Sologenic (SOLO) AMA
Thank you for all the intriguing questions.
Below are written Telegram users' handles and answers to their questions. Winners congratulations and please contact Tokens.net Jure Pirc via telegram to receive instructions to claim your reward. The reward will be distributed on users' official Tokens.net exchange account.
Can you explain what's the main benefits of Tokenizing Assets like Stocks & Fiat? & why should we choose Sologenic than any other platforms?
Traditional financial markets are becoming obsolete! Really, it's time to modernize it. That's why DeFi is so hot right now, and Sologenic aims to fill this gap by providing modern tools to users and institutions. There are many, many, many benefits to the tokenization of these types of assets on the Blockchain. Not to mention geographical borders are removed from this system. Anywhere in the world will have access to any financial instrument or market. Another great benefit is the ability to buy in fractions rather than the whole stock. I won't remind you about other advantages of the Blockchain, such as transparency, decentralization, speed etc.
We have a great expansion plan for 2021 which includes getting more involved in the Finance & Banking industry. I'm not able to disclose more info here at this time.
What are 3 key points you hope to spread to the world about Sologenic today?
Everyone talks about the mass adoption of cryptocurrency globally, but we have not seen any big step to make that happen. Considering the massive market cap and daily trading volume of Stocks, ETFs & Commodities, I believe the key is to merge these financial markets with Crypto. That will bring a huge volume to the Crypto markets and that's exactly what Sologenic is aiming for.
How is community important to Sologenic?
Sologenic is a community-focused project, founded on the belief that cryptocurrency can be used in any way imaginable, by anyone in the world. There is SOLO Community Fund (SCF) available with the ecosystem which is used to develop decentralized projects, community events, and emergency situations. The fund also supports the Sologenic Developer Program. Developers around the world are encouraged to join this program to help create exciting new projects on the XRP Ledger.
“Token burn” is beneficial for any project, in being able to control the number of token circulation and to provide greater incentives to investors. Does your great project have a plan about token burn?
100% of the transaction fees generated through transfers and decentralized trading will be burned instantly by being sent to the gateway’s issuing address (Black hole). The system practices this deflationary mechanism to bring down the total supply of SOLO coins, which in turn makes remaining SOLO coins more valuable. This practice makes an equilibrium that, in the long term, makes it impossible for the SOLO coins to deplete due to higher valuation of coins and lower supply.
The real-time circulating supply can be found here: https://api.coinfield.com/v1/currencies/solo/supply
What are the core features that create value for Sologenic? Can you highlight some of them?
One of the key features within the Sologenic ecosystem is “On-Demand” tokenization. This will allow users to choose assets from 40,000 Stocks, ETFs and Commodities from the top 30 global stock exchanges, tokenize them and trade them during the market hours. When the markets are closed, users are able to trade these assets on XRPL DEX. The goal is to make Sologenic as decentralized as possible while it will be fully in compliance with local and international regulations, therefore the SOLO core team is developing a hybrid ecosystem which our role is limited to be the point of KYC and redemption. The Custodial of the real-life assets will be through the public limited company and according to the Principles for Safeguarding Client’s Securities and Funds.
Are you planning to try and get many partnerships like Ripple does?
Certainly! We look at the partnership as one of the primary keys to expand and grow our reach. We will continuously look for new opportunities to establish a strategic partnership with other entities in different markets. We recently announced two partnerships with XUMM & XRP TOOLS KITS. Now, users can sign transactions, trade assets on the DEX, and in further stages, execute orders and trade directly using LEDGER devices.
Telegram AMA session was organised as a part of the SOLO trading competition announcement. Join the SOLO trading competition and win a prize!