We held a live AMA with Ankit Raj, Product Lead of Pandora Protocol on 21th April 10:00 PM (UTC+8). Here’s the recap for those who missed it.
Introduction
JH | Shin Chan: Before AMA start, can you introduce yourselves and the team background?
Ankit Raj: My name is Ankit. I am the product lead at Pandora. In the past, I have worked with Red Hat, Ocean Protocol and won many international level hackathons.
Puskhar is the CEO and Founder of Pandora. He is the TedX speaker and worked with AAVE team in the past. There is also Sachin who is leading the Marketing vertical who work along with Pushkar for AAVE.
JH | Shin Chan: Do you have any news/update about Drops would like to share with us?
Ankit Raj: We today launched our onepager doc.https://twitter.com/PandoraProtocol/status/1384818607071240194
AMA Twitter Section Begin:
Q1: You say in Pandora, Lend and borrow real world assets without intermediaries, this is certainly borderless and wonderful, but how do you support the security of this transaction? smart contracts? if so could you tell us about the content of it?
Ankit Raj: We are entirely a decentralised Infrastructure, and we aren’t controlling anything. Architecture wises Its completely P2P.
On tech side every code is first to get audited by the best in industry auditing firm and pushed on mainet.
Q2: Having a DYNAMIC NFT for the first time, can the “Pandora Protocol” tell or explain to us what is the difference from normal NFTs and what they are used for?
Ankit Raj: Also in our Protocol, various layers make the whole thing complete modular and easy for developers to build product on top of it.
Q3: Box and Kylyx are two of your upcoming products, can you tell us more about them? What will they fictions be and to what target audience are each one of them design for? When are we going to see them live?
Ankit Raj: BOX is an innovative vertical of Pandora. It will have some unique feature product around cross chain transaction, dynamic NFT and few other.
KylyX is a marketplace for Digital and real World Asset NFT build on Pandora Stack. Good news is Beta version is already built out and shared for audit to our audit partner.
Q4: You say that you, as Pandora Finance, are trying to solve the liquidity problem of the NFT ecosystem. However, the current nature of NFT Since it is an illiquid asset, how will you transform this illiquid asset into a liquid asset?
Ankit Raj: The first step to make any illiquid asset to liquid is it makes it digital. At Pandora, all the illiquid asset are getting tokenised and made available for trade on KyLyX platform.
Then there are validation layer and reputation engine, which bring authenticity in the whole tokenisation process. We will be releasing more info around it very soon. As of now you can read in details at https://medium.com/pandoraprotocol/pandora-protocol-bringing-real-value-to-illiquid-real-world-assets-via-tokenisation-3fdb16239b80
Q5: Pandora encourages the concept of digitizing real-world assets, to make them easier to trade. But the problem is, the authenticity of these digital assets is hard to come by. How do you solve this problem?
Ankit Raj: As i told you before, we are bringing the validation layer and reputation engine, which bring authenticity to the whole tokenisation process. We will be releasing more info around it very soon. This will be inbuilt on the Pandora Stack itself. People building NFT on Pandora will have these features inbuilt internally.
As of now you can read in details at https://medium.com/pandoraprotocol/pandora-protocol-bringing-real-value-to-illiquid-real-world-assets-via-tokenisation-3fdb16239b80
Telegram Live AMA Begin:
Q6: On your official telegram announcement channel I saw this term “ Pandora Protocol aims to bridge the gap between Real world assets and Blockchain via π-NFTs “ . I really didn’t get it what does “π-NFTs” means and how it can fill the gaps between real world asset and blockchain?
Ankit Raj: THis is the part of innovation zone. You can read in details around at this link https://medium.com/pandoraprotocol/liquidity-gateway-in-the-nft-ecosystem-the-pandora-way-38776153c8a
Q7: As you said that real assets are converted into digital assets. So, is that means real assets value are directly correlated with digital assets?
Ankit Raj: Yes.
Q8: A rather big problem for a lot of Defi projects seems to be that when farming starts, the price goes down because people unload to put liquidity into the farm. Will there be an incentive to hold and not just farm and dump?
Ankit Raj: Our tokenomics is very different from staking project. Economics is build around the project for the long term.
Q9: How do you think with Asia market? Does your team have any plan approach VIETNAM which the potential market in crypto, there have many great teams and investors want work and earn money from crypto?
Ankit Raj: We are global from day 1. Our Ambasador program coming up. Please stay tuned!!
Q10: Is there any governance priviledge on your system for stakers of your token an NFT’s maybe?
Ankit Raj: Governence model is there.
Q11: One of the factors that makes the platform appealing to many users is its special features. So, what are the outstanding features and advantages of #Pandora? For what reasons can convince small and large investors to trust and invest in your project?
Ankit Raj: cross chain transaction. Bringing liquidity , dynamic NFT etc!
Q12: Pandora have a very interesting concept under the name “ Dynamic NFT” , so I don’t understand it, so can you please explain us what make better a dynamic NFT over a regular one?
Ankit Raj: NFT whose price changes more often. IT depends on outside wold events. More details can be read at this link https://medium.com/pandoraprotocol/pandora-protocol-a-concise-guide-to-dynamic-nfts-5a0507e1cd58
Q13: Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is your project also like this? If not can u tell us, What makes your project different from other projects?
Ankit Raj: We have our Beta version ready before raising any single money :)
Q14: How do you keep history of borrowers and is it possible if they don’t pay back?
Ankit Raj: Validator will loose their money..in that case. and it will affect the reputation.
Q15: The Pandora stack has new formations waiting to be built.
+ Kylyx
+ Box
+ Kalel
What exactly are these and what will they add to the Pandora ecosystem?
Why was PiNFT developed with the ERC20 format and the hybrid wrapped token standard? How will PiNFT bring liquidity to the NFT ecosystem?
Ankit Raj: These are the product getting built on Pandora.
Q16: Do the token holders have right to participate in the governance of the project? On what kind of decisions can they vote on about the project?
Ankit Raj: Yes they will be able to participate. Details we will be releasing soon.
Q17: Are you a global and completely Decentralized project? How can we sure that there is no chance of Centralization in future?
Ankit Raj: We have plan to move in DAO structure.. No centralisation.
Q18: You mention that your market will be extremely simple, since exchanges can be made with a single click, but will those really contain the best prices in the market? Or will they be easy to exchange due to their low demand for unprofitable prices?
Ankit Raj: These prices will be with lower spread better then current market
Q19: Pi-NFT is something available on your platform but honestly I never heard of them before, can you tell us more about it and what benefits does this bring to Pandora Protocol over other NFTs?
I read that one of the use cases of your token is regardless of the security of the protocol ecosystem. Can you tell us more about how will your token contribute to this? Also, what are other uses cases of Pandora’s token?
Ankit Raj: Yes, Its new which Pandora team has built in short period of time. Details can be read at https://medium.com/pandoraprotocol/liquidity-gateway-in-the-nft-ecosystem-the-pandora-way-38776153c8a
Q20: A partnership is essential for Adoption, so can you tell us what partners you have now and in the future?
Ankit Raj: We recently partnered with Unmarshal More are coming soon. Stay tunned!!
Q21: You mention that users can Tokenize their real-world assets to chain through NFT and induce liquidity in them through Pandora. But what are currently the assets that users can use? And are there any Fees in the process to convert assets to NFT?
Ankit Raj: yes, there will be some charge. which will benefit to Pandora Participants.
Q22: Where do you provide the lending pool full of capital for your borrowers and what happens if there is a problem with liqudity?
Ankit Raj: We will bridge with DeFi ecosystem.
Q23: How does your Double Efficiency system work?
Can we get double returns on our investments with smart algorithmic contracts? How is this different from normal types of returns?
How are Pandora’s Social Tokens different and how do they benefit?
What is the advantage of encrypting our social skills in the form of NFT and how do we make it cross-chain tradable?
Ankit Raj: social token is community project not Pandora. Other team is building product on it.
Q24: I see your project has several partnerships but who are the main partners? What are the benefits of partnering with the #Pandoraprotocol ecosystem? What is in the future you will reach?
Ankit Raj: We partnered with Unmarshal. Others are coming soon. Stay tuned to our channels.
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