
@SwapAll Tommy:
This is indeed very exciting! I believe the community already cannot wait to participate!
What benefits will SwapAll users have in the future after participating in the ROOB airdrop？
@Dan Ciocan:
Here are a few benefits:
1. Facilitating Partner NFT Airdrops
ROOB can serve as the only standard for airdropping Partner NFTs. For example, we have facilitated a deal with one of our customers, the Ginza Project (Malaysia), to airdrop active NFTs to SwapAll members based on their ROOB holdings — details to follow.
2. Voting Power
This essentially gives you voting rights in the Roo Protocol Project and any related projects in which our community participates. In certain circumstances, reward tokens can also be awarded.
3. Intrinsic Value
We anticipate that more and more ecosystems will accept ROOB as payment. Initially, we are focusing on partners that have issued (or are planning to issue) NFTs, as we believe that this space is very interesting to communities such as SwapAll.
You also can click on this link to view more details
https://roob-2.gitbook.io/roobairdrop/
@SwapAll Tommy:
Well, thank you Mr. Dan Ciocan, CEO of Roo Protocol, for these insights. In the future, Roo Protocol will work together with SwapAll to continue to bring great capabilities to our users.
That will be all from the SwapAll x Roo Protocol today. Thank you all for participating and thanks to @Dan Ciocan and @AX for joining us!
@Dan Ciocan:
Thanks
Goodbye everyone