SEGMENT 1: INTRODUCTION QUESTION
Question 1: Please introduce yourself and your team. We’d like to start off with a short pitch for the people that haven’t yet heard of Fusotao Protocol. So tell us what Fusotao is and what it does?
Dannie: Hi everyone, I am Dannie, co-founder & the Senior community manager of Fusotao Protocol. I am a crypto enthusiast and a self-taught researcher. I have been an active participant in the Crypto world right from its initial days.
It was about two years ago when I started working on the DeFi market as a hobby and acquired the skills required to explore the possibilities of DeFi. I worked in the CEXs for a long time, in charge of market operations. It was during that time, I found Fusotao Protocol, an innovative project and I like it, so I decided to join in as the senior community manager. Our team began to develop the Fusotao project since December 2020, and we use an application chain to hold users’ assets and verify the matching transactions from off-chain centralized exchange services. FXDX is the first DEX backed by Fusotao Protocol to prove the high performance of our protocol.
Question 2: And I wonder, who are the competitors and what are Fusotao’s advantages compared to the competitors?
Dannie: We know that many public blockchain ecosystems have their own order-book DEXs. If we are building a DEX, there will be many competitors in any blockchain. However, we are a decentralised infrastructure that can provide support for order book DEXs. Any founder can develop his own order book DEX based on our matching and verification protocol. I don’t find any team doing similar things with us at present.
Here are some advantages for DEXs backed by Fusotao Protocol:
- 0 GAS Fees for transactions in the DeFi World!
- Order Book based.
- Faster than Swap(off-chain matching).
- The Same Trading Experience as CEXs.
- Assets are always at the user’s control.
- Community can share transaction fees by staking TAO for the DEXs backed by Fusotao.
Question 3: Can you list 1–3 killer features of this project that make it ahead of its competitors? What is the competitive advantage your project has that you feel most confident about?
Dannie:
The high-performance matching and verification protocol provides the underlying support for the order-book based DEX.
The first DEX backed by Fusotao Protocol called fxdx will be online soon with its friendly user experience and high performance.
Fusotao will collaborate with Octopus Network to ensure blockchain security and enable Fusotao’s interoperability with NEAR or any IBC-enabled blockchain.
We have a development team that has worked in the field of cryptocurrency for many years. Especially in matching engines and cryptography. The first order-book based DEX backed by our protocol, called fxdx, is about to launch the testnet. Its friendly user experience and high performance make me confident in the future of our project. Moreover, we have an operation team with an international vision and many successful cases, which ensures that we can let many people join and use our product.
Question 4: Well why you guys choose Near and Octopus network?
Dannie: As the gathering place of Tokens, mainstream platforms have the advantage of circulation. At the same time, multichain interoperable crypto network for launching and running Web3.0 Substrate-based application-specific blockchains, aka appchains, low-gas interaction of which is very suitable for the development of Defi projects, such as gamefi. Low-GAS is undoubtedly one of the reasons why CEX is still mainstream, people have endured the high gas of Ethereum for a long time. In the future, the Fusotao Protocol will enable DEXs to have the same silky experience and be more secure.
Fusotao has partnered with Octopus to use the decentralised light client cross-chain bridge of NEAR, instead of the cross-chain oracle. The contract Relayer and the owner of the cross-chain oracle have the ability to control the locked Tokens, otherwise how to unlock and mint on another chain? So it is easy to think that the cross-chain oracle requires human trust.
The cross-chain contract in the light client cross-chain bridge is essentially a light client of another chain, which can directly verify cross-chain transactions. Verification runs on the contract, and anyone can forward it through Relayer. Relayer has no right to control Tokens, so it is decentralised. The disadvantage is that gas is needed for Relayer forwarding, but probably nothing for the foundation. For example, the rainbow bridge of NEAR<>ETH is such a light client cross-chain bridge. The header of each ETH block will be sent to the NEAR contract, and the gas will be solved by the NEAR fund LOL.
There will be a light client cross-chain bridge between Fusotao and NEAR, TAO-GAS is paid by Fusotao, and NEAR-GAS is jointly paid by Octopus and Fusotao. So with the help of NEAR and Octopus, the Fusotao Protocol solves the drawbacks of centralised cross-chain, enjoy it greedily!
Question 5: Marketing is an essential team for every project so that everyone knows the potential that a project can bring is vital to achieving the goals set. What is your strategy to attract new users and investors to your platform and keep them long-term?
Dannie: We have attached great importance to the market and investors from the beginning. First of all, we have an experienced and diligent operation team. Secondly, we have more than a dozen ambassadors and regional community managers to help us promote and manage the community. Thirdly, we have strong partners and ecological support. All our investors will fully support us in the market and we will get support from NEAR Ecosystem Success Team through our project’s entire lifetime. In addition, Octopus network will help us in many aspects such as marketing, fundraising, recruiting, know-how sharing, token listing, and more.
And Fusotao Protocol is a completely decentralized and non-licensed community protocol. Therefore, most of TAO tokens will be generated by community mining and distributed to community members who maintain the operation of the Fusotao protocol and carry out trading. 63% of TAO tokens will be allocated to community members participating in the Protocol, that is, community traders, block validators and TAO staking participants.
It is worth mentioning that individuals and partners who contribute to the Fusotao Protocol will receive market & developer rewards!
Question 6: The reward system in Fusotao works based on three main proofs: Proof-of-Trading, Proof-of-Validator and Proof-of-Staking. Could you talk about the particularities applied in reward calculation on each of them? As per your own vision, which of them will better suit which group of users?
Dannie: Thanks for your question, it’s HARD to say which is better, it depends on the scenarios. I will make explanations here:
Proof-of-Trading: When users trade on DEXs powered by the Fusotao Protocol, they will get TAO tokens according to the daily trading volume. 48 million TAO tokens, accounting for 48% of total supply, are used for PoT rewards. After the launch of the Fusotao mainnet, it will be unlocked at an unlocking rate of 9.6% every year. 26,301 TAO tokens will be distributed to traders every day as PoT rewards.
The detailed reward rules are as follows. Assuming that the total trading volume of all DEXs powered by Fusotao Protocol is equivalent to $10000 in one particular day, and the trading volume of a user is $50 on that day. This user can get ($50 / $10000) * 26,301 TAO = 131.5 TAO as PoT reward on that day.
Proof-of Validator(POV): It is a common practice for blockchain projects that network nodes with packaging rights receive token incentives, which ensures the correct operation of the network. Verification nodes of the Fusotao Protocol are provided by the Octopus Network (OCT). Community users can obtain TAO rewards by becoming the verification node or staking OCT to verification nodes in the octopus network.
Proof-of-Staking(POS): Staking participants need to lock TAO to the staking protocol. The protocol will automatically calculate stacking rewards according to the locked proportion, and the user can claim staked tokens and rewards after the staking period. Users can not withdraw their staking token during each stack period. 1.5 million TAO tokens as PoS rewards are distributed to stacking users every year.
Suppose during one event, the system sends N TAO to PoS participants daily. The amount of N is proportionate to the trading volume, a number of users and liquidity of Fusotao. Detailed rules will be published later. For example, if a user’s effective lock-up amount is 10,000 TAO on that day, and the total lock-up amount is 1,000,000 TAO, the user is expected to receive (10,000 TAO / 1,000,000 TAO) * N TAO = 0.01N TAO.
These rewards above are for community users. For the founders. They can stake a certain amount of TAO tokens to build their own DEX on fusotao protocol and get transaction fees income. what’s more, community users can also earn rewards by trading on the DEXs or directly staking tokens for the DEXs backed by Fusotao Protocol to share transaction fees.
SEGMENT 2: LIVE QUESTION
Question 1: Do you have any ongoing or upcoming reward program events, please let us know in detail &do you have any ambassador program as well as your project? More communities hold events to attract more people. That is also the main thing to attract project investors
Dannie: A totally 200k $TAO airdrop event for the community is ongoing. Fusotao Airdrop!
The upcoming testnet incentive program will kick off soon and 500k $TAO will be allocated to the participants as rewards. Please stay tuned.👏
Question 2: What strategies are in place to ensure customer’s safety or to prevent hack which has become common recently?
Dannie: Fusotao uses the paradigm of “execute off-chain, verify on-chain”. We have a centralized service off-chain to store the order book and match the trading order. After the off-chain matching, the protocol will verify it on-chain. That means the assets are always in the user’s control and always on-chain. In addition, Fusotao will collaborate with Octopus Network to ensure blockchain security and enable Fusotao’s interoperability with NEAR or any IBC-enabled blockchain.
Question 3: To survive in a tough crypto market conditions is difficult and marketing is an important tool, so what are the plans to implement your marketing strategy to make Fusotao protocol prominent?
Dannie: We have attached great importance to the market and investors from the beginning. First of all, we have an experienced and diligent operation team. Secondly, we have more than a dozen ambassadors and regional community managers to help us promote and manage the community. Thirdly, we have strong partners and ecological support. All our investors will fully support us in the market and we will get support from NEAR Ecosystem Success Team through our project’s entire lifetime. In addition, Octopus network will help us in many aspects such as marketing, fundraising, recruiting, know-how sharing, token listing, and more.
Fusotao Protocol is a completely decentralized and non-licensed community protocol. Therefore, most of TAO tokens will be generated by community mining and distributed to community members who maintain the operation of the Fusotao protocol and carry out trading. 63% of TAO tokens will be allocated to community members participating in the Protocol, that is, community traders, block validators and TAO staking participants.
It is worth mentioning that individuals and partners who contribute to the Fusotao Protocol will receive market & developer rewards.
If you wanna buy $TAO, you can participate in our IDO on Skyward Finance. We will do IDO on Skyward, the most popular launchpad platform in the Near ecosystem, and the IDO price on Skyward is not fixed. Many investors who do not have the opportunity to get involved in our private sale will participate in IDO.
As you can know our tokenomics — more than 60% of the token would be distributed to the community -so no rug pull, and there are restrictions for early VC/Capital to sell their TAO, this is a community driven project and you don’t need to worry about this.
Question 4: Revenue is an important aspect for all projects to survive and maintain the project/company. How have you been able to build a complete project and what is the way to generate profit/revenue of the token? What is the income model?
Dannie: As the native utility token of the Fusotao Protocol, TAO not only represents the rights of the holder, but also has actual value. TAO can be used in the following scenarios.
- Governance Token
Fusotao is a decentralized infrastructure with deep participation and leadership of the community. TAO is the only certificate of community participation in governance.
TAO holders with a certain number of TAO can initiate upgrade proposals, such as adjusting gas, changing the reward distribution of liquidity provision pool, and putting forward TAO long-term incentives.
All TAO holders can vote on proposals, and the proposal with a majority of votes will be adopted and implemented by the development team.
If the project team plans to build a new DEX on the Fusotao Protocol, it needs to reach the minimum number of votes before it goes online.
- Gas Fee
TAO tokens can be used to pay gas fees on the Fusotao Protocol application Chain.
- Stake to Earn Transaction Fees
The Fusotao protocol is a decentralized blockchain network. Community users can directly share transaction fees through staking TAO Tokens for the DEXs backed by Fusotao Protocol.
- Trading Rewards
Users who hold TAO tokens in the on-chain wallet and trade on the DEXs backed by the Fusotao Protocol can earn rewards through PoT.
Question 5: Which one of these aspects is important for you?
1-Increasing Token Price & Value
2-Empowering Platform Development
3-Building Community Trust
4-Expanding Partnership Globally
Dannie: I think all these aspects are very important to us, and the community and investors are also very concerned. For the platform development, our development team has been working hard to develop and optimise our protocol for more than a year. Expanding partnership and building community is what we are concentrating on now. We have more than 20 investors from all over the world who can bring much more value to our project than only money. And we continue to be committed to community building including Twitter, telegram group, Discord. At the same time, we are building regional sub-communities including Russia, Korea, Indonesia, India, Vietnam, Persian, Arabic and so on.
What’s more, after the mainnet is launched, we will devote ourselves to developing our ecology. In other words, we will cooperate with more founders to develop their own order-book based DEXs backed by our protocol. Those founders must stake a certain number of TAO tokens to build a DEX on Fusotao and earn transaction fees. Community users can also stake the token for the DEX they like and share transaction fees from the DEX. Those will provide more value to our project and increase the token price.
SEGMENT 3: LEARN AND EARN
1: How can the DEXs backed by Fusotao work with 0 gas?
Answer: Through Fusotao fxdx feature
Dannie: This is the most close, the answer is: The orders from a user are sent directly into the off-chain matcher and executed off-chain. the verifier on-chain is responsible for verifying the correctness of the status modification. so, users needn’t pay the gas fee. While the matcher should pay the gas since it is the invoker. Furthermore, DEX or the matcher, If the proofs they submit are verified, the gas would be returned. In another word, only the invalid proofs would be charged. Fusotao is the side-chain of NEAR, not a set of smart contracts hosted on NEAR.
2: What incentive program is ongoing?
Answer: 200k $TAO giveaway. 500k $TAO for testnet users incoming
Dannie: A totally 200k $TAO airdrop event for the community is ongoing. Fusotao Airdrop! The testnet incentive program will kick off soon and 500k $TAO will be allocated to the participants as rewards. Please stay tuned.
3: Please say the Benefits of Participating in the Fusotao Protocol
Answer:
- Governance Token
Fusotao is a decentralized infrastructure with deep participation and leadership of the community. TAO is the only certificate of community participation in governance.
TAO holders with a certain number of TAO can initiate upgrade proposals, such as adjusting gas, changing the reward distribution of liquidity provision pool, and putting forward TAO long-term incentives.
All TAO holders can vote on proposals, and the proposal with a majority of votes will be adopted and implemented by the development team.
If the project team plans to build a new DEX on the Fusotao Protocol, it needs to reach the minimum number of votes before it goes online.
- Gas Fee
TAO tokens can be used to pay gas fees on the Fusotao Protocol application Chain.
- Stake to Earn Transaction Fees
The Fusotao protocol is a decentralized blockchain network. Community users can directly share transaction fees through staking TAO Tokens for the DEXs backed by Fusotao Protocol.
- Trading Rewards
Users who hold TAO tokens in the on-chain wallet and trade on the DEXs backed by the Fusotao Protocol can earn rewards through PoT.
4: Competitiveness and advantages
Answer:
- 0 GAS Fees for transactions in the DeFi World!
- Order Book based.
- Faster than Swap(off-chain matching).
- The Same Trading Experience as CEXs.
- Assets are always at the user’s control.
- Community can share transaction fees by staking TAO for the DEXs backed by Fusotao.
5: IDO is when and where? How specific is our IDO?
Answer: We will launch IDO on Skyward, the most popular launchpad platform in the NEAR ecosystem, and the IDO price on Skyward Finance is not fixed.
Many investors who do not have the opportunity to get involved in our private sale will participate in IDO.
In addition, all the early investors will contribute to our IDO in some aspects. For example, Octopus network will airdrop 200k OCT to the community members participating in our IDO.
Fusotao Protocol Official Links:
🔺Website: https://www.fusotao.org/
🔺Twitter: https://twitter.com/FusotaoProtocol
🔺Telegram: https://t.me/fusotao
🔺 Telegram News: https://discord.gg/WDwB4X8Kdz
🔺Medium: https://medium.com/fusotao-protocol
🔺Github: https://github.com/uinb
#PROOF OF AUTHENTICATION
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