DUET PROTOCOL x Im Community AMA Recap

🐋 TELEGRAM AMA: Im Community & DUET PROTOCOL 🐋
⏰ AMA Timing : 15 May 2021 l 02:00 PM UTC l 21:00 GMT +7
Venue For AMA : https://t.me/imcommunityitw

🎁 Reward Pool 100 USDT

Bà Tân | : Welcome @sonofsatoshi2, @mollyyooyoo from DUET PROTOCOL

Bà Tân | : Welcome everyone. Today Im Community will host AMA with DUET PROTOCOL

Bà Tân | : Today our guest is: @sonofsatoshi2, @mollyyooyoo from DUET PROTOCOL

Bà Tân | : Please introduce yourself a bit: @sonofsatoshi2, @mollyyooyoo

Antonio : sure

Hi guys, first of all, I would like to say since this project might fall into a security-related project, so we wanted Duet to be decentralized and resistant to regulatory scrutiny, so that’s the reason we chose to remain anonymous.

Our team is a big fan of classical music so I chose Antonio as my pseudonym name ( based on Antonio Salieri the famous Italian classical music composer).

I’m the marketing and community head for Duet Protocol and one of the core members of the team.

Molly : Hello guys, this is Molly from Duet Protocol, hope can share more details with you

Bà Tân | : Today’s AMA will have 3 sessions

Sessions 1: The chat will be muted & the team will introduce themselves then we will ask some introduction questions to the team DUET PROTOCOL

Sessions 2: We will pick 5 Best Question from our members on Our Tweet (https://twitter.com/IM_Communityitw/status/1393234649086709760).

Sessions 3: The conversation will open to the community questions and the 5 best questions will be selected.

Bà Tân | : Rules to follow AMA : ⤵️

▫️ Join : Telegram group DUET PROTOCOL Community (https://t.me/duetprotocol) and IM Community (https://t.me/imcommunityitw) , Channel Im community

(https://t.me/imcommunityit)▫️Follow: Twitter Duet (https://twitter.com/duetprotocol) and IM Community (https://twitter.com/IM_Communityitw)

Web & Community:

🌐https://duet.finance/

Bà Tân | : Those who haven’t joined @duetprotocol group will not be eligible for AMA rewards, make sure you did.

Bà Tân | : Start session 1 AMA @sonofsatoshi2, @mollyyooyoo

Bà Tân | : Question1. You can recommend Introduction about DUET PROTOCOL to my community?

Antonio : yes sure

hello everyone of IM communtiy, I’m very happy here to introduce our Duet Project to you all.

Duet is a synthetic assets protocol in brand new paradigm, it has a hybrid mechanism of over-collateralization and algorith-pegging model.

Duet allows users to create any quoted assets from the real world on the chain, such as stocks, commodities, futures, and bonds.

Molly :

Antonio : Instead of selling your crypto assets into fiat currency, Duet enable users to allocate capital to ANY assets with only one crypto wallet.

For the minters, there are two ways to generate an on-chain synthetic asset (Duet Asset aka dAsset)

1.Deposite ETH/USDT/WBTC/uni LPs etc. to the minting contract, About $300 worth of crypto assets deposited can generate $100 worth of synthetic stock.

2.Buy $100 worth DUET token, sent it to minting contract, the DUET will be burnt then you get $100 of synthetic stock.

done

Molly :

Bà Tân | : Question2.What experience has the DUET PROTOCOL development team had in project development?

Antonio : Our team is formed by elites from the first-tier blockchain projects and crypto exchanges. Like I mentioned above this project might fall into a security-related project , so we wanted Duet to be decentralized and resistant to regulatory scrutiny, so this is why we chose to remain anonymous.

Some of you may knew, our pre-seed round funding was led by OmniLAB Foundation, one of the early adopters of blockchain technology and the company behind the well-known brand OmniLayer.

Most people recognize OmniLayer as the first protocol where Tether’s stablecoin( USDT) was launched.

Actually Omni not only invested in DUET, but also was deeply involved in DUET’s tech development and playing an important role of the team.

The core members of the team have long been focused on bridging physical assets to blockchain.

In addition to our successful experience in tokenize US dollar deposits (USDT), we have also successfully issued real estate digital securitiy tokens(STO) and promoted the digital security to finance under a DEFI protocol, which became the first case in the world.

done

Bà Tân | : Question3. What products are the DUET PROTOCOL team developing?

Antonio : Duet is building synthetic assets protocol. Duet allows users to create any quoted assets from the real world on the chain, such as stocks, commodities, futures, and bonds.

Comparing to other synthetic asset protocols, Duet’s goal is not simply a financial application, but a real parallel universe that enables real world asset casting, recomposition, and restructuring on the blockchain.

For the current under developing core minting module it have the over-collaterazation model similar to Mirror and Synthetix, but we accept a wide range of blockchain world assets as collateral compared to our rivals, who mostly only accept their own issued tokens as collateral, that’s not very friendly, the minter takes an additional risk by buying the system token as collateral, not to mention that if it’s Synthetix’s model and everyone shares the debt pool, the minter is completely unsure of how much he will owe the system.

done

Molly :

Bà Tân | : Question4. Can you please tell us the current DUET PROTOCOL road map? How far has DUET PROTOCOL been developed at this time? and what will you realize in the future?

Antonio : The core contract and the oracle have almost been done and we are now mainly in the front-end development.

It is expected that the testnet will be put online this month. We expect to do IDO at the end of this month and officially launch minting components in June.

We will deploy DUET on at least three EVM-compatible chains this year, and develop related products around the core functions of DUET as soon as possible, such as lending protocol, asset management protocol, community-based trading platform protocol, and cross-chain stock aggregation protocol, to form the DUET ecological matrix and enhance the liquidity and composability of synthetic assets.

We call it ‘DuFi’ Ecosystem. Of course, some of the applications need to be built by the global community, not all relying on existing team since we believe in the power of decentralization.

Bà Tân | : End of session 1

Bà Tân | : We will move on to session 2

Sessions 2: We will pick 5 Best Question from our members on Our Tweet (https://twitter.com/IM_Communityitw/status/1393234649086709760).

Bà Tân | : Question1. It is unfortunate that some projects remain half way because their developers abandon the concept because they cannot achieve the desired capitalization in the long term; how do you plan to make this project sustainable for its development?

Antonio : Yes, long-term incentive binding is indispensable. We set a linear settlement time of 2 years for the team, and set an internal incentive pool of options.

We hope that every member can accompany the development of the project for a long time.

done

Bà Tân | : Question2.Security is always most important for a users. Can you tell us about your platform security? Have you done any audit via any audit platform?

Antonio : Our team members have rich development experience, ranging from public chain to Layer2 solutions to DeFi applications.

We attach great importance to security.

We have been carrying out intensive code review & tests internally, and will employ university computer engineering laboratories and third-party audit companies to conduct code auditing.

Bà Tân | : Question3. Almost 80% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term?

Antonio : good question

The essence of the problem is that many tokens have no real utility, so one can only speculate against their price.

DUET token has strong real utility compare to most tokens. pls check this chart

In simple terms, DUET tokens capture transaction fees, lending fees, tax and interest in the system.

DUET can be locked into the system as collateral, also can be used as fuel to burn a synthetic asset, and staking for governance reward.

Because of the burning mechanism, as long as the synthetic assets side is growing, there will be a long-term deflationary pressure in DUET, meaning that the circulation is constantly decreasing, if someone like a token that burning all the time then this is it

done

Bà Tân | : Question4. Do you have any plans to attract Non-crypto investors to Duet Protocol. Because it is the success of a project to get more investors who are still not in the crypto world. What are the plans to increase awareness around your in non-crypto space?

Antonio : For non-crypto players, we have two main benefits that you won’t find in the real world:

1. Holding synthetic stocks can accrue interest.

Once you bought the synthetic stock tokens, by providing liquidity for others, not limit to borrow or trading liquidity, users can get reward for that, this would be much better than people who put stock in traditional brokerage, because brokers not only won’t pay you any interest but even charge to you for custody fees$$$ lol

2. In DUET you can synthesize hedging instruments with no position hoding or rolling costs.

In the real world, the cost of hedging by futures is fairly high, you need keep selling near month contract by forward contract, but in Duet we can directly synthesize a continuous futures index token to accurately track the spot price, which should be very attractive to professional investors.

done

Bà Tân | : Question5.Could you give us an overview of the tokens? How the token will be distributed and when TGE? Will there be a burn buy-back plan to maintain the supply?

Antonio : yes

so

40% tokens will be mined by users,

10% as incentive to the team but with 2 year linear unlock period,

5% for angel investors

1% for IDO

10% for ecosystem builders

30% for reserve fund

Angel investors will get 15% TGE after DUET listed on major exchanges, date not fixed yet.

Duet is a long-term deflation coin, actually no need for postive buyback scheme from the foundation, but might change later due to all token holders’ voting, after all Duet is a DAO governanced community project, every token holder have the right to express their views and pitch others for the support.

done

Bà Tân | : End of session 2

Bà Tân | : We’ll move on to session 3

Sessions 3: The conversation will open to the community questions and the best questions will be selected.

Bà Tân | : Rules to follow AMA : ⤵️

▫️ Join : Telegram group DUET PROTOCOL Community (https://t.me/duetprotocol) and IM Community (https://t.me/imcommunityitw) , Channel Im community

(https://t.me/imcommunityit)▫️Follow: Twitter Duet (https://twitter.com/duetprotocol) and IM Community (https://twitter.com/IM_Communityitw)

Web & Community:

🌐https://duet.finance/

Bà Tân | : Those who haven’t joined @duetprotocol group will not be eligible for AMA rewards, make sure you did.

COUNTDOWN

3

2

1

Bà Tân | : Thanks for the questions from the community

Antonio : wow, so many questions

Bà Tân | : @sonofsatoshi2, @mollyyooyoo Pick the 5 best questions and answer it for session 3.

Antonio : we need some time to go through each lol

🍀Jőhn L🍀 : me too :)))

so fast guys

hello @JBACHCRYPTO

Thank for coming here

Q1. I read that it is possible that in the future you will develop your own internal AMM, how present is this within your future plans and how vital is the development of a platform for you that ultimately only depends on your own and unique technology?

J. Bach : Setting up our own AMM will help Duet tokens capture more of the cash flow generated within the system, which is probably the most important source of revenue for the system, so this is very important

Q2. What are the most reputable teams you have been a part of (aside from DUET)?

J. Bach : talents from OmniLayer, most people recognize OmniLayer as the first protocol where Tether’s stablecoin( USDT) was launched. Actually Omni not only invested in DUET, but also was deeply involved in DUET’s tech development and playing an important role of the team.

Q3. I read in one of your medium articles that you have the idea of progressive decentralization so I’m wondering what does this refer to and what benefits will it provide?

J. Bach : First of all, Duet’s system is too complex to be fully decentralized on day one. It has multiple functional modules that will come online gradually. Until these core functions go live, it is difficult for the community to govern this immature system，but with the gradual maturity of each functional module and the distribution of tokens, Duet will become fully autonomous and completely independent from its original creators as well as anyone else for that matter, transparent, immutable, and incorruptible.

Q4. Binance smart Chain blockchain is having high transaction speed and cheap gas fees, Are you planning to launch your mainet or switch to other blockchains in the future?

J. Bach : Duet is not simply a financial application, as our team just mentioned we’re planning to develop lending protocol, asset management protocol, community-based trading platform protocol, and cross-chain stock aggregation protocol etc. to form the DUET ecological matrix, and even build a publichain for synthetic assets legos is definitely under our consideration too

Q5. In how many ways or what are the ways your project generate revenue? What is the revenue model? How it can be beneficial for both investors and for project itself?

J. Bach : fees will come from asset minting, burning, liquidity providing, swap, lending, and liquidation penalty

Bà Tân | : Thanks for the useful information from @sonofsatoshi2, @mollyyooyoo, @JBACHCRYPTO

Bà Tân | : End of session 3

Bà Tân | : For questions that have not been answered today, you can send them to @duetprotocol for answers.

Bà Tân | : Allright, I declare the Im Community AMA with DUET PROTOCOL has ended.

Thanks to @sonofsatoshi2, @mollyyooyoo, @JBACHCRYPTO | DUET PROTOCOL joined us and provided us with DUET PROTOCOL information, we hope that this knowledge makes us understand more about https://duet.finance/

To the members, thank you for following this event to the end. winners will be announced soon.

Bà Tân | : Today’s AMA winners please PM @quocnguyen1234 to provide reward information. Thanks everyone .

🍀Jőhn L🍀 : perfect AMA today

Thank for your time @JBACHCRYPTO @sonofsatoshi2 and @mollyyooyoo

Molly : Thank you guys, thanks for your attention on us

Antonio : Thank you so much for havung us here.