Earlier this summer we listed SOLO, the primary token of Sologenic, a securities tokenization network built on top of the XRP Ledger.
Last month, as a follow-up to the listing, we hosted an AMA with Changelly CEO Eric Benz and Sologenic Co-Creator & Technical Lead Mr. Reza Bashash. The community asked a lot of interesting questions about both projects and the crypto industry, and our speakers did their best answering as many as they could. Here’s a recap of the session. Enjoy!
1. What is your strategy for marketing and for mass adoption?
Eric Benz: The easier we can make the platform and product work with what a user or customer expects the better. What I mean by this is that it is important to tailor a new technology and ecosystem in a way which resonates with what people are already used to. So no point reinventing the wheel. We pride ourselves in our 24/7 support and the simple and efficient interface we provide both customers and our large partner network.
2. What steps have been taken by Sologenic to overcome volatility and liquidity issues?
Reza Bashash: We have been actively listing SOLO on major exchanges and more to be added soon. This will increase accessibility and in turn increase liquidity and trading volume. We also deploy market making to some of these markets, such as the DEX. SOLO is a young coin that launched a couple of months ago, and so far, we have seen significant contributions from third-party market makers and the community.
3. Where does Changelly see their platform in the next 5 years?
Eric: We just celebrated our 5th year anniversary and what we have achieved to date is incredible and also has provided significant impact for the growth of the global crypto community. In the coming 5 years we will be as commonly used as a traditional mobile banking app and Changelly will be one if the most if not THE most trusted brand in the ecosystem for buying/selling/and perhaps storing your crypto assets.
4. Why is Changelly fee high while converting SOLO to fiat?
Eric: Anytime you want to exit or enter to or from fiat it will always carry a larger fee considering the costs the fiat rails charge. This is why we must keep the crypto revolution strong!
5. Are there any plans to add moreproducts and services or are you happy with how things are going?
Eric: We have some exciting news in the coming 6-8 weeks which I am so excited for and will change the way users trade and interact with the growing crypto ecosystem.
6. What is your plan for global expansion, are you focusing on the only market at the moment? Or focus on building and developing or getting customers and users, or partnerships? Can you explain this?
Eric: We have always focused on growth and expansion hence why we have the largest partner network with any other business, which includes 40+ top partners, which are wallets, exchanges, and other platforms.
7. Revenue and adoption are the top priority of all projects, can you tell us how does SOLO generate revenue from its technology/platform and how are you planning on getting your platform adopted?
Reza: The Tokenomics for Sologenic ecosystem is designed in a way to allow spendable funds for things such as adoption, R&D and development. We also introduce products on top of the ecosystem that generates revenue for the expansion, such as SOLO Cards and the Asset Tokenization Platform. Transaction fees generated by this platform will help adoption of the Sologenic Ecosystem.
8. What do you think about the Asian market? Does your team have any plans to access Vietnam with potential markets in cryptocurrencies, are there many great teams and investors who want to work and make money from cryptocurrencies?
9. What was the most challenging part in the development of the SOLO ecosystem?
Reza: The ecosystem is made up of many different components. We’ve had challenges from technical matters to compliance and regulations. What we are doing in the DeFi scene is complicated and, at the same time, very rewarding when we see results. To overcome these challenges, we try to be focused very hard on the main goal and try different things until we find a solution. The team is working around the clock to achieve targets.
10. With any social background, there’s an element of critical mass, that is, people will engage as soon as others they know are there. How do you intend to seed the platform with the original user?
Eric: Mass adoption is all we focus on and our platform has been designed for the user in mind.
11. At the time of starting Changelly project do you ever think about the problems you are going to face and how do you tackle all the problems that you and your project faced?
Eric: When building innovative technology you must never concede to problems or difficulties otherwise nothing will ever be achieved.
12. What remarkable feats have you achieved, what are you mostly proud of ? What are your major goals to achieve in the next 3–4 years? Where can we see Sologenic in this period?
Reza: When I sit down with the team and go through different iterations of the unreleased products, all I can think of is how big of an impact this would have on the crypto economy when released and full potential is realized. In the next 3-4 years, I see the Sologenic ecosystem being the main hub for investors to exchange different types of assets, such as stocks, ETF, FX, Crypto, Commodities from almost every exchange in the world.
13. How does Changelly overcome the difficulties in the current COVID epidemic? How did you guys survive in this long bear market and what difficulties have you encountered during this period?
Eric: We have had remote working processes and procedures implemented for over 4 years now. Speaking of the bear market, Changelly provides a special utility to the community whether the market is up or down.
14. Do you have any plan to list Bitcoin Lightning Network on Changelly in the near future?
Eric: Potentially in future, but there are other more efficient solutions we are also looking at.
15. What are Changelly’s main selling points that set you apart from your competitors?
Eric: Ease of use, connectivity with wallets and exchanges, and community support and customer acquisition. Not to mention the advanced technology we provide. The selling points for Changelly are simple, which includes price technology in scale and security.
16. What remarkable feats have you achieved, what are you mostly proud of? What are your major goals to achieve in the next 3–4 years? Where can we see Sologenic in this period?
Reza: Great question! Over the past few months, we have been working on making our products multi-lingual, and we design new products with such goals in mind. We also have different channels on Telegram for different languages and countries. When you join our official Telegram groups, you will have the option to choose a community that is for your language and region with community managers to answer all questions in those languages.
17. SOLO and XRP had some issues with liquidity on the XRPL DEX during the past. Now moving on, how can Changelly provide liquidity for SOLO and XRP on the platform?
Reza: As we all know, DEX is decentralized, and it offers great opportunities for individuals to do market-making across DEX and Centralized Exchanges. We are very excited to be listed on the Changelly platform, which in-turn helps increase the liquidity for SOLO.
Eric: Changelly is also excited!
18. Can you briefly explain how the top milestones, that the Sologenic team aims to execute before the end of this year or going to execute in future, will help them succeed and what SOLO may look like in 2020 and beyond?
Reza: We are working very hard to achieve our milestones in time, and two of the main benchmarks to be achieved this year are: SOLO Cards, Asset Tokenization Platform. SOLO Card release is just around the corner!
19. What are the strategic partnerships between Changelly & Sologenic? How important is this partnership for both projects and how will it benefit both projects in the short term and long term?
Eric: The partnership between Sologenic and Changelly is one of the most important things in recent months and we are very excited for the growth and for the technology that will be coming from partners such as SOLO.
The great thing about the Changelly platform is that it gives SOLO the visibility and the transparency and the outreach that they need in order to reach a larger portion of the community that will be interested in SOLO. Also it gives them access to a large partner network.
Reza: Changelly is a well-recognized crypto platform and offers a simple way for our users to exchange SOLO. This partnership is significant to us as well.
20. How do you plan to spread awareness about your project in different countries where English is not spoken well? Do you have local communities for them to let them better understand about your project?
Eric: The great thing about the Changelly platform is that it’s global and we obviously have significant outreach to many different communities in many different countries. There are many users which we are very excited about and we will continue to grow especially with projects like SOLO.
21. Could you explain which types of assets we can tokenize currently on the Sologenic platform? As I see on the website, you mentioned stocks and fiat! So, do you have any plans for tokenizing metals like gold, silver or other assets?
Reza: Any asset can be tokenized on the Sologenic Asset Tokenization Platform. Regulation plays an integral part on what assets will be added as we go forward. However, confirmed types of assets are: stocks, ETF, commodities, precious metals and fiat.
22. What is the practical use case of PayID within the crypto ecosystem? How effective will PayID be for SOLO and its users in regards to speed and security of transactions? Why is PayID integration and use limited to centralized exchanges only?
Reza: PayID is the Universal Payment Identifier that CoinField was a part of the development team as well as other members of the coalition such as Ripple, Brave, BRD and many other well-known crypto companies. It brings value to the ecosystem by simplifying the process of sending and receiving funds as well as making exchanges like CoinField compatible with the FATF Travel Rule Regulations. PayID is “email” for transferring funds. Because it is adopted by many companies already, I think other exchanges will jump ship and use PayID soon.
23. Regulation is very important. Many projects were closed in many countries due to failure to use the correct regulations and permits. In order to go global, how does both of you deal with these issues?
Eric: Regulation is one of the most important aspects making sure that adoption continues to take place for more companies and more users to enter and enjoy the benefits of cryptocurrency. Changelly has been at the forefront of providing a sufficient regulatory platform that allows users to sell crypto easily. The more regulation we create will only stifle the innovation which Blockchain can provide.
Reza: Regulation is the key! Unfortunately, the Blockchain world is not at the point to be completely free of specific regulations yet. And for this reason, projects such as Sologenic need to be regulated and all assets on the exchange are also regulated. We are in the process of obtaining required licenses from the appropriate governmental bodies at this time, and we are the very first to do so! In every meeting we have with the regulators, we hear, wow, this is great! We think they love the Sologenic ecosystem.
24. Except exchange and buy/sell crypto, which types of services are offered by Changelly platform? What new we can see in Changelly soon?
Eric: We have some very exciting announcements and new products that will launch in the coming two months and we have been listening to our customers for the past five years and we are very excited for the new features that we’re going to announce.
25. Crypto assets are highly volatile in market price, so how do you determine the conversion exchange rate in real time?
Eric: We provide a spot rate between different exchange partners that we have and we provide our customers the best rate at the time of purchase.
26. Does Sologenic offer staking rewards?
Reza: Yes! We offer staking rewards for SOLO, and we use a pool of 1.2 million SOLOs to be rewarded from our “SEF” fund. Once this 1.2M is depleted (which is close) the program will be stopped until another pool is introduced. We offer up to 21% APR for staking SOLO on CoinField.
27. How does Changelly solve the problems that exchanges are facing: system overload, lack of liquidity, hacker attack?
Eric: We have many exchange partners so if one exchange happens to not be working then we have other exchanges that we are able to pull liquidity from in order to execute orders on our users behalf.
28. What are the benefits of having a SOLO card?
Reza: Many benefits!I will mention a few…The fact that you can spend your crypto and other assets in real-time is just amazing. Swipe your card, and your tokenized stock will be used to pay for your purchase! But other than that, we have many other benefits such as up to 2% monthly cashback, free airport access lounge, rebate for Netflix, Amazon, PlayStation Store, Spotify, etc.
29. I am a trader so I want to ask: what are the other features of Changelly that make traders satisfied in choosing you?
Eric: We give traders an efficient and easy way to both swap, purchase and sell crypto. We pride ourselves on being the easiest, quickest and most efficient exchange in the entire Ecosystem.
30. What problems do you see occurring in the blockchain industry nowadays and how does your project aim to solve these problems?
Eric: The Blockchain industry has many problems that it still needs to tackle. We need to realize the technological benefits that the Blockchain can provide various different industries. The Blockchain as a technology is not only innovative it’s also transformational.
We’d like to give the biggest thanks to our live viewers and users who submitted questions for supporting Sologenic and Changelly! Join us on social networks to stay tuned for more AMAs coming and other common projects with the Changelly space team.