Trang chủ Tin Tức Genesis Shards AMA Recap

Genesis Shards AMA Recap

At 1PM UTC on April 05, 2021, VBC hosted the AMA show with Genesis Shards project, whose representative for this AMA is Mr. Nilotpal Mukherjee – Co-Founder of the project.

Brief introduction of the guest and Genesis Shards

Nilotpal Mukherjee:

…Hello ! I work on partnerships and content at GenShards.

I have 3+ years of experience in crypto, prior to which I worked as an investment banker

Genesis Shards is a 12 member strong mission driven global team that has built and scaled products at Harmony, Marlin, EOS, Accenture, Deloitte, and Wharton. 

It was co-founded by Nilotpal Mukherjee and Garlam Won in 2020, both having a combined 12+ years of crypto experience. 

Nilotpal started his career as an investment banker with Deutsche working on deal structuring, valuation and IPO processes, and later was a  strategic consultant at Accenture before taking the first step in Crypto back in 2015. Later in 2018 he joined and headed the Business at Marlin (a 1.7Bn$ project atm), and was instrumental in early growth of the company laying a strong foundation for the brand.

Garlam Won has also been in the ecosystem since 2015, and previously headed Marketing at Harmony before starting his venture – Momentum 6. He has been behind the marketing of some of the top DeFi & NFT projects in the space including the likes of Band, Kava, Mantradao, and 25+ others . He further exerts influence in various parts of the Blockchain Ecosystem through his in-depth connections in Korea, China, Canada and US.

As part of the Core team, we have Jae Chung, who is our superstar blockchain engineer and is heading the development team at Genesis. He became known in the space through the EOS.IO mainnet launch as a gifted developer, with his abilities eclipsing those of his experienced peers. Jae is often invited to speak at prominent conferences and can be found discussing the benefits/pitfalls of blockchain technology during interviews.

Question:

I’ve read that your vision is to transform NFTs into a liquidity vehicle for pre-IDO tokens. Can you elaborate the differences between a pre-IDO tokens & a post-IDO tokens? Also how will your NFTs help your vision to a whole new suite of DeFi products across multiple blockchains?

Nilotpal Mukherjee:

That’s a very good question – let me answer each part one by one

How NFTs help in constructing DeFi option products 🃏 🀄️ 🎴

As the first use case of Genesis ecosytem, by wrapping time-locked fungible tokens (in this case PreIDO tokens) into NFTs (in this case the GenTickets), the NFTs start behaving like a DeFi option. Just like regular options, these Gen Tickets will have some value derived from the underlying assets (pre-IDO tokens), and some value derived from time sensitivity (token unlock points). When the last post-IDO token tranche is unlocked by the project, that is when the time value would collapse to zero – and only the underlying asset value would remain.

Making the DeFi products available across multiple blockchains ⛓ 💍

While Genesis as a pre-IDO platform will have its own liquidity engine, we see huge value in partnering with the existing cross-chain architecture of Polkadot for inter-chain communication.

The solidity compatible Polkadot parachains will enable Genesis Shards ecosystem to take pre-IDO tokens from various low liquidity blockchains, wrap them into Gen NFTs and be traded on Genesis enabled liquidity pools. This will also allow the projects to take full advantage of the liquidity internal and external to their native chains.

Pre-IDO vs Post-IDO tokens 🖼

From the above, you can understand that GenTicket NFTs enable the continuity in liquidity between pre- and post-IDO phase

a) In the pre-IDO phase : the GenTicket would reflect would contain pre-IDO tokens. These tokens cannot be extracted at this point, but the NFT itself acts as a liquidity enabler for these pre-IDO tokens

b) After the IDO event : the GenTicket would be redeemable for the projects tokens (only the unlocked portion) – these are the usual “post-IDO” tokens that all of you are familiar with

Question:

Tell us what your plans are for 2021? What are you doing now and how do you plan to expand and grow your project? 

Nilotpal Mukherjee:

…Project updates as of now 🗓 ✅

The team has been outperforming across all dimensions. 

Be it marketing where we are seeing phenomenal traction on our exclusive Genticket whitelist. Hopefully you #rememberthepassword btw 😉

On tech we have been shipping codes at a super pace and the team is well positioned on the roadmap.  The tech team has already shipped codes for –

Landing page design, Gen Tickets Web Frontend Mockups, Gen Tickets NFTs Design, GEN Access Cards NFTs Design, GenFactory & GenTicket contracts (on testnet), GenFactory smart contract v1 + tests, (on testnet) GenTickets smart contract v1 + tests (on testnet), GenAccess cards smart contract + tests and Gen token contract + tests (on testnet)

We would be sharing a detailed roadmap for the project with a complete snapshot on the tech progress in the coming weeks.

Our partnerships so far have also been pretty strong with some major partners already working with us including the likes of Kylin, Polygon, Dart, Polkafoundry.

Plan for 2021 and beyond 📆 🔜

From a tech perspective, through this year. we would be focusing on the release / upgrade of our key products Gen Ticket , Gen Access and Gen NFTX

This will help us on our mission to pioneer the NFT DeFi option space.

From an ecosystem perspective – we will be focusing on further expanding the base of access, ecosystem and mentor partners.

We will also start scouting for projects with support of our access partners – these projects will avail not only our Pre-IDO liquidity, but also the support and guidance of our strategic partners.

Also, we are also observing that the pace at which Crypto is moving – 1-2 years looks like an eternity atm. 

Innovation is happening at light speed. Who would have thought DeFi which was nowhere last year is a multi Bn $ market now?

So yeah, we definitely want to be a pioneer of DeFi options in the NFT space in 1-2 yrs from now, but at the same time would be open to innovation happening around in the space.

Question:

Genesis Shards utility token is $GS, Can you tell us what is the role of $GS in Genesis Shards? How the $GS token help the Genesis Shards ecosystem?

Nilotpal Mukherjee:

About the $GS token 🀄️

The $GS token is native utility token of Genesis ecosystem.The token gets used for Genesis Access, Genesis NFTX and plays a significant role in Genesis network governance.

The various roles of $GS token in Genesis ecosystem:

Gen Access:

$GS Tokens are required to be swapped for Genesis Access NFTs to be a part of the Genesis network. Based on the amount of tokens held access tiers are decided enabling different access rights to its users.

Gen NFTX:

$GS token is the native token on the NFTX platform allowing users to benefit from reduction in Swap fees for tickets, access cards or Gen smart contracts. 

Gen Governance:

$GS tokens would provide governance rights to its members where they can vote on different proposals within the ecosystem. The number of tokens held would be a representation of voting power within the network.

The best part about Genesis token is that it accrues value with every new pre-IDO that gets launched on it.

Question:

The NFT sector is a very hot topic this year & I’m sure it will grow even more in the upcoming years. So do you think NFT as DeFi option will going to be a much larger market in future? Also how will you capitalize the NFT hype to provide liquidity solutions for pre-IDO tokens?

Nilotpal Mukherjee:

So do you think NFT as DeFi option will going to be a much larger market in future? 💎 ♦️🔸

Genesis Shards is a pioneer in the area of DeFi options on NFTs. Solving pre-IDO liquidity is only the first application of DeFi options, we’re barely scratching the surface here.  

If we assume that DeFi options on NFTs should capture 5% of the value of the DeFi derivatives sector — this alone gives the DeFi options marketplace a $25 billion value 

For a detailed breakdown on the numbers and calculations behind this : I highly recommend this article

https://medium.com/genesis-shard/the-value-proposition-of-genesis-shards-fbe226fc43b7

Also how will you capitalize the NFT hype to provide liquidity solutions for pre-IDO tokens?

GS aims to NFT-y the OTC market – transforming NFTs into a liquidity vehicle for pre-IDO tokens. By wrapping time-locked fungible tokens into NFTs, Genesis Shards is creating a new marketplace for previously illiquid tokens. This opens up a whole new universe of possibilities !   🪐 

Gen Tickets are the very first application of DeFi option on NFTs – would recommend the below article as a read to understand this

https://medium.com/genesis-shard/introducing-gen-tickets-50e0b0a060ec

Question:

A partnership is essential for Adoption, so can you tell us what partners you have now and in the future? 

Nilotpal Mukherjee:

Yes, I work on partnerships myself at GenShards, so I’m excited to answer this question

Firstly – you need to know that there are two ‘categories’ of partners for GS

1 – GenShards has projects that it partners with (like most projects do)

2 – And then – there are also strategic partners of the GS ecosystem

1) Some of the project partnerships already in place are :  👥

GS x Polygon

Genesis Shards has partnered with Polygon (formerly Matic) to increase the scalability of Gen Tickets (NFTs) on the Genesis platform through Polygon’s L2 solution

GS x PolkaFoundry

Genesis Shards has partnered with PolkaFoundry to help bring a much wider range of DeFi projects building on Polkadot, into the Genesis ecosystem and to provide them with Pre-IDO liquidity solutions

GS x Kylin

Genesis Shards has partnered with Kylin to access oracle services and integrate price data feeds through Kylin’s Oracle network

GS x dART

Genesis Shards and dART will collaborate to enable insurance access for Gen Ticket NFTs

2) There are also many strategic partners for the Genesis Shards ecosystem

We have nearly 75+ Access, Ecosystem and Mentor partners at the moment supporting the network.

The following strategic partners for the GenShards ecosystem are already in place :

Access Partners

Solidity Ventures, PNYX Ventures, LD Capital, AU21 Capital, 3Commas, Spark Capital, Lotus Capital

Mentor Partners

Rachid Ajaja, CEO AllianceBlock

Chandresh Aharwar, CEO Unilend

Read more about it here

https://medium.com/genesis-shard/introducing-access-shards-69716b784bb3

We are in talks with more projects, and will be announcing them in the coming days/weeks

Make sure to follow us on social media to stay tuned !! 👍🏻

Medium

Twitter

Telegram community

Telegram announcements channel

Question:

What are Genesis Shards’s competitive advantages over other projects with the same idea?

Nilotpal Mukherjee:

As already stated – Genesis Shards can be looked at from 3 different angles: 

1) Pre-IDO liquidity platform: the very fact that Genesis Shards is creating an entirely new market by introducing liquidity to Pre-IDO tokens through its NFT swap architecture, it has a first mover advantage in that space. 

2) NFT marketplace: Yet, from a marketplace perspective we are more like Opensea – but for Defi Options.

3) Further, given the very nature of GS, it can also be looked at as a launchpad, where there are some existing paltforms like Polkastarter, DaoMaker, Duckdao, Poolz etc. 

However, the best part about GS is that we don’t compete with any of them, rather intend to have a strategic tie-up with all, where projects launching on Genesis Pre-IDO platform can be funneled into these ecosystems further upstream for an IDO.

Question:

What is the use case of $GS token? Can you tell me what is the incentive for market demand of $GS token? Can you convince us about long-term potential increase in $GS market value?

Nilotpal Mukherjee:

Our focus areas at the moment are 

1) Building community trust – as that’s what the platform is all about. 

A trusted NFT OTC marketplace.

2) Empowering Platform Development – The product needs to meet customer expectations. Else what’s the use.

3) Expanding global partnership – 

It lies at the core of GS ecosystem, network and launchpad goals.

You may think..” but my question was about token price….??

Yes I am aware of that.

We strongly feel if we do the these 3 properly, token price should take care of itself. 🀄️

Having said that our token would accrue value with every pre-IDO that launches on it. So if the community likes the projects, the platform supports the best environment, and the ecosystem partners offers a holistic support, the token price would automatically accrue.

Anyone who got any question later, you can contact directly to them via their social contact.

Website: https://www.genshards.com/

Telegram: @genshardsCHAT