Hey, Prostarter community! Here’s the summary of our recent AMA with Octopus Protocol hosted on the Prostarter Telegram group✨ We took hold of three segments, Project introductory questions, Twitter questions, and telegram free asking questions. Your questions are listed below, along with the team’s corresponding answers. 😃
- Could you please explain what is Octopus Protocol project and how it works?
Octopus Protocol is an open protocol to create, exchange, settle and manage synthetic assets the protocol seeks to offer unparalleled access and exposure to real-world assets.
On Octopus, a user can mint synthetic assets that impart exposure to any real-world asset such as commodities, stocks, bonds, gold, and even cryptocurrencies by tokenizing the asset on the blockchain. The broader ecosystem encompasses multiple products that allow users to capture the wider value from the creation of synthetic assets, exchanging decentralized derivatives to the management of a trader’s portfolio under one network.
2. What are the core features that make Octopus Protocol a unique and better-decentralized project?
Moreover, other DeFi derivative solutions restrict innovation by demanding a higher deposit for collateral in exchange for the issuance of tokens. Octopus provides an affordable solution to mint synthetic assets by reducing the requirement for a high amount of collateral.
- How does the solution that Octopus protocol is building differ from existing solutions? What is the disruptive part of your concept?
I think everybody interested in derivatives and synthetic assets knows Synthetix and Mirror Protocol, both are successful projects. And as I mentioned in the first answer, users have to put a high amount of collateral to mint synths on these platforms. We aim to reduce it and allow users to get the maximum from the usage of their funds. And I also want to mention that Octopus is the first solution for synthetic assets on Binance Smart Chain.
2. Many projects rug pulled an exit scam recently. Why should investors trust your project not to do the same?
Our founding members have been working on the project for over 2 years now. A lot of time and resources have been a project that has been the heart and soul of its co-founders. The Octopus Team is a diverse collective of skilled professionals from various professions with one thing in common, a love of crypto and a passion for creating innovative infrastructure in the crypto space that unites various entities within the financial market industry. We have a powerful team and have onboarded some notable and very prominent advisors not only from the blockchain industry but leading experts who have been at the forefront in the banking, financial, and commodities industry. Our team members have been chosen from McAfee, Siemens, CITI group, and Dell computer systems. We have partnered with leading institutions like TITAN Ventures, the Ignition Paid Network, and ProStarter along with many more that only back high-potential blockchain projects
3. Tell us about your plans for 2021 what are you currently working on and are you going to expand, the list of big exchanges?
Well, we are working hard to go live with our decentralized derivatives exchange before the end of August. We need to get traction before October as we’re attending Dubai Expo. We’ve already planned and booked everything. As for centralizing exchanges, yes, we are working on it with several big players. We can’t reveal it yet, but It can happen much faster than anyone expects.
4. Smart contracts are susceptible to failure and many projects fall victim to this, costing users money and the project discrediting. How reliable and secure is your smart contract? Have you tested it through any of the parties?
There were several hacks on BSC recently and we are well aware of it. We have an experienced development team and we are working closely with our partners to help each other make smart contracts more reliable. Yes, we use Armour to audit our smart contracts and we also will do one with Certik.
5. The project has got a lot of scopes and multiple things that can be converted to synthetic assets. Out of all these things can u tell us what’s the main/hot product you are looking to convert to synthetic assets.
We are going to be targeting 4 Markets
- Commodities — gold, silver
- Cryptocurrency ETH BTC
- Forex — JPY, GBP
Community Free Asking Questions
- Hi! What oracles does Octopus use to keep data of real-world assets? And synthetic assets do require a lot of collateral due to certain reasons, what gives you the leverage to ease it off?
One of our key features is minimal usage of oracles. Currently, we are using Band protocol and we are also exploring Kylin (https://kylin.network/).
As for synthetic assets, yeah, true, you need to put a big amount of collateral. We can’t reveal the mechanics because it’s our USP.
2. Community support is one of the biggest aspects of a project’s success, Most projects have programs that interact with their users, Do you have any special plans to attract and expand the community and improve the user experience?
Social trading in Octopus allows users to connect with experts from leading professional traders. A user can follow expert traders’ trading patterns and strategies with social trading. The integration of social media alongside Octopus will allow users to share their trading activity with the world and show the world their trading skills, in short, a community for Fellow Octopus Users
3. What are your main goals for the next 3–4 years from now? How do your plans to grow and gain more real adoption?
Our goal is to release our products which are: decentralized derivatives platform, Asset management, Social trading, and Options Trading. We are aiming to be the best solution for synthetic assets and want to attract people even outside of the Crypto space since there are millions of stock and commodity traders.
4. What kind of marketing activities have you planned to spread the word about the Octopus protocol?
We are doing almost all possible marketing activities. We’re planning many more AMAs and different competitions/contests for our community. We’re working with big finance/crypto websites. We’ll keep working on our educational articles and materials and of course continue to collaborate and partner with other trustful projects. I’m sure I forgot to mention something, but you guys will definitely see it
5. What was the main aim of your project?
I am the Creative Director so what I see as the main aim is the integration of those 4 markets and utilizing the binance smart chain to expand virtual assets on a unified platform. This project is a multi-faceted organization and it is growing every hour, every day we are onboarding professionals from around the globe who have dedicated skill sets and are from larger dominant institutions that believe in the ecosystem we are creating.
That’s it with the recent AMA held on the Prostarter telegram community. Hope you join us next time with more interesting questions. See you later!
About Octopus Protocol
Octopus Protocol, a robust DeFi protocol built on the Binance Smart Chain (BSC), allows issuance, trade, and management of decentralized derivative assets. Leveraging the technological innovation of blockchain, Octopus Protocol facilitates a platform that offers unparalleled access and exposure to real-world assets, thereby enabling a fair way to engage with synthetic assets and giving equal opportunities to access derivatives.
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