Thank you to the NanoNews Community for participating in Ask Me Anything (AMA) with IndoDEX November 01, 2021. This guest star Tri Koro Dharmo, Team Of Indodex. If you were unable to join the live AMA, no worries, here comes our 126th AMA recap!
We are glad to meet here:
Tri Koro Dharmo, Team Of Indodex
For taking your time out from busy schedule for the AMA!
Q1. Could you give an introduction of yourself And how you can play an important role in IndoDex?
Thomas: Definitely Thank you nanonews room for having us!
Greetings to all, I am Thomas Matulessy, popularly known as Kapitan Pattimura.
The short reason why I chose Thomas Matulessy as an alias is that I see his character as a key role model. As the person in charge of marketing and community, I saw the passion, courage, negotiation skills, and leadership qualities of Matulessy who managed to become a leader to rebel against an unfair system and lead a revolution that ignited the people’s enthusiasm to fight for independence.
In the real world, in short, I plunged into the blockchain world about four years ago, operated in the management department, recently started to venture into the DeFi realm and am currently studying NFT.
Simple, blockchain technology is simply revolutionary and great when decentralized.
Sure, this will be a little bit long but so excited to share with you guys ,
I Gusti Ngurah Rai: I am I Gusti Ngurah Rai or you can call me Ngurah Rai, Who is he? He is one of the Indonesian hero. Ngurah Rai is not willing to see his homeland being exploited and controlled by people who only want to benefit themselves, manipulating local people for their own benefit.,so he fought back until the point called the puputan (end).
Meanwhile, personally, I am a graphic designer who has been directly involved as a designer for a company engaged in Blockchain and Crypto for 5 years. My concern arises when there are many hacking cases that occur on a centralized cryptocurrency exchange platform. that ‘s why we want to revolutionize the market and introducing our DEX project called IndoDEX,
base on my experiences I my responsibility in IndoDEX is to leading all the design stuff. I’ll try to make this platform more user-friendly, by simplify the UX/UI design so it able use even for beginners.
Raden Sudirman: Hello everyone, I am Raden Sudirman or rather Raden Sudirman is my alter of choice. Why did I choose Raden Sudirman as an alter? In my opinion, Raden Sudirman’s character is very strong. He is a famous struggle figure leading a guerrilla war with a terminally ill condition. But able to liberate Indonesia from colonialism, from colonialism, to defend our independence.
His passion for fighting really inspired me.
Passion not to give up. That’s the reason why I chose him as my second character in a virtual context.
I personally am a very enthusiastic crypto enthusiast and just happened to be in the blockchain world for the past 7 years in total (4 years focused on the technology side). Very interested in DeFi, DEX, DAO, smart contracts, Layer 2, macroeconomics and ideas about financial inclusion, where I believe every individual should have access to and control over financial inclusion.
Q2. What is IndoDex? And how is the story behind the IndoDex Creation?
oke so IndoDEX is a Decentralized Exchange or a decentralized exchange site within the Binance Smart Chain that focuses on revolutionizing the crypto asset market in Indonesia. If Indodax has Oscar Darmawan, then IndoDEX has ALL.
The reason for creating IndoDEX is because we who have been in the blockchain world for a long time see the great potential of this technology to change the system that is currently too central and corrupt. This arises from our concern about the assets owned by users/traders in Indonesia. which is currently still controlled by CEX / third parties. why? In fact when we choose to use CEX (indodax, tokocrypto, door etc.). CEX is in full control of your crypto assets. the term “Not your keys, not your coins” and this is very vulnerable to misuse or fraud, hacking. and may cause harm to users.
The proof is the news that just emerged yesterday, Tangerang Residents Lost Crypto Value Equivalent to IDR 1.7 Billion in Tokocrypto. Source: blockchainmedia
Therefore we want to present a solution as a form of revolution to the crypto market in Indonesia. With IndoDEX you can take full control of your crypto assets, without fear of data leakage and misuse of your data. hacking can also be overcome because of the set of security that each of your crypto wallets already has
Q3. What is so exciting about IndoDex, which might make IndoDex different from all other projects out there?
Well, so far, we are the only DEX that chooses to focus on only one market in Indonesia. One of our goals is to participate in educating Indonesian traders to get to know and transition to DEX, as the true nature of blockchain.
Because we believe, someday in the future, DEX, a platform that gives users 100% control over their assets and privacy protection will be the choice of many investors, instead of KYC and entrusting their assets to be controlled by a group of parties (aka CEX).
We are different because we focus on the Indonesian market because we have been in this industry for many years, we are aware that in essence, blockchain technology should be decentralized, not centralized. There are many issues that we see and want to fix, so this is a revolutionary movement for the crypto industry in Indonesia. Apart from the fact that we are Indonesians, for those who don’t know, the average transaction volume in the first 5 months of 2021 is $5 billion dollars. Of course this is not a small number. There are 6 million users in Indonesia, but unfortunately all are still concentrated in CEX. Of course we see the potential and opportunities of these 6 million users to use DEX. Moreover, if something happens with CEX, hacking or abuse for example, then CEX users will certainly look for alternatives. And, DEX is the alternative that is closest to the ideology and nature of blockchain, which is decentralized.
After Indonesia, we certainly don’t stop there, we will reach the Asian and global markets. Don’t want to limit yourself
Q4. What utilities does the token have, and what benefits will tokens holders get?
Simply put, $IDDX token is an IndoDEX utility token created for and within the IndoDEX platform. In addition, we also provide airdrops in the form of rewards/incentives for Indonesian traders. How to buy it? Check the IndoDEX group for updates. The $IDDX token can also be used for the Farms and Pools features that we are currently building. This token will be used to motivate and reward Indonesian traders to switch to DEX instead of CEX. And in the future we will expand our utility tokens such as liquidity provision, fees, etc
Host: Before entering the second segment, I want to ask, does Indodex have an interesting event before the launch of Indodex?
Yess! As we are closer to the launch of our website app IndoDEX in near time, we are celebrating with IndoDEX Pre-Launched compeition with total price of $30,000 or IDR 400Juta++! ✨ Specifically tailored for Indonesian to involve their creativity while diving deep into the DEX knowledge. There are memes competition, videos, design, and writing.
For more info: https://twitter.com/indodex_/status/1451882099590402048?s=20
Q1: What are the top priorities for your project this year? and what plan will you do for the development of this project?What is the main vision and goal of your project and who are your targeted customers?
The priority that we want to achieve in this year are the launch of the website application phase 1, Finalising App features (Trade, Farms and Pool), and other than that in terms of development we would like to finalising the Tokenomics, Documentation, Partnering with more Crypto Community in Indonesia & Globally & Community expansion, IDO (Initial DEX Offering), Listing on DEX, Security Audit , Partnering with Blockchain Projects. all of this will be announced in our group so join us for more info +IndoDEX Socials:
You guys can read the project roadmap here https://medium.com/@indodex/indodex-roadmap-overview-335a158fb4d7. there are lot’s of things we want to achieve 🔥
Q2: How does “IndoDEX” deal with other DEX’s current obstacles to accessing DeFi services : high gas cost with on-chain transactions, liquidity being fragmented to various protocols and services, trade fee, subpart UI/UX and lack of efficient market-making mechanisms?
Since fees were our consideration, we chose BSC as our first blockchain network. But it is not impossible that we will expand to other blockchain networks such as Polygon for example, if it is necessary and the community requires it. Back to the question, the fees on BSC are quite affordable compared to transaction fees on Ethereum. In addition to fees, the ecosystem in BSC is also the second largest after Ethereum, meaning there is a lot of liquidity. Large liquidity tends to attract traders.
Q3: As a first decentralized exchange in Indonesia,what aspects of Indodex that can make your platform decentralize and any competitive advantages it may offer? Are you only focusing in Indonesian market or you are open to serve also with other Asian countries in the future?Thank you
As the first DEX in Indonesia, we have a lot to offer .Our main purpose is to start the revolution in the crypto Industry starting from Indonesia. DeFi is growing rapidly and CEX is not aligning with the spirit of decentralisation where it is the main purpose of blockchain technology. And like DeFI, NFT has been in a frontier of the blockchain space, only DEX can facilitate this. Other than that, Indonesian traders have been getting more and more advanced to use DEX instead of CEX.
And the most important, Indonesia is a potential market in cryptocurrency. It’s about $5 B in volume on average over the first 5 months of 2021. within this big market, we believe that we can grow because again back to the reason why we build this project. we want to get that market and build a really strong community-based in Indonesia. For now, we really focus on developing our community in Indonesia so that we have a strong base/community, and we don’t stop there. We will continue to develop our community globally in the future. not only in community development, in terms of technology we will also continue to develop.
Q4: People are always worried about the transaction speed because they worry about their transaction going to fail. How fast and secure is @indodex_ platform? If the number of users spikes, will transactions on baby doge inu get congested?
For transaction speed, it really depends on whether or not the BSC blockchain network is dense and how complex the contracts are. From the IndoDEX side, we strive to make contracts that are very efficient in terms of transactions, so that there will be no obstacles to transaction speed. The main challenge is when the BSC network is overwhelmed by various activities and is likely to have an impact on us. But also not only us, but all platforms on the BSC network.
Q5: We know that projects from Indonesia always get negative sentiments even from Indonesian traders, especially if the team project is anonymous, how do you respond and overcome this into your positive sentiment that the project is serious?
Yes, it’s sad that the connotation of DEX in BSC, especially from Indonesia, is associated with rug pull. We don’t want to do that, therefore, we will provide a timelock contract, which helps secure investors. So, every function called by masterchef will have enough time lag before it can be executed.
Well, since the beginning, we start with ‘the revolution’ in our mind. We really want to revolutionize the Indonesian market. For this reason, we won’t play short term game. We’re aiming to be here forever. Our team chose to remain anonymous for various reasons, one of which is that IndoDEX has a narrative that can be said to be bold, but more than that we want to eliminate the central point, let everyone know IndoDEX because of the quality and vision and mission of this project, not who is behind it, so whoever who want to contribute can fight with us. We share the same passion as Satoshi Nakamoto (who is also anonymous)
agree. we realize in some cases we also see the same thing. but that’s only a small part. based on our experience working with many blockchain and crypto projects globally, we are looking at something different and bigger. technically the quality of Indonesian people in the blockchain world is very able to compete with people out there. while in terms of the platform itself, we believe that IndoDEX is very capable of growing. why? If you look at the first 5 months at the beginning of this year the trade volume in Indonesia reached $5bn, this is a very large amount. this will be our current target market.
Q1: The DEX market is still new, and it takes time to develop in the market, why choose DEX? Why not just CEX which is already running.
Previously, we often said that more than 6 million Indonesian din users are still trading on CEX at this time. Average volume of 5 billion dollars in the first 5 months of 2021. So, the market that CEX has is huge. Not to mention when we talk about the magnitude of the ‘potential for abuse of CEX’. So, there are many reasons why we chose DEX and focused on the Indonesian market. Because currently there is no DEX that has been built and is focused on developing the market in Indonesia.
Q2:How are you sure to revolutionize the crypto market in Indonesia when only a few Indonesians know crypto so you are confident in your project, and when can $IDDX be purchased is there a schedule if not where can I get information?
As mentioned previously, and I don’t mind repeating again, its not a few number for Indonesian people that knows about crypto. for those who don’t know, the average transaction volume in the first 5 months of 2021 is $5 billion dollars. Of course this is not a small number. There are 6 million users in Indonesia, but unfortunately all are still concentrated in CEX. Of course we see the potential and opportunities of these 6 million users to use DEX. Moreover, if something happens with CEX, hacking or abuse for example, then CEX users will certainly look for alternatives. And, DEX is the alternative that is closest to the ideology and nature of blockchain, which is decentralized. Of course we are very confident in this.
When the IDO, you can check our current roadmap here: https://medium.com/@indodex/indodex-roadmap-overview-335a158fb4d7
Q3:What is the philosophy of the name IndoDex?
Previously, because we chose the name IndoDEX, there was once a community member who said we didn’t have an identity, because we imitated Indodax. Maybe we can explain a little why:
We had a long discussion, until we decided we chose the name IndoDEX.
Indodax is one of the platforms that we think is a legend in Indonesia. Besides already having a strong market, Indodax can be said to be the largest, before the emergence of other CEX CEX. On the other hand, we feel it is time for CEX users to switch to a decentralized platform, namely DEX, like us.
So, if we want to build a DEX, thinking that we will be a pioneer DEX, become a strong DEX legend in Indonesia, even beat Indodax one day, we need an Indonesian based name too. Yes, we choose, Indo. And we are DEX. Then be IndoDEX.
For some reason, the founders also agreed, the name IndoDEX, could attract the attention of Indodax and attract the attention of their users, and other CEX users.
Q4:Can you give an overview of your Tokenomics, and the UTILITY of Token?
we’d love to talk about tokenomics, but there’s not much we can share for now, because we’re preparing an article that discusses it in full and also a gitbook that users can learn more about. but a little tokenomics leak will be released in the near future so keep an eye on our group IndoDEX Socials
Q5:Will there be equal justice for the owners of the few tokens and the many tokens in Indodex? Recently, there have been a lot of frauds happening on other platforms. And where people with large token holdings are prioritized, while those with few are ignored.
if we talk about fairness it will be very complicated to explain but as much as possible we will make the indodex platform very fair for all users, starting from shares, rewards and influence on the development of the indodex project we will make it as fair as possible so that every user can participate fairly and fairly. appropriate portion. We will also develop a DAO (Decentralized Autonomous Organization) on the Indodex platform so that everyone has the same opportunity to develop this project.
Thank you for trusting NanoNews as the organizer of the event today, hopefully everyone can understand about IndoDEX
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