Thank you to everyone who joined AMA Blockelite x COMBO on 28th October at 2 PM UTC I 9 PM UTC+7. Here is the recap for those who missed this AMA.
Our special guest today is Jack – Co-founder & Token Advisor of Combo
Segment 1: Introduction about Combo and Jack – Co-founder & Token Advisor of Combo
Q1: Can you briefly introduce yourself as well as COMBO?
Jack – Co-founder & Token Advisor of Combo: Definitely! My name is Jack. I am originally from Armenia but have been actively working in China for over 5 years now. I majored in Business with a focus on Finance and Accounting. My interest in the tech world grew the day I travelled to China.
I got into cryptocurrency around 2016, when I was introduced to Bitcoin by a colleague whom I was doing business with in the city of Shenzhen. I decided to gradually get more immersed into Bitcoin, the technology I had dearly fallen in love with. After years of work in and around the crypto world, I decided to take my influence further by joining this amazing project. Combo.
Combo (COMB) is an aggregation protocol for DeFi derivatives developed based on Kuchain, which includes an aggregation platform for various protocols such as liquidity mining, synthetic asset issuance, collateral mining protocols and oracle machines, etc. The COMBO project serves to provide a bottom layer of DeFi development, which enables traditional financial assets including legal tender, bulk commodities and stocks to seamlessly chain assets through blockchain technology. Combo is completely decentralized and admission-free, for the purpose of making it easy for all users to
participate, and provides a solution channel that leverages traditional financial assets and more diverse and complex transaction strategies.
Blockelite Host: First project developed base on Kuchain, right?
Jack – Co-founder & Token Advisor of Combo: Yes
We will be layer 2 on top of Kuchain
Q2: Why did Combo Choose Kucoin as Combo’s first partner exchange?
Jack – Co-founder & Token Advisor of Combo: Nice question Yuno. I assume you are already well aware of what is happening with Combo!
If you’ve ever wondered where the name Kucoin comes from, here’s your answer. “Ku” in Chinese means global or in other word “one that’s for the people”.
Kucoin has proven again and again that their clients come first. Even one of the biggest hacking events couldn’t stop Kucoin from doing what it has to do and there’s a reason why they are ranked top 10 on CMC. To answer your question in brief, I would say transparency – Connections – Power – Professionalism. TCPP is the perfect combination for top level companies in today’s world and Kucoin ranks high.
Blockelite Host: Kucoin has been hacked recently, but they recovered, very quickly 🙂
Jack – Co-founder & Token Advisor of Combo: Yes, they did
We are very impressed with that. You can compare that to MTGox
Q3: Combo started its burningdrop on PoolX. Can you tell us more about PoolX and how it would benefit Combo?
Jack – Co-founder & Token Advisor of Combo: Definitely, I expected that one. So yes, the purpose of getting started on Pool-X is to provide users true and fair token distribution. So, we wanted to give users who support Combo early on an advantage to obtain COMB tokens and participate in Combo’s follow-up liquidity mining.
With this decision to kick-start our BurningDrop campaign, which was truly successful, all of Combo’s lockup amount was eaten up really fast. It took just under 10 minutes actually. For this I would like to confirm that it will only accelerate phase 2 of Combo’s mission on KuCoin. We will make some announcements to our community when the time comes.
Blockelite Host: Everyone can read more it here: https://www.kucoin.com/news/en-combo-is-available-on-burningdrop (English)
https://kucoinvn.com/combo-co-san-tren-burningdrop/ ( Vietnamese )
Jack – Co-founder & Token Advisor of Combo: Guys, forgive for being a bit slow today!
We just launched our liquidity mining platform.
We will talk about it in a bit
Q4: Can you briefly introduce Combo’s liquidity mining? When does Combo expect to open liquidity mining?
Jack – Co-founder & Token Advisor of Combo: Yes for sure. You know, I will also be introducing a step-by-step manual at the end of this session, to let Blockelite clients understand how it really works.
So, to answer your question, the purpose of liquidity mining is quite clear. Liquidity mining will help Combo start quickly in the early stages and distribute tokens in the fairest way available yet. We want to ensure that each Combo liquidity miner gets fair access to COMB token distribution
Take it this way:
The Combo aggregation protocol will establish a liquidity mining bonus pool. Users can deposit encrypted assets into a decentralized trading platform to provide liquidity for the Combo fund pool, thereby obtaining COMB trading tokens (staking tokens). Staking COMB tokens on the Combo pledging platform can allow you to participate in COMB liquidity mining. The more funds invested and the longer the time, the greater the share of liquid mining pools obtained. The liquidity mining rewards will be divided according to the liquidity mining pool shares.
Liquidity mining pool share = user liquidity mining token parameters / liquidity mining token total parameters × 100%
For example, there are two users in the Combo pledge platform. Alice has pledged 100 COMB trading tokens (staking tokens) for 10 days; Bob has pledged 200 COMB trading tokens (staking tokens), the time is 5 days;
Alice’s liquidity mining staking token parameter = 100 × 10 =1000
Alice’s liquidity mining pool share: 1000 / 2000 × 100% = 50%
Bob’s liquidity mining staking token parameter = 200 × 5 = 1000
Bob’s liquidity mining pool share: 1000 / 2000 × 100% = 50%
Liquidity mining staking token total parameters = 1000 + 1000 = 2000
Every time liquidity mining is performed independently, it will mark its start time. Therefore, if two pledges of mining are performed and then withdrawals are made, the first and second may have different bonus amounts.
Q5: When does Combo expect to launch Uniswap and What crypto assets can be used to participate on Uniswap?
Jack – Co-founder & Token Advisor of Combo: Wow, actually.
We have already launched!
We went live on Uniswap just now
We were expecting to launch on 28 or 29 October and we were actually able to launch it today
Blockelite Host: We can trade Combo on Uniswap now?
Jack – Co-founder & Token Advisor of Combo: It’s live. yes
We have introduce the Combo/usdt pair first
There will be more liquidity pairs coming up soon
Blockelite Host: Can you share contract of token?
Everyone can find it :))
Jack – Co-founder & Token Advisor of Combo: 0x7C81542ED859A2061538FEE22B6544a235B9557D
let me actually send you a screenshot of our platform
This is the Combo platform.
You can find it here https://farm.comboos.com/#/
This the farming page. We have our first liquidity pool
And then you have the invitation page.
You can invite people through referral and get 5% from each invitee’s profit
Will have more pool 🙂
Jack – Co-founder & Token Advisor of Combo: Yes, definitely!
We are going to add many and many more
I can’t disclose it now but there will be announcements coming
Q6: What’s the difference between Combo and other Defi platform? What solutions can Combo offer and will it be useful in the future?
Jack – Co-founder & Token Advisor of Combo: Well, Combo is actually partnered up with Kuchain and Kucoin. We have partnerships other DeFi project can’t find at the start of their journey
That is our major advantage in the market.
At the moment, we are offering one of the best liquidity mining platforms to our users
As you know, we just went live. In the near future, Combo will be running as layer 2 on Kuchain and soon after that we will be launching oracles.
We are literally working on many DeFi and blockchain sectors at the same time!
When will combo be listed on Kucoin? A member of the community asked me before ama
Jack – Co-founder & Token Advisor of Combo: We can’t announce that yet unfortunately
Let’s say there will be another announcement soon
Segment 2: 5 best questions from Twitter
Q1: How did the “four-layer network” technology logic come about and how important is this network system for COMBO’s development? from @kizapiza
Jack – Co-founder & Token Advisor of Combo: Nice question. You know the four-layer network is really important for Combo’s future. We are the perfect match for Kuchain in that sense
We are promote decentralization. Our biggest battle at the moment is to make Combo fully decentralized and that is working perfectly
Q2: Any small coding error can permanently damage the entire assets of the LPs. This is the biggest risk of Liquidity mining. Has your smart contract been audited by any blockchain system ? Why should we feel safe when provide liquidation for Combo ? from @vn69676675
Jack – Co-founder & Token Advisor of Combo: We are well aware of how crucial it is to have a robust platform.
Before being accepted by Kucoin, we were carefully audited for almost a full month.
Combo went through different tests to prove how secure it is and we passed all the tests.
Our audit report is available on the official Telegram group for anyone to see!
Q3: Does COMB have any coin burn/buyback system or any token burn plan to increase the value of Token & attract Investors towards Stake to invest? so will the advantages of COMB holders be improved soon? @yap2018
Jack – Co-founder & Token Advisor of Combo: At the moment we don’t.
Our strategy is to attract people by making the right decision in the marketing department
Our first burn strategy was pre mining. We were going to do that in case we hadn’t reached hard cap
However, all tokens will completely sold.
Blockelite Host: How much token sold ?
Jack – Co-founder & Token Advisor of Combo: All of the public sale tokens. That is 7.5% of total supply
the remaining 92.5% of the total supply will be acquired through liquidity mining
Blockelite Host: price per token?
Jack – Co-founder & Token Advisor of Combo: 0.03$ at public sale
Q4: A big problem today is the cost of developing on the blockchain. This is mainly due to the shortage of programmers who understand blockchain technologies, how could COMBO provide solutions to these types of problems? @quan37040696
Jack – Co-founder & Token Advisor of Combo: That is not an issue at Combo because our co founder is already an expert coder. We are also fully equipped and backed by Kucoin and Kuchain
Their technical team is working with us on improving combo!
Q5: What is the roadmap for the next six and twelve months? The Covid-19 pandemic and global crisis is very complex , how will it affect COMB development plan? What is the future direction of this project? @hoa_bingan
Jack – Co-founder & Token Advisor of Combo: Our roadmap is on the website. Anyone can access to check it out.
in brief, we are working on launching our synthetic asset soon
Short term goals are also listings and Kuchain integration
The long term goals will be to develop Combo oracle and Combo DEX right after that
Blockelite Host: wow, Combo DEX 😀
Jack – Co-founder & Token Advisor of Combo: We will keep updating everything. We are working way faster and reaching goals faster
Yes, You should all be stakeholders! 😉
So get some Combo on Uniswap and start staking!
Segment 3: Live questions. Combo team will select 5 best questions and answer them
1. 2020 is the year of Defi and Farming yeild, so does Combo predict that 2021 will be a trend of any field? And what is the strategy to keep Combo from falling behind?
Jack – Co-founder & Token Advisor of Combo: This is an interesting question
2020 is the year of yield farming and that is correct. That does not however mean that this trend will disappear or slow down anytime soon.
The Bitcoin and cryptocurrency trend started in 2009 and it is still a trend on macro level.
However, on more microscope-ed perspective, there is a new trend called DeFi. Is Bitcoin falling behind or disappearing? Definitely not!
The same is for Combo. As long as Combo keeps developing and aiming for its goals, it will not lag behind. One thing we will surely do is follow trends.
We will accept new trends and learn to adapt.
2. What is difficulities and chances that You face right now while crypto/blockchain market is still young and need time to grow?
Jack – Co-founder & Token Advisor of Combo: Nice one
The difficulty we face in the last 2 months is the fact that Kucoin got hacked. As Kucoin and Kuchain partners, we were fully backing our big brothers and we had faith in them.
That stage has past already. These are types of difficulties we may face day in and day out.
No matter what gets thrown at us, we will fight back and aim at our goals
3. AMA is a good tool to promote the project to investors. Coming to AMA today, what would you like to bring to this community? Why did you choose this community?
Jack – Co-founder & Token Advisor of Combo: We made careful research on big communities on Telegram
Now, as we all already know, it is quite easy to create a group on Telegram and buy fake followers. You can even reach 300k followers with that strategy and for that reason we assigned a few people to go knocking and checking on the legitimacy of big communities.
While BlockeElite isn’t a 100k+ followers group, we still figured they are legit and Yuno is a good friend!
4. Without proper marketing and capital infusion, project dies, how do you convince us you have adequate marketing power and capital to push this project to the top project?
Jack – Co-founder & Token Advisor of Combo: We are well aware of these challenges and we accept them. We have top class employees and partners who are qualified enough to carefully allocate budgets and target the right goals at the right time. We also have a marketing powerhouse known to be Kucoin.
They are helping us in marketing our project every step of the way!
5. What are the ways to get cUSD? Will cUSD always be pegged to USD? Can they be exchanged at any time? Are there any commissions?
Jack – Co-founder & Token Advisor of Combo: We will be announcing that at the right time Luckay 😉
This in itself is a the perfect hype we need. We will be bringing synthetic assets in the near future.
Let’s make sure to follow Combo on Twitter!
Thank you so much for having me here and I’m gonna have to rush off really fast!
Got so much work to do and meetings!
We work day and night to make Combo better!
Our AMA session is now over !!!
More information about Combo