Thank you to the NanoNews Community for participating in Ask Me Anything (AMA) with Collateral Defi May 06, 2021. This guest star Chris Longden, CEO at Collateral. If you were unable to join the live AMA, no worries, here comes our 112th AMA recap!
We are glad to meet here:
Chris Longden, CEO at Collateral
For taking your time out from busy schedule for the AMA!
Host: How are you feel today sir?
Chris: I feel great – thanks for asking
Host: Nice,Our community hope to talk and learn more about Collateral DeFi
Q1. Could you give an introduction of yourself And how you can play an important role in Collateral?
So I am Chris Longden CEO & Founder of CollateralI am for a traditional CEFI and payment merchant services background. I was first introduced into Crypto back in 2017.A long standing school and University friend came to see me. He asked me about blockchain and something called ethereum At the time Eth was trading at around $40 in feb 2017. What a journey it has been.
I have seen the high and lows of crypto however here for the long haul. I think DeFi and the digital payment space is so exciting and delighted to be here to talk to you community about it I oversee the operational and marketing aspects of the business. However we have just recenlty appointed a new CMO from a World leading company – Sky.
He joins us next month which is really exciting.Hope that answers your intro
Q2. What is Collateral DeFi? And how is the story behind the Collateral DeFi Creation?
So a brief introduction – Collateral is a decentralised payment gateway we are building on the Polkadot network. It has been designed to allow Crypto hodlers and users access to liquidity within their crypto portfolio/ wallets.
The protocol will allow users to then access instant spending power and purchase goods and services at the Point of Sale.
The business was born when I assisted a friend purchase an asset and I took the crypto as collateral.
I then thought why could not this be done on a mass scale.
People want to purchase everday items but dont want to sell there crypto – that is how the concept of Collateral was born/
Q3. What is so exciting about Collateral, which might make Collateral different from all other projects out there?
So we believe Collateral is a unique project! To our knowledge there is nothing on the market that does what Collateral offers.With other similar projects in the space, users can only take a loan against their crypto holdings, which then has to be transferred to bank accounts or to wallets. With Collateral you can borrow against your crypto, but make real life purchases with Collateral merchants at the point of sale. This makes the whole process more direct and convenient for our users as they can make impulse buys without needing to arrange a loan.
I obviously follow Nexo and Celsius and other crypto projects. I even invested in the Nexo ICO. I think what they have done for crypto users has been amazing- its all about driving mass adoption – that is our ethos We only have a current marketcap of $2-3M so a long way to catch up with those guys, but shows what can be done in the crypto space and the return investors can make but supporting projects such as CollateralI hope you guys are finding this interesting and ohpe to see you on our official channels https://t.me/collateraldefi
Q4. Please provide some information about your Roadmap, How Collateral is progressing so far? And what Collateral is currently focused on?
We recently released a medium article detailing our progress along our roadmap. https://collateraldefi.medium.com/
We are on track and have achieved everything promised in the roadmap to date. The team are working hard behind the scenes to ensure Collateral realises its full potential!
The current focus is on the Collateral Marketplace which goes live on 12 May. The idea here is that we are offering our community products that they can buy, whilst building out the Collateral Protocol in the background. We didnt want to be one of those projects that carries out TGE and then goes silent. We listen to the community and we are building a marketplace to showcase Collateral. This is to educate communities – then in Q3/4 – we will have the protocol in place to offer Collateral online and then instore-
So a lot going on!
Q5. Please tell us more about Token ($COLL) Whaten! What utilities does the token have, and what benefits will tokens holders get?
We gave a great deal of thought to the token and its utility. A lot of projects launch and I am left wondering, why does this need to be tokenised……We have two types of token the Coll token and the COLLG token or Govenance tokenCOLL is the native token of the ecosystem. Holders will be able to stake COLL to earn COLLG – the COLLG will be able to vote on shaping the business and protocol in a truly decentralised manner
COLL has other utilities as well users will see better loan and borrowing rates when they hold stablecoins and some select cryptocurrencies on the protocol as well as when they are borrowing against their crypto holdings. Naturally the more COLL you hold, the better the rates you will receive. Once the Collateral Protocol is live, a percentage of merchant fees will be divided between COLL holders as a way of rewarding their loyalty.
The governance token holders will then have a chance to vote on things such as buy backs and token burns to reduce the supply and increase the priceWe have a lot of exciting times ahead and COLL holders will be vital to these decisions and outcomes;
It will be launched in the coming weeks. All info will be on the official channelsYes COLLG can only be received through staking COLL – this is to reward COLL token holders Ultimately the COLLG token will be able to be traded in due courseHowever finer details and decisions will be put to votes – a true DeFi model – so cant give too much further info as not my decision
Q6. What are some achievement that Collateral has achieved so far? And what are Collateral upcoming plans, Especially in 2021?
Collateral has achieved a lot in a short space of time – Early Adopter Round was closed, ERC-20 Token Smart Contract was completed along with the ERC Staking Contract and finally DAPP Wallet development commenced.
On April 16th only a few hours after the completion of the Ignition IDO only a we listed on Uniswap. We then on the same day launched our staking pools, which sold out rapidly and we were delighted with the performance of these. Due to the high fees on Uniswap, we listened to the community and on April 21st completed our tech development of a Bridge over to Binance Smart Chain and listed on PancakeSwap.
Our attention now turns to the Collateral Marketplace, the Collateral Governance tokens and the Merchant on boarding process, this is constantly ongoing and announcements will be made in due course across the official Collateral channels. We are also developing some partnerships that will be announced soon also. Some of these are already confirmed
Also with what have to come in terms of annoucements I think our community will be delighted with the progress not even 2 weeks after launch!
Q1. Are u plannning make some nft or cooperation with nft project on the future? U know that nft is on high demand right now! Its great if know collateral have a partnership with them, and are u planning some burn in future?
Some of you may already be following us at Collateral. We actually did an NFT sale with Bondly and released some of our own NFT’s that entitle the holders to a COLL airdrop. We recognise the popularity of NFT’s currently so took those steps to satisfy the demand. There is no plan for a burn at present
We did this having listened to the community who did not have enough, duckstarter of paid tokens
So we do take note and listen to you guys – hopefully that can be seen We are looking at bringing NFTs to our marketplace which will be cool – follow us and you will be able to get updates on this progress
Yep – they went down well and as per the above we have some other cool stuff we are working on. We dont want to rest on our laurels.
We want Collateral to be forwarded thinking and build fun engaging and novel content for our community, whilst educating and making people aware of Collateral
Q2. Can you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team?
I think a good place to start is by sharing the light paper all token info can be found here
So high level – 50m token total circulation. NO more can be minted and this written in the smart contract code
We want to reduce the supply subject to COLL G token holders votes – through token burns The team is vested for 2 years – and fully committed to the long term success of Collateral
Q3. How is collateralDefi development going? Can you describe in detail current development efforts, market expansion plans, expected applications, and when will they become commercially available?
I think this was covered in the question 6 above. However what I will say is – we are on track we have achieved everything on time to day te as per the road mai. We are exapnding and developing each and everyday and hopefully this can be seen in the tech updates etc.. given. We have a number of partneships confirmed and others in flux/negotiation stages
We expect to become commercially viable in terms of offering sales via the marketplace this month. Whilst we develop the larger ecosystem which of course takes time as I am sure your guys can appreciate
However we wanted to keep going an drive Collateral forward
Q4. Partnership is like a supplement where the combined effect is beyond the individual level. Can you name some of your recent partnerships that can help your project. Is there any partnership that will take place in the near future? Can you tell us with whom?
The marketplace is more educating and making people aware of Collateral – the fully built out tech fversion will be later this year. It will educate communities and users whilst at the same time we will onboard merchants
Yes We understand the value of partnerships. We have a lot going on behind the scenes and have a number of partnerships lined up. However, until we announce these, they are not public knowledge. Please join our tg community https://t.me/CollateralChat as well as our announcement channel https://t.me/collateraldefi to be the first to know.
We have one coming on March 12th same day as the launch of the marketplace I can tell you that……
Wish I could say more
Q1: ✨Community is the key to the success of projects, so besides organizing AMA, what strategy does Your project have to reach out and exploit new investors?
We are driving awareness all the time, we have just appointed a new CMO from Sky which is a great appointment, he will oversee the complete brand awareness and marketing strategy.
As mentioned we are only 2 weekds after launch so a lot of these plans are being rolled out in the coming weeks aheadMarketing PR and social media – as well as partnerships are vital to driving success to Collateral
Q2: You mentioned that Coll token NO more can be minted. what is the reason behind this decision no more can minted? Will this decision have a positive impact on the price of Coll tokens?
That is correct – we took this decision as we want to reduce the supply ultimately so more value in the token and to rewards loyal COLL token holders. Its about building a loyal community who see the value and need for COLL – this is what will drive mass adoption
and of course value to the early adopters and supporters such as you guys
Q3: How secured and safe is Collateral platform for the users? Have you done constant security audits by a third party?
We take security extremely seriously. Its key and vital to any project. We are well supported by a number of VCs who are vested long term, they made sure we carried out THREE independent audits on our smart contracts to prevent any exploits.
We will continue with this mechanism having three done each time. The final one was performed by Zokyo – who we are working with long term and regarded as the best in the space- so security and code is high on our agenda
Q4: How does Collateral get profit? What are the features that distinguish Collateral from other similar applications?
We make profit by charging a fee for every transaction -similiar to any payment / merchant payment services provider Visa etc…
Difference is after covering costs – profits are re distributed back to loyal COLL token holders – COLLG holders can then vote on how these funds are used eg -= burns or buy backs
This is ideal for the team as we are vested for 2 years so we want to see cirulcation decrease and the token will increase in value rewarding all people in the ecosystem- team, holders etc..
Q5: Is the $COLL token already listed on an exchange or DEX, CEX and how do you get your $COLL token and where i can buy, Can I give $COLL token smart contract?
Yes coll is already listed on Uniswap and PancakeSwap
Please see the following links
Also follow the official TG – channels for all contract address info;
Finally here is our listing on CMC
Up 25% today I just saw but a long way still to go!!!
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