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 DMEX and our guest was Rufus Jiang?—?the CTO with DMEX. The AMA took place on 9 March.
The total reward pool was 800$ and has been split into 3 parts.
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1?—?introduction and questions from the Website
Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with DMEX! Welcome to Satoshi Club
D. | Satoshi Club:
Hello everyone! our guest today?—?Rufus Jiang from DMEX! thank you for joining us!
Rufus Jiang:
Hello, everyone. Great to meet you here:
Mary | Satoshi Club:
Welcome to Satoshi Club
How are you today?
Rufus Jiang:
Thanks!
Rufus Jiang:
Super. You?
D. | Satoshi Club:
Great!
Mary | Satoshi Club:
Me as well, thanks!
Let’s start our AMA
D. | Satoshi Club:
And begin with intro!
Mary | Satoshi Club:
Rufus, please, introduce yourself and tell us more about DMEX
Rufus Jiang:
Sure. I’m the CTO with DMEX. Prior to DMEX, I worked at companies like Amazon and Microsoft as senior engineering managers for a number of years
Mary | Satoshi Club:
Impressive background
Rufus Jiang:
DMEX is the first the decentralized cloud mining power financial service platform
D. | Satoshi Club:
You worked with the best, those companies are giants.
Rufus Jiang:
We currently have 3 versions.
Mary | Satoshi Club:
Tell us more about these versions
Rufus Jiang:
With DMEX1.0, you can purchase and trade mining power NFT.
Mary | Satoshi Club:
Mining power NFT it’s something special
Rufus Jiang:
With DMEX2.0, users can participate in decentralized joint mining. The mining rewards are settled automatically through smart contracts. 24/7 flexible deposit and withdrawal
Yes indeed. It’s a world first.
D. | Satoshi Club:
Yep, sounds interesting, we have a question about this feature in the next part of our AMA
Rufus Jiang:
We basically convert mining power into NFTs and make them tradable.
Mary | Satoshi Club:
And what about the third version?
Rufus Jiang:
With DMEX3.0, folks can participate in liquidity mining in 3 trading pairs to obtain platform token DMC.
I hope that answered your question
Please go-ahead.
D. | Satoshi Club:
Got it, thank you!
Mary | Satoshi Club:
Great! Thank you for your intro! Let’s dive deeper into the community questions
D. | Satoshi Club:
And the first one!
Q1 from Telegram user @Pratze
In your medium, you said DMEX offers a joint mining product similar to Alipay’s Yu’er Bao. Actually, I don’t know about them at all, can you pls explain more detail about what is your mining product? and why did you make a comparison with Alipay’s Yu’er Bao? do they your main competitor?
Rufus Jiang:
There was a network hiccup.
Yu’er Bao is an open fund managed by the Alibaba Group. Users can deposit their spare changes in Yu’er Bao at any time and also withdraw their funds at any time they wish. At the same time, Yu’er Bao also offers a promising return many times higher than traditional banks.
DMEX is providing a very similar service through joint mining. With joint mining at DMEX, we invest the funds in mining pools.
There’s no lower limit to how much you can invest. DMEX users are free to deposit and withdraw their funds at any time they wish.
A smart contract will automatically distribute the mining incomes to all users.
Mary | Satoshi Club:
That’s really very close to open fund management
Do users need to complete KYC verification on your platform?
Rufus Jiang:
Yes
Yes for open fund management
As a decentralized exchange, you don’t need the KYC step.
Mary | Satoshi Club:
In which crypto we can invest?
D. | Satoshi Club:
And is it possible to invest with fiat?
Rufus Jiang:
Folks can deposit HUSD, Fil for joint mining. And HUSD, USDT for liquidity mining.
Mary | Satoshi Club:
Gotcha
thank you for your answers!
Rufus Jiang:
Also HT for liquidity mining.
Fiat needs to be converted to crypto first.
D. | Satoshi Club:
Got it!
Thank you! let’s proceed to the next question.
Rufus Jiang:
Please
Q2 from Telegram user @NataliyaKil
One of your products is DMEX1.0 (Mining power NFT launch, trade, and collateral loan). I would like to learn more about the features of these three points. What is your advantage over other competing projects?
Rufus Jiang:
We currently support the purchase and trading of the mining NFTs.
As a world-first decentralized mining power finance platform, we have a bunch of advantages. I will list a few below
D. | Satoshi Club:
Sure!
Rufus Jiang:
First, the decentralized platform guarantees that the mining power data is completely open and transparent. The mining income is genuine and trustworthy. The platform will not embezzle users’ funds
Second, traditional mining power platforms do not support over-the-counter mining power tradings. DMEX provides over-the-counter mining power tradings with mining power NFT. This will greatly improve asset liquidity.
Mary | Satoshi Club:
Do you have statistics about your platform?
Rufus Jiang:
DMEX are providing a wide range of investment options to help users earn multiple incomes. Features include but not limited to: Mining power tradings, collateral loans, liquidity mining, mutual insurance, and joint mining
D. | Satoshi Club:
Yep, that’s a lot of possibilities to earn.
Rufus Jiang:
A few more. DMEX greatly reduced the entry barrier to mining for the average users. Investing with DMEX is both secure and profitable
The DAO communal governance is designed to protect all users’ rights. Users can withdraw their incomes without delays.
DMEX is very unique. I hope this answers your question.
Mary | Satoshi Club:
Do you have support services?
Rufus Jiang:
We provide support through telegram. The statistics of the platform, someone asked earlier, are updated through the telegram group every day.
Mary | Satoshi Club:
Got it! Satoshiclubbers join @DMEX_Chat
Rufus Jiang:
Quickly on the statistics
Number of DMC addresses: 3043
TLV: 20.64 million US$
D. | Satoshi Club:
Very nice TLV
Mary | Satoshi Club:
Very nice numbers
Rufus Jiang:
Thanks!
Mary | Satoshi Club:
And thank you for your answers! Ready to jump to the next question?
Rufus Jiang:
Please
Q3 from Telegram user @Wormz28
You just launched your DMEX Early Pioneer Program to help you grow and you are giving out a huge DMC reward equivalent to $10,000 for your bounty program and the first phase will be running from March 5th to March 31th (or until the bounty reward runs out). This is awesome! I’m interested in joining, so can you tell us what are your Early Pioneer Program reward Allocation Rules and its General Rules? Also how’s the Registration Process and may I know if there’s 2nd phase coming after the 1st phase?
Rufus Jiang:
That is a very detailed question. You can find the program details from the link below
https://dmex.medium.com/dmex-is-about-to-launch-the-early-pioneer-program-92b1915fedba
We will keep holding various events to help the community get engaged. They will be announced through the telegram community and other venues like Twitter.
Mary | Satoshi Club:
Did you get a lot of participants for this event?
Rufus Jiang:
Actually, this is our first big event overseas. It’s only about a week. We’ll have more and bigger events coming.
D. | Satoshi Club:
Cool, waiting for announcements
Mary | Satoshi Club:
I know that communities usually like such kind of events! Sure, it will be successful
Ready for the next question?
Rufus Jiang:
Thank you! We all look forward to them!
Yes, please.
Q4 from Telegram user @alberto_vzla
I understand that if we buy NFT mining energy we will be able to obtain a daily mining income, suppose that I buy 600 $ in NFT tokens In what profit margin would my NFT be located, and what percentage of income could I obtain if I buy large amounts of mining energy?
Rufus Jiang:
This involves a bit of complex calculation as the return is calculated based on the daily Fil price. What I can say is that the return has been over 200% annual.
Mary | Satoshi Club:
Great returns!
Rufus Jiang:
The allocation rules and reward distribution schemes are available at here if you’re really interested in the details
https://dmex.medium.com/dmex-is-about-to-launch-the-early-pioneer-program-92b1915fedba
Mary | Satoshi Club:
Can you show us how your NFTs look like?
Rufus Jiang:
Looks like Santa
It brings happiness to everyone
D. | Satoshi Club:
Ahah great
Rufus Jiang:
Mary | Satoshi Club:
Haha
Thanks! On this positive note can we go to the next question?
Rufus Jiang:
Yes, please
D. | Satoshi Club:
Let’s goooooo!
Q5 from Telegram user @tony253210
Exploring your website, I just realized that you are compatible with 2 chains, Ethereum and HECO, but DMEX is able to connect with other EVM compatible chains like BSC?
Rufus Jiang:
In theory yes. But there will still be minor work to make sure everything works well on a new chain. We can quickly support other chains if needed.
Mary | Satoshi Club:
Btw, how many people now in your team?
D. | Satoshi Club:
So there are no plans to support BSC in the nearest future?
Rufus Jiang:
About 30 or so.
D. | Satoshi Club:
Wow, pretty big team
Mary | Satoshi Club:
Big team!
Rufus Jiang:
Not in the plan. But we’ll keep our options open.
D. | Satoshi Club:
Understood
Thank you for answers! ready for the last question from part 1?
Rufus Jiang:
Let’s go for it
Q6 from Telegram user @chzrles
Your roadmap mentions that your marketplace will be live in 2021.02. Has this goal been completed? What can be traded through this marketplace? Is it an autonomous marketplace or can third parties also offer it?
Rufus Jiang:
Yes, the marketplace is currently online. You can trade the NFTs that you purchased from the market.
For new miners to list their mining power on the market, they will need to go through the DAO validation process.
D. | Satoshi Club:
By the way, can you share link with us to your market?
Rufus Jiang:
Yes, Mary
Rufus Jiang:
The address is https://ht.dmex.im/?utm_source=tokenpocket#/NftMarketplace. You need to open with wallet like Huobi Wallet.
Or TokenPocket wallet.
Mary | Satoshi Club:
Thanks, Rufus!
Now we’re ready to buy DMEX NFTs
D. | Satoshi Club:
Part 2?—?live questions from the Telegram community
Q1 from Telegram user @highpee
I can see that DMEX is currently available in three versions which are DMEX 1.0, DMEX 2.0 and DMEX 3.0. Is it necessary that users of your platform will have to use the three DMEX versions or users can decide to join any of the three versions depending on what they intend to achieve?
Rufus Jiang:
On the question of which version of a product to use, for version 1, we sold out all the mining power in the first few days. We’re in the process of validating more miners. You can currently participate in version 2 and version 3 now.
Q2 from Telegram user @AugusS7
If really “all procedures are decentralized and are operated by smart contracts, so there will be no room for human error” then what do you mean by “Shared Risk”? Shouldn’t it be totally risky for the investor? or does the platform also suffer risks?
Rufus Jiang:
Regarding “risk-sharing”, I’m talking about miners not being able to transfer their reward to DMEX due to reasons like extreme natural events like earth quick, flood, etc. DMEX does have a risk-sharing fund managed by DAO to deal with this kind of situation.
Q3 from Telegram user @JuanSB07
I have been investing in cloud mining platforms for a long time, most of them have fallen and few are still working, that is why I have considered that there are 2 characteristics in which users or people look, the first (1) a platform that provides good Profits and that it has a sustainability basis, and the second (2) protection and guarantee that your funds will be safe (including protection against hackers). So what are the foundations that support MDEX to stay stable? And do they really have the funds protection and one anti-piracy system?
Rufus Jiang:
For sustainability, we validate our miners carefully. So the miners will be of high quality and will be in the business long term. For safety, we had our smart contracts audited by 3rd party auditing firms. And as I said earlier, there’s the shared insurance trust that is managed by DAO which can be used in this situation.
Q4 from Telegram user @Joseunda
What difference and advantages does DMEX have from the many Cloud Mining companies that exist?
Rufus Jiang:
(1) The decentralized platform guarantees that the mining power data is completely open and transparent. The mining income is genuine and trustworthy. The platform will not embezzle users’ funds.
(2) Traditional mining power platforms do not support over-the-counter mining power tradings. DMEX provides over-the-counter mining power tradings with mining power NFT. This will greatly improve asset liquidity.
3. DMEX is providing a wide range of investment options to help users earn multiple incomes. Options include but not limited to: Mining power tradings, collateral loans, liquidity mining, mutual insurance, and joint mining.
4. DMEX greatly reduced the entry barrier to mining for the average users. Investing with DMEX is both secure and profitable.
5. The DAO communal governance is designed to protect all users’ rights. Users can withdraw their incomes without delays.
(6) DMEX offers options like joint mining products. Users are free to deposit or withdraw their funds 24/7. The annualized return rate could reach 70%.
Q5 from Telegram user @JesusFre1tes
I read that When users deposit FIL into the joint mining pool, they will get a token. If they are willing to pledge the token as collateral on the DMEX platform, they can get a second income, which is the token on the DMC platform. What are the use cases and the importance of owning this $DMC token? Does owning $DMC provide any kind of strategic mining advantage? Are there any additional rewards for pledging the token as collateral on the DMEX platform?
Rufus Jiang:
That is a good question. We will buy back and burn DMCs continuously. So buy holding DMC, you receive the increased value through the DMC reduction. The platform DMC will appreciate in the long run. We will also start a new feature soon that you can deposit DMCs to mine Fil.
Q6 from Telegram user @belkysgonzalez
I noticed that we have to own FIL or USDT to start earning mining income. Can’t we join using other cryptocurrencies aside from USDT or FIL? Have you considered accepting other cryptocurrencies?
Rufus Jiang:
We plan to support deposit ETH to mine ETH in the future.
Q7 from Telegram user @atillayeni
Can you talk to us about the automatic income distribution? Don’t we need to click for claim rewards and pay gas?
Rufus Jiang:
The distribution is done automatically to your account through smart contracts. You do have to click on the claim reward button to bring it to your wallet. You do need to pay for gas. The gas fee on the HECO chain is so low (a few cents) that you can basically ignore it.
Q8 from Telegram user @centoscu
How can we make sure that liquidity aggregation is really transparent and completely verifiable?
Rufus Jiang:
This is a very good question. Transparency is key to us as a decentralized exchange. Being a decentralized exchange, all transactions are handled through smart contracts. There’s no human intervention. All transactions can be verified on the blockchain. The contract has been audited by 3rd party auditors. The auditing report can be found on our home page. Thanks.
Q9 from Telegram user @My1queen
The DMEX platform token has a total issuance of 100 million with a block reward of 5DMC/block. How is this issuance distributed and what % goes to your team.
Rufus Jiang:
The distribution of the tokens is following: 50% through mining, 10% goes to the DMEX foundation, 10% to the team, 20% for early investors, 10% for the DAO risk-sharing trust.
Q10 from Telegram user @K2ice
What are the three trading pairs that I can participate in to obtain platform token DMC?
Rufus Jiang:
The three trading pairs are HT/DMC, HUSD/DMC, USDT/DMC.
Part 3?—?Quiz Results
In the final part, we tested your knowledge in terms of DMEX. They’ve prepared 4 questions for this part. The total reward pool for the quiz was 600$.
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