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Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from ADADAO and our guest was . The AMA took place on the 17th of January
D. | Satoshi Club
Hello everyone!
We are happy to introduce you AMA with ADADAO!
Today our guests?—?@murshid_adadao , @obaidulahad, @adadao_134 !
Murshid (NEVER DM FIRST)
Hello everyone
D. | Satoshi Club
Hi! happy to have you here! how are you doing?
Murshid (NEVER DM FIRST)
Yes, I am great. Thanks for asking
Mary | Satoshi Club
Hello and welcome here
Murshid (NEVER DM FIRST)
D. | Satoshi Club
Awesome!
Mary | Satoshi Club
So, let’s start our AMA
Murshid (NEVER DM FIRST)
Yeah sure. Excited
Mary | Satoshi Club
Could you please introduce yourself and tell us more about ADADAO
Murshid (NEVER DM FIRST)
I am Murshid Alam, CTO of Adadao. I have over 5 years of experience in the field of blockchain technology. I have previously worked at top IT consulting firms like IBM and TCS. I have been involved with ADADAO for last two months and am also a co-founder of ADADAO.
ADADAO is the world’s first interest-free stablecoin protocol built on Cardano blockchain. ADADAO is a DeFi protocol on Cardano blockchain which facilitates creation of fully collateralized stable coins leveraging Native Cardano Assets.
Murshid (NEVER DM FIRST)
Mary | Satoshi Club
Why did you choose Cardano?
D. | Satoshi Club
Sounds cool
Murshid (NEVER DM FIRST)
Cardano is one of the most developed blockchain with team of great engineers and research squads working relentlessly on it. I can also claim that Cardano is the safest and most reliable blockchain. We know that Cardano is kind of slow in development but the development and the product they have shown so far is perfect for our project.
Murshid (NEVER DM FIRST)
We can’t deny IOHK is one of the best organizations out there
Mary | Satoshi Club
It has sense
Mary | Satoshi Club
What can you tell us about ADADAO team? How big is it?
D. | Satoshi Club
And as I know cardono is also a very cheap and fast blockchain
Murshid (NEVER DM FIRST)
Obaid Ul Ahad?—?CEO?—?Serial Entrepreneur. Founder of cardence.io . Ex Spinny, Ex Founder Zafraa.
Murshid Alam : CTO?—?Ex TCS, Ex IBM , Blockchain developer
Ekterina B.?—?Developer?—?Haskell Developer, Metalamp
Olga K. : Developer?—?Cardano developer , Metalamp
Mr Rizwan Khan : Haskell Developer
Md Danish Alam : Community Manager
We have partnered with Metalamp for development and kryptonite for marketing purpose.
More people are joining us in our journey as we are moving forward.
Murshid (NEVER DM FIRST)
Yeah that too.
Mary | Satoshi Club
Wow! Really big and experienced team
Mary | Satoshi Club
Thank you for your intro! Ready to go to the questions from our community?We choose some special for you
Murshid (NEVER DM FIRST)
Yeah we are ready.
D. | Satoshi Club
less gooo!
D. | Satoshi Club
Q1 from Telegram user @NataliyaKil KICK.IO
Launchpad will host the public sale of ADADA. ADADA O’s public sale will kick off on January 25, 5 PM UTC and will run until 2 February, 5 PM UTC. Can you please tell us what kind of launchpad it is and what opportunities open up for a project whose public sale is taking place on Kick.io? This event has already been announced, can we find out about its full conditions and rules?
Murshid (NEVER DM FIRST)
Kick is a reputed launchpad in the Cardano ecosystem. As far as the rules are concerned, it gives priority to Kick token holders but also allows a FCFS for leftover tokens, FCFS is open to all.
We are also launching on ADAX.pro which is also one the of first functioning DEX on Cardano.
We are being incubated by Cardence and Cardence is our major launchpad partner as well.
As for info regarding the sale on 25th Jan, check out this tweet.
Murshid (NEVER DM FIRST)
Mary | Satoshi Club
Using which currencies we will be able to buy your tokens?
D. | Satoshi Club
And what is your future plans after token sale will be finished?
Murshid (NEVER DM FIRST)
That would depend on the launchpad. They will announce. It is usually stablecoins like USDT Or BUSD.
Mary | Satoshi Club
Murshid (NEVER DM FIRST)
We are currently focussing on aggressive marketing to reach out to as many people as possible and present our idea. Surely, development is the most important thing. We are work relentlessly to create our protocol. You can check out our detailed roadmap on our website too.
D. | Satoshi Club
nice! appreciate for answer! ready for the next question?
Murshid (NEVER DM FIRST)
Yes. Please continue.
D. | Satoshi Club
Q2 from Telegram user @Cheriemike
About your $ADAO token in terms of governance,you allow all holders of $ADAO to vote applying no minimum or maximum amount of $ADAO to hold before one can vote.You noted that anybody can submit suggestions for an $ADAO vote,not just $ADAO holders.I will say this fair giving all holder whether small or big investors the right to make decisions or vote.But something caught my attention,you said any voter-approved changes to the Protocol’s governance variables will not take effect right away.Can you explain to us what the governance variables are?And you also made mention of voters activating a Governance Security Model.Can tell us how this work and how effect does triggering of a shutdown have on a voters vote?Please explain Thanks
Murshid (NEVER DM FIRST)
There are two levels of governance here. There has to be an expert committee of stakeholders in the DAO which will assess the effects of the governance proposal and may send it back to DAO for re vote with further comments so that it does not lead to abrupt results.
As far as triggering the shutdown is concerned, this is a temporary phenomenon which will come into action only in case of major crashes or emergency situations. This is in place to ensure that mass liquidations does not happen in case of emergency temporary crashes.
Mary | Satoshi Club
What aspects of your activities will governance cover?
Murshid (NEVER DM FIRST)
ADAO holders have the option to vote on the following:
Add a new collateral asset type with a unique set of Risk Parameters.
Change the Risk Parameters of one or more existing collateral asset types, or add new Risk Parameters to one or more existing collateral asset types.
Choose the set of Oracle Feeds.
Choose the set of Emergency Oracles.
Trigger Emergency Shutdown.
Upgrade the system.
Mary | Satoshi Club
Very nice! When governance will go live?
Murshid (NEVER DM FIRST)
It will go live in Q2 of 2022.
Mary | Satoshi Club
Wow, it’s soon
Mary | Satoshi Club
Thank you for your answers! Ready to proceed?
Murshid (NEVER DM FIRST)
D. | Satoshi Club
Q3 from Telegram user @Palermo_19x
There are currently many stablecoins on the market and more are emerging every day, so I wonder, what benefits does the ADADAO stablecoin bring us over other existing stablecoins like Tether or Binance? What problems do you plan to solve and how do you plan to encourage the adoption of AUSD among people who already use BUSD or USDT? How can we buy AUSD and ADAO and besides buying, in what ways will we be able to generate these tokens in the future?
Murshid (NEVER DM FIRST)
ADADAO is the world’s first “interest-free” stablecoin protocol built on Cardano blockchain. We charge no interest on the collateral borrowed from our protocol. The protocol basically runs on a Smart Contract which is always collateralized. As such, taking interest on loans taken in this manner is not justified.
Our protocol does not force the users to hurry to return the loan as long as they can maintain the collateral.
Murshid (NEVER DM FIRST)
AUSD will have to be minted to be able to be tradable. We are looking for a working Cardano DEX. It will also be available on centralized exchanges.
Murshid (NEVER DM FIRST)
Adao will be tradable on DEX as well as many CEXs
D. | Satoshi Club
AUSD is algoritmic stablecoin? Like Dai or Ust?
Murshid (NEVER DM FIRST)
DAI is not algorithmic. UST is partially algorithmic.
We are similar to DAI, where we are fully collateralized through on chain ADA and it can also be verified on chain
D. | Satoshi Club
So is it possible to froze your stable in case of hack? For example
D. | Satoshi Club
You be able to do it?
Murshid (NEVER DM FIRST)
Governance will be able to do that, not us. Emergency oracles are in place to execute emergency shutdowns in case a need arises ( rogue or hacked oracles, hacked protocol etc)
D. | Satoshi Club
thank you! got it, let’s proceed to the next question?
Murshid (NEVER DM FIRST)
D. | Satoshi Club
Q4 from Telegram user @Danniblaiz
One part of your ecosystem I really find interesting is the Collateral Auctions. The ADADAO Protocol’s auction procedures allow the system to liquidate Vaults even when price data for the collateral is unavailable. The ADADAO Protocol takes the liquidated Vault collateral and sells it via an internal market-based auction process at the point of liquidation. How is the liquidated price calculated and what is the maximum leverage to which this liquidation can be prevented? Selling via an internal market based auction means what exactly and what do you gain in return in this type of selling??
Murshid (NEVER DM FIRST)
This kind of auction is used in case of unavailability of data regarding prices in case of emergency crashes or due to rogue oracles ( oracle issue can already be minimized through multiple oracle partners ) , the internal collateral auction will ensure that the protocol never goes under collateralized and also that the right price can be realized in case of market instability.
Participants will usually be able to get 10–15% margins in such auctions.
Mary | Satoshi Club
When this Auctions will be live? Btw, can you share your Roadmap with us?
Murshid (NEVER DM FIRST)
Auction will go live in case vaults go under collateralized
https://docs.adadao.org/roadmap
Mary | Satoshi Club
Thank you for sharing! I see you will have hot year!
Murshid (NEVER DM FIRST)
We are equally excited
Mary | Satoshi Club
Nice. we will follow your updates
Mary | Satoshi Club
Ready to jump to the next question?
Murshid (NEVER DM FIRST)
D. | Satoshi Club
Q5 from Telegram user @iceVermithraxx
Focusing on the Security Module of ADADAO protocol, I noted that in order to secure the system against an attacker attempting to obtain control of majority of the oracles, the ADADAO Protocol takes price input through the Oracle Verification Module (OVM). Can you explain more on the Oracle Verification Module(OVM)? Can you also elaborate on how the OVM Works to safeguard, and also act as a layer of security between the Oracles and the Protocol? I also understand that ADADAO Holders can choose to deploy emergency oracles, can you explain more on these Emergency Oracles and how they would work together with OVM to protect ADADAO protocol from hackers?
Murshid (NEVER DM FIRST)
Oracle Verification Module serves as a layer of defense between the oracles and the protocol by delaying the price feed by one hour. This delay allows Emergency Oracles or an Adadao governance vote to individually freeze compromised oracles. WIthout this protection measure, collateral could be manipulated, for example withdrawn from a vault under false pretences. The operations of Emergency Oracles and price delays by the OVM are also managed by Adadao governance.
You can check it out here too:
https://docs.adadao.org/key-external-actors
D. | Satoshi Club
Don’t you afraid that governance decisions can be manipulated by a few whales?
Do you have some mechanism that can prevent such as manipulations?
Murshid (NEVER DM FIRST)
Protocol’s security is the top priority and formal verification is the protocol strongest defense. We will get the smart contract audited from the best auditing firms and from multiple resources.
Murshid (NEVER DM FIRST)
Yeah, as I explained above. For more details check : https://docs.adadao.org/risk-and-mitigation-responsibilities-of-governance
D. | Satoshi Club
ok, thank you
Murshid (NEVER DM FIRST)
D. | Satoshi Club
ready for the last question from part 1?
Murshid (NEVER DM FIRST)
D. | Satoshi Club
Q6 from Telegram user @Emidm28
When I read the ADADAO whitepaper I noticed that you mention a black swan event. What does this mean? What is this event about? What are the negative consequences of this event? What tools do you have to prevent this event from happening? Can you explain in detail how this event occurs and what produces it? What is the probability of this happening?
Murshid (NEVER DM FIRST)
A black swan is an unpredictable event that is beyond what is normally expected of a situation and has potentially severe consequences.
Black swan events are characterized by their extreme rarity, severe impact, and the widespread insistence they were obvious in hindsight.
A black swan is an extremely rare event with severe consequences.
It cannot be predicted beforehand, though after the fact, many falsely claim it should have been predictable.
Black swan events can cause catastrophic damage to an economy by negatively impacting markets and investments, but even the use of robust modeling cannot prevent a black swan event.
Reliance on standard forecasting tools can both fail to predict and potentially increase vulnerability to black swans by propagating risk and offering false security.
You can check that here : https://docs.adadao.org/risk-and-mitigation-responsibilities-of-governance
Murshid (NEVER DM FIRST)
Mary | Satoshi Club
Thank you for this great first part . Live part is coming! But before it can you share your social links with our community, so we won’t miss any news from ADADAO
Murshid (NEVER DM FIRST)
Yeah sure. Here you can find all the links here : https://docs.adadao.org/social-media. Make sure to join our Telegram as well as follow us on twitter.
D. | Satoshi Club
Thanks a lot
Mary | Satoshi Club
Thank you! Are you ready for the most exciting part of our AMA?—?live part?
Murshid (NEVER DM FIRST)
Yes we are ready.
Mary | Satoshi Club
Let’s go
Q1 from Telegram user @isabella_blackk
How does the lending system work in ADADOA and which institutions other than ADADOA are involved in the lending process? Could you inform us how the ADADAO system for safes works?
Murshid (NEVER DM FIRST)
Lending happens through ADADAO protocol and no other entity is involved in lending. ADADAO doesn’t take interest from borrowers.
This is how ADADAO protocol for vaults work:
Create and Collateralize a Vault
A user funds a Vault with a certain type and amount of collateral that will be used to generate AUSD via the ADADAO web app. A Vault is deemed collateralized once it has been funded.
Generate AUSD from the Collateralized Vault
In order to create a certain amount of AUSD in exchange for keeping her collateral locked in the Vault, the Vault owner conducts a transaction and subsequently confirms it in her unhosted cryptocurrency wallet
Pay down the Debt and the Stability Fee
A Vault owner must pay down or totally pay back the AUSD he/she generated, plus the Stability Fee on the AUSD outstanding, in order to reclaim a portion or all of the collateral. Only AUSD can be used to pay the Stability Fee.
Withdraw Collateral
The Vault owner can withdraw all or part of her collateral back to her wallet once the AUSD has been returned and the Stability Fee has been paid. The Vault remains vacant until the owner chooses to make another deposit after all AUSD has been returned and all collateral has been collected.
NB: Each collateral asset must have its own Vault. As a result, some customers will have many Vaults with various forms of collateral and collateralization levels.
Q2 from Telegram user @Vihaan100
I am new on crypto world and learn more about the “Adadao” and the token cases also so, Where can i find tutorial and resources about of the Adadao?
Murshid (NEVER DM FIRST)
To learn more about ADADAO . Visit docs.adadao.org or feel free to ask us in our telegram group @adadao_org
Q3 from Telegram user @slla1112
Can you explain interest-free borrowing and how it differentiates you from other collateral lending platforms? And can you talk about how ADADAO makes money?
Murshid (NEVER DM FIRST)
We don’t take interest from users for borrowing against a collateral. We just makes money through that stability fees and some through liquidations.
Q4 from Telegram user @Crypto_84
On your website I saw four features
Decentralised Protocol
Interest free
Buit on cardano
Verifiably asset backed
Please tell in detail about these features and how user will get benefit from it?
Murshid (NEVER DM FIRST)
First one is clear, we are a DAO. Second one is interest free which we don’t charge interest. Third one is we are built on Cardano blockchain.Fourth: Our stablecoin is pegged with USD and backed by collaterals which can be verified on-chain.
Q5 from Telegram user @Jonathantross
You have Introduced Two Different TOKENS In Your Platform Which are :
1.$ADAO
2.$AUSD
May I know Why You Intrdoced the Two Tokens What Different Works They Perform in the ADADAO Platform ?
Murshid (NEVER DM FIRST)
AUSD is the stablecoin of our protocol ADADAO. They are pegged with USD and backed by collaterals whereas ADAO is the governance token of our protocol and users can use them to vote on our governance.
Q6 from Telegram user @Panpiau
I WANT TO ASK THAT WHY DID YOU USE THE CARDANO BLOCKCHAIN ?
THERE ARE SO MANY OTHER BLOCK CHAIN ALSO
Murshid (NEVER DM FIRST)
Cardano is one of the most secure with clean architecture and thoroughly tested. This blockchain is pioneered and worked upon by great tech leaders and scientists doing tireless research on Cardano which gives it a upper hand over other blockchains.
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.
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