Our next AMA will be with Hyperdao Cofounder and Head of Strategy, Jayden Wei!
HyperDAO aims to establish a complete DeFi ecosystem, providing clients with a decentralised financial infrastructure. DeFi holds openness, fairness, and interconnection at its core. Based on distributed ledger and blockchain technology, HyperDAO is going to build a financial services ecosystem including collateral-backed stablecoins, decentralised community crowdfunding, decentralised wallets, cloud exchanges, market forecasts, asset management, microfinance, and e-citizen information systems — just to name a few, with the ecosystem continuing to grow in the future.
They are the next IEO at Okex — https://www.okex.com/activity/jumpstart?channelFlag=AC1506111920
Eric: Hello everyone. Let’s kick this off! with Okex’s 10th IEO — Hyperdao.com. Here with us is @jaydenwei one of their co founders.
Jayden Wei, [18 Feb 2020 at 8:02:57 PM]:
Hello guys, it is my pleasure to bring you an oncoming IEO on OKEx, HyperDAO to your community.
Eric: Hi Jayden, Please introduce yourself to the AMA room community
Jayden Wei: Hi, Guys! A little about my self, I have been in crypto space since 2014, 6 years! and in 2017, I found one of largest crowdfunding platform for cryptos in Asian-Pacific. I‘ve tried many stuffs in crypto space. Last year, I started HyperDAO and decided to fund DeFi, because in this stage, I believe DeFi is real use case for blockchain and the potential is huge. This is how HyperDAO came to be.
Jayden: Prior to founding HyperDAO, we’ve been involved in many blockchain projects through our fund management business. We saw many good projects with good leaders and good teams, but also those that were there to make a quick buck with no regard for investors who believed in them.
We believe that a DAO solves this problem as it mitigates the risk of malicious actors in the system, with a proper incentive system and a carefully planned consensus protocol, stakeholders in the DAO can work together to govern the community fairly and effectively.
Eric: So what is Hyperdao exactly?
Jayden: As I mentioned above, DAO can work together to govern the community fairly and effectively. The goal in mind is to consolidate all financial services onto one platform and create cost savings for platform users. As our tagline states — Open, Fair, Interconnected, that is the core of what HyperDAO is, a transparent, equitable environment where various parties can come together to jointly develop the platform, and in the process, create a thriving financial marketplace and community.
Eric: Interesting. So you think DAOs will be more common going forward What does the token do?
Jayden: Yes, I think DAO in this stage for blockchain industry is very important. Referring tokens,First of all, HDAO is the governance token of the HyperDAO stablecoin system. It can be used for voting on proposals such as adjustments of risk parameters or in black swan events, vote on a shutdown protocol.
The relationship between HDAO and the stablecoins is similar to that of MKR and DAI. We have a lot of admiration for MakerDAO and have learned a lot from them when designing this.
It will also be used as a token for the HPX exchange where transaction fees etc can be consumed. It can be understood as the platform currency of the exchange.
HDAO is also used in the crowdfunding function as voting rights for new projects or for recommendation of new projects. It will also be the token for the Forecasting zone in the future as part of the prize pool. In short, the HDAO tokens can be seen as a multi-function token that runs through the entire HyperDAO ecosystem.
To sum up, we have many innovative design of token economy to make sure HyperDAO running in a proper way in long run.
Open Floor AMA
Q: Why does HyperDAO Collateralised Debt Commitments System CDCs have to maintain a value higher than that of the debt? What do you aim to achieve with a collaterisation ratio of 150%? Isn’t this outrageous?
A: This is our risk control, because we need to make sure the collateral is enough for repaying the debts.
Q: What is your long-term vision about the industry which HyperDAO is working at? Are you afraid some day there will be another project with more innovative technology can replace HyperDAO?
A: We divided the planning of HyperDAO into three phases — short-term, medium-term and long-term or HyperDAO 1.0, 2.0 and 3.0. 1.0 is a 2C (To Client) service, 2.0 is a 2B (To Business) service, and 3.0 will be a 2G (To Government) service.
HyperDAO 1.0 is what I have described earlier, a to-client business and encompasses all the eight functions I’ve mentioned earlier. We see HyperDAO 1.0 as the underlying infrastructure, the most important piece that if done well, can develop into a much bigger organisation.
HyperDAO 2.0 is an extension of the infrastructure based on 1.0. The goal of 1.0 is to develop a financial service platform that provides a reliable and seamless user experience, and with that, achieve a strong growth of users. 2.0 will involve bringing in businesses for the management of assets on-chain. These are financial services targeted more at professional institutions and also as a means of connecting retail users with professionals.
HyperDAO 3.0 is the bigger goal. We’ve also invested in bank licenses and blockchain special economic zones in the last year. These are still developing. These resources will be the business of HyperDAO 3.0 (or to-government) in the future. For example, government information data can be brought on chain. Governance itself can also be brought on-chain. This of course is a very grand plan that will takes many years to complete. For now, we will focus on 1.0 and develop a strong foundation.
Q: If we talk about supply its total supply is 5,000,000,000 HDAO. So can you tell how HDAO value will increase? I mean, do you have any plan to burn tokens increase the value of HDAO Token?
A: Yes , Definitely, HYPERDAO is [using a] deflation model, so useless tokens will be burnt in the future to make sure the token price in a reasonable place. We are also able to make some profits, profits will be used to buy back and burn tokens.
Q: Can you share the recent Development & Progress of Hdao project in 2019 year & Also, What’s the Future roadmap of Hdao ecosystem in this 2020 year?
A: We have many reports coming out. please check www.hyperdao.com, we are doing weekly to monthly report regarding our technology progress. Our github, and bitcointalk forum has a lot of discussion already. We are a solid project.
Q: How would you plan to comply with regulations and with compliance how would you maintain the balance between anonymity, decentralisation and compliance?
A: To be honest, it is not easy to balance fully decentralization and compliance. What we can do is we have an internal lawyer team and government relationship, we try to do some financial service under exemption of financial services regulations. HyperDAO is not fully decentralized yet, I would like to say it is Hybrid, part of it is decentralized , part of yet is to meet requirements of compliance.
Q:What’s the difference between Maker Dao and Hyper Dao? Do you favor a collaboration with them? What are collateral-backed stablecoin, how do they differ from conventional stable coins?
A: MakerDAO is a stablecoin generation system whereas HyperDAO is a full-service one-stop decentralized finance platform which includes an exchange, asset management, crowdfunding, stablecoin, forecasting, e-citizenship, banking and microfinance.
The HyperDAO Stablecoin System (SC) is a lot more flexible than other stablecoin generation services in the sense that users are allowed to collaterise different types of digital assets in exchange for Hyper, and Hyper itself can be pegged to a variety of fiat currencies, not just USD. It is also different from centralised stablecoins which exists as a blackbox where we do not know the internal workings or whether there really is enough USD to support these stablecoins. In HyperDAO, it is all recorded in the blockchain and thus, is transparent.
Q: How does Hyperdao assess the importance of the user community? How many user communities has Hyperdao built?
A:We‘ve been sparing no efforts to build community globally, we have 3–5 AMAs each day and cover the most parts of the world. HyperDAO is a global project, our team member backgrounds differs, and our community is made up of diversify backgrounds too.
Q:In many Asian countries like India, government doesn’t approve cryptocurrency or blockchain yet, so how could you convince government for cooperation to build HyberDAo 3.0? #hdao
A: 25 years ago, governments don’t like internet, neither. They think internet is for porn, for criminals. But today nobody can live without internet. likewise, we believe 20 years later, all governance will be on blockchain. That is the reason why we are here.
Q: There are 8 main functions of HyperDAO, can you briefly explain them? #hdao
A: HyperDAO aims to be a comprehensive one-stop digital finance platform where users can come to for any kind of financial services. At current, we are building a infrastructure that can support 8 main functions, they are an exchange, a stablecoin system, crowdfunding platform, asset management service, banking service, forecasting, e-citizenship and microfinance. I will touch on the ones we think are unique to HyperDAO.
For one, we have a stablecoin system currently in the alpha testing stage. It will have cross-chain capabilities and allows the collaterisation of different types of assets and generate different stablecoins.
We also have crowdfunding where HyperDAO is collaborating with a blockchain crowdfunding platform which had provided financing help to over 70 blockchain projects.
HyperDAO aims to develop a digital asset management platform that where users and institutions can connect. Users or professional managers can publicise their portfolios and allow others to track them. All users will have a “reputation“ tied to them and of course there will be benefits to having a better reputation. That is another unique aspect of HyperDAO.
HyperDAO will feature a forecasting zone that allows users to create and participate in polls on subjects within the industry. There is a prize pool as a reward mechanism. The goal of the interactive forecast zone is to provide users with data points and be informed about general market sentiments.
Q: Why is DeFi important for HyperDAO? What developments has HyperDAO made so far on issues such as integration, increased transparency, fairness and flexibility? #hdao
A: Don’t think it will ever be easy to build a DeFi platform. The most pressing problem that all DeFi projects face, not just HyperDAO, is the lack of liquidity. For example, a DEX’s liquidity is a lot lower as compared to centralised exchanges. The harsh reality is that liquidity naturally attracts more liquidity, which makes it difficult for DeFi to compete. Earlier we mentioned that we saw a lot of segregation amongst various DeFi projects, our aim is to collaborate with these projects to improve the liquidity of the sector.
Right now, we have more than 10 partners onboard and we’re constantly adding new partners to our network. Wallet service providers and other exchanges are of particular interest because of the volume it brings to the network. I think sharing of resources instead of competing with each other is one aspect that the industry has to work on, so I would say that startups looking into the DeFi space should try to pool their resources together.many new projects have developed DeFi.
Q: In the cryptospace, one of the most difficult things is generating revenue, regardless of the technology that the project develops, how does HyperDao makes revenue from its tech? #hdao
A: We have been generating revenue, the thing is our financial service is centralized. We want to built DeFi, the DeFi works base on our real business. this is why OKEx thinks our project is so solid and happy to support us . HyperDAO is OKEx first IEO in 2020, they gave us fully support.
Q: What is your long-term vision of the industry that HyperDao is working at? In the future are you afraid there will be another project with more advanced technology that can replace HyperDao?#hdao
A: We have been asked these a couple times and I think this is a good time to clear it up. Right now, HyperDAO is on the Ethereum chain but will be looking at other public chains that will meet our requirements as we grow. In the case that we do not find one, we do have the capabilities to develop our own. However, right now our focus is on building the infrastructure and community that can support such an ambitious project. We continue to keep in touch with some public chains and may migrate our network to one that we believe will be the most suitable for HyperDAO.
I think HyperDAO has three competitive advantages as opposed to other DeFi projects in the industry.
A.Comprehensive one-stop financial system
Unlike other projects that provides a single or some financial functions, HyperDAO aims to be a full-service one-stop platform for every kind of financial need. There is a lot of synergy that will be created when we integrate all these financial functions together, the most practical being tremendous costs savings and accessibility to users.
The platform allows for tremendous flexibility in terms of the types of financial service and assets it can provide. For example, unlike other stablecoin systems who have limitations to the type of collaterals and the type of stablecoins generated, HyperDAO will allow multi asset collaterals and different stablecoin generation. In the asset management space, verified users can post their own portfolios and allow other users to track them for a reward. Our community nomination zone also allows users to pitch projects to the platform to be funded.
C. Purposeful decentralisation
HyperDAO understands that a DAO takes time to develop. We’ll also like to state here that HyperDAO is currently centralised, but as the community grows, we aim to transit to a decentralised model. Governance by the community is vital, with HyperDAO token holders having the right to vote on many governance measures. They can even elect representatives, nominate projects or asset managers to be introduced to the system. The HyperDAO Community Nomination Zone, Discussion Forum, Peer to Peer services, Microfinance system and Forecasting system are also fully user-initiated, user-driven. These are all functions unique to HyperDAO.
Q: Adoption is a very critical element at every crypto project, how does Hdao ensures adoption to its technolofy in the long run?
A:HyperDAO is well, a decentralised autonomous organisation (DAO). It is essentially an organisation governed by the community through majority consensus as opposed to a traditional one where there are managers that make decisions on behalf of other stakeholders. This consensus protocol is of course only made possible through blockchain technology where records are immutable and allows for an incentive system that encourages individuals to work collectively towards development of the organisation. So naturally for any DAO, not just HyperDAO to work, blockchain is undoubtedly necessary.
Eric : Alright! very interesting stuff. I follow Molochdao but this one seems more mature by a mile
Jayden: Thank you!
Eric: So to wrap it up. @jaydenwei Please invite everyone to your official channels and the upcoming IEO.
Jayden Wei: HyperDAO is committed to building an efficient, transparent and reliable DeFi (decentralized finance) ecosystem, offering a one-stop financial service platform for global users.
For more info about HyperDAO, pls check these: