Thanks you Cook Protocol for Ask Me Anything (AMA) in ZTHCrypto 25th March 2021. Best Speaker Harry chawla (Community Manager)
Let’s ZTH x Cook Protocol AMA get started❗️
⚠️ Don’t Panic! You are not in ban chat is muted for 𝗔𝗠𝗔.
During the 𝗔𝗠𝗔, we will often close the chat feature to smooth the question and answer session.
📣We will host 𝗔𝗠𝗔 with : Harry Chawla
— 𝗦𝗲𝗴𝗺𝗲𝗻𝘁 1: Introduction
— 𝗦𝗲𝗴𝗺𝗲𝗻𝘁 2: Twitter Question, Team will choose 5 Question on Twitter. Then our guests will answer the questions we give.
— 𝗦𝗲𝗴𝗺𝗲𝗻𝘁 3: Live 𝗔𝗠𝗔, In last selection, We open a chat in our group so that the community can ask questions directly. Our guests then select and answer the 5 best questions in it.
Segment 1 : Introduction
Host : Hello everyone and welcome to Zero to Hero Crypto , Thanks for taking the time for today’s AMA session!
We will host AMA today !
Harry Chawla : Hello! Glad to be part of the session
Host : Hello we glad to meet here How are you feel today ?
Harry Chawla : Been very busy! Happy to be here though
Host : Great! Can you introduce yourself to the community? What is your background and how did you Cook Protocol build ?
Harry Chawla : I am the Community manager at Cook Protocol. I am basically in charge of looking at the industry and thinking what the company will need to do to stay relevant in the industry. Cook Protocol is a decentralized asset management platform built for ordinary investors and professional asset managers to unlock an entirely new universe of DeFi innovations.
The product that we have envisioned is a trustless, transparent, and well-incentivized platform that provides investors with a selection of investment choices and fund managers with access to highly liquidized funds.
Host : Can you briefly describe what is ( Cook Protocol )?
Harry Chawla : we are a platform and our users are investors and asset managers. By talking to our users, we discovered that a lot of them wanna get into DeFi but do not know how. So that’s the reason why we decided to create a platform that will help investors to participate in the DeFi revolution. Basically, they can choose any investment strategy they like and deposit their crypto assets into the selected smart contract. Then for asset managers, since DeFi is so new, a lot of them do not have access to liquidity and there is not a lot of investment tools out there. So our platform helps them bridge the liquidity gap.
Host : Can you provide us with information about your Roadmap; the product development stage, achievements and plans for the near future??
Harry Chawla : We have developed a centralized asset management platform called binves.com and we had a 5M USD asset under management and different asset allocation strategies in different verticals such as DeFi. Then the platform evolved into something bigger and more decentralized, Cook Protocol. In the future, our main focus is to create a decentralized asset management platform for the spot market, and then tap into more advanced markets such as derivatives, margin trading and loans.
You can check out our roadmap here: https://www.cook.finance#roadmap
Host : Great thank you for answering questions from segment 1
We will give you the 5 best Questions we have chosen, and guests will answer the questions we send you
Segment 2 : Twitter Question
Q1. For the most part, nowadays investors are only concerned with current profits but ignore long-term gains. So, can you give them some advice as to why they should buy and hold #COOK in the long run?
Harry Chawla :
With the on going bubble in defi, it is no wonder people are after short term profits, it is completely human nature but everyone should be cautious that there is a infact a bubble going on, prizes have triple fold in less than 6 months. This is concerning for the Defi space as a whole but we believe price may shoot up and burst but companies that actual provide value with always stay in the competition.
Like what happened with Dot com bublble and amazon
Q2. What are the plans to educate and raise awareness and adoption among the community to make more people understand about the project easily?
Harry Chawla :
We plan on doing multiple AMA’s and we also analyze our strategies every week for growth, We are also having a meme competition to raise awareness about our project. Today is the last day for submission
Q3. Liquidity is the most important aspect that makes or breaks the value of an exchange. How can $COOK solve this liquidity problem? So that users do not lose a lot of money due to non-permanent losses.
Harry Chawla :
First of all, although fund managers can create smart contracts, they do not own the smart contract. The ownership of the smart contract is managed through DAO by all the investors of that particular smart contract. Fund managers do not have access to withdraw any funds from the smart contract.
Also, when fund managers create smart contracts, they need to specify their investment strategies and what things they can and cannot do. Everything will be transparent since it’s all on Ethereum. However, if the fund manager needs additional access, he will need to request it through fund-level governance.
Q4. What are the main priorities for Cook Protocol in 2021? Is it building a strong community, partnership or listing the $COOK token on a leading exchange?
Harry Chawla :
We are already being listed on Uniswap by end of Q1 and in the world of decentralization I think our target is not to get listed on a centralized exchange but rather build a strong community and partnerships.
We already have couple of partnership like Vela and Duckdao
Q5. Tell us a little bit about security? Have you done an audit of the platform? Are the smart contracts error-free? What are the test results?
Harry Chawla :
There were quite some DeFi attacks associated with flash loans and manipulation of Oracle services. So first thing first, we have a pretty strong engineering team from Google, Youtube and Dropbox, top notch Silicon Valley engineers. So we have high coding standards. Second of all, we use already battle-tested industry standards such as OpenZeppelin for smart contract development. Also, we will perform robust unit test and integration testing. We will have the industry leading audit firm CertiK audit our smart contract to minimize security risks and vulnerabilities. In addition, we also provide insurance options so that investors can opt to purchase insurance to protect their investments.
Segment 3 : Live AMA
Q1 : How do you think with Asia market? Does your team have any plan approach INDONESIA which the potential market in crypto, there have many angel investors… want to work and earn money from crypto?What your plans on global expansion
A1 : We have a globally distributed team and we are focusing on all the major markets. We are building partnerships with companies from Europe, Asia and America.
Q2 : What is your strongest advantage that you think will make your team leading the market?
A2 : As we are sitting on the top of the DeFi lego. The space is just starting to get really interesting because all the groundwork has just been laid down. So I would say that we are probably not the first mover in the space but we definitely have the early mover advantage, which is even better than the first mover. Because we can just study what the first movers did well and which part they did not do so well. Then we can become better and there are so many more things we can do in this space. For us, the biggest advantage we have is definitely the team. We already have experience with asset management with the binves project. Plus as I mentioned before, we are Silicon Valley veterans representing the best companies in the world like Google, Youtube and Dropbox and then also from top universities in the states like Stanford, UC Berkeley and Carnegie Mellon.
Q3 : Doing AMA have proven to be the best means to attract investors What’s other marketing strategy are in place to get this project known?
A3 : We have a wide marketing strategy plan and reanalyze our marketing strategies often. Our focus has been Ama, community engagement etc. We are also running a meme competition to grow awareness and often have new strategy and plans coming up
Q4 : About the bad things in cripto market like hacker attacks, rug pulls and scams do you think this wanna over in the future?
A4 : There were quite some DeFi attacks associated with flash loans and manipulation of Oracle services. So first thing first, we have a pretty strong engineering team from Google, Youtube and Dropbox, top notch Silicon Valley engineers. So we have high coding standards. Second of all, we use already battle-tested industry standards such as OpenZeppelin for smart contract development. Also, we will perform robust unit test and integration testing. We will have the industry leading audit firm CertiK audit our smart contract to minimize security risks and vulnerabilities. In addition, we also provide insurance options so that investors can opt to purchase insurance to protect their investments.
Q5 : DeFi is the new frontier and already buzzing in 2021, what roles do you play in innovativeness of DeFi and what’s your approach to DeFi and ultimate DeFi solutions?
A5 : It’s an interesting question since there are so many players in DeFi. We are in the asset management subdomain, which is not that crowded. Because it is basically sitting at the top level of the DeFi lego. An analogy would be in traditional finance, you would not have mutual funds without a stock market. So in our scenario, the fast development of DEXes, lending protocols, derivatives are all giving us more and more options to play around with.
Also, we are targeting ordinary investors, who sometimes are not able to benefit from DeFi because of its complexity. We are trying to have back-end connections (smart contracts) to all existing protocols/products and any emerging new stuffs. And on the frontend, we simplify the user interface so that it’s very intuitive and easy to use for ordinary investors who are not necessarily technical or even new to DeFi world
I think we are done? :)
Host : All Question that Harry Chawla like is already answered ! Great AMA Thanks to Cook Protocol asking the time to join AMA today.!!