AMA Recap CRYPTOTECH with DMEX:
Earlier today the DMEX team joined the CRYPTOTECH Community telegram to connect with the community and answer any question they had relating to DMEX mission,tech,proggress on our journey so far, recent updates and our plans moving forward.
DMEX team took park in a particularly exciting AMA session which included introductions with the telegram Community. If you missed the AMA live, have a read through this recap to again some deeper insights into DMEX . You also need to know that our AMA this time has a $100 prize in DMC.
Idal Vernando:
Hello Rufus Jiang Welcome to our community
Idal Vernando:
Are you ready to start the AMA?
Rufus Jiang:
hello, can you see this
Rufus Jiang:
Yes, I am
Chloe:
yes
Idal Vernando:
Okay, Before I start the first session can you introduce yourself to our community?
Rufus Jiang:
Sure. I’m Rufus, the CTO with DMEX.
Rufus Jiang:
Prior to DMEX, I worked at companies like Amazon and Microsoft as senior engineering managers for a number of years,
Rufus Jiang:
working on cloud and distributed computing related technologies.
Rufus Jiang:
It’s good to be here tonight
Idal Vernando:
Thank you for introduce yourself, Your experince will certainly motivate us in the future☺
Idal Vernando:
In the first session I will give questions about DMEX, if you have give an answer please say "Done"
Rufus Jiang:
Sounds good
Idal Vernando:
let’s start with the first question
Idal Vernando:
Q1. Can you tell the members a little about DMEX?
Rufus Jiang:
Yes. DMEX is the world’s first decentralized mining power financial service platform.
Rufus Jiang:
We convert mining power into NFT assets based on the ERC 721 protocol to enable the easy sale and transfer of the mining power. DMC is the platform token
Rufus Jiang:
We currently have 3 versions of the product. In DMEX1.0, investors can purchase and trade mining power NFT for IPFS.
Rufus Jiang:
In DMEX 2.0, users can participate in decentralized joint mining. We currently support the deposit of HUSD and Fil to mine Fil. Real time settlement for mining incomes. 24/7 flexible deposit and withdrawal.
Rufus Jiang:
In DMEX 3.0, investors can participate liquidity mining through 3 trading pairs, e.g., HUSD/DMC, USDT/DMC, and HT/DMC, to mine DMC.
Rufus Jiang:
We also added a new mining option just last week, which you can deposit DMC to mine Fil.
Idal Vernando:
Q2. Where can people buy DMC? And is it restricted?
Rufus Jiang:
Investors can buy DMC from decentralized exchange MDEX (note the different spelling here) now.
Rufus Jiang:
Wallets like Token Pocket and Huobi wallets support MDEX.
Rufus Jiang:
We are working with a few top centralized exchanges to list DMC on them in the future.
Rufus Jiang:
There’s no restriction on purchasing DMC.
Idal Vernando;
Q3. Could you expand our knowledge about Your Roadmap this year? Are there any Updates on your Research and development progress?
Rufus Jiang:
Yes. We continue to work on adding new features to the platform.
Rufus Jiang:
You can see the progress from our different versions.
Rufus Jiang:
As I discussed just now that we just added the feature that you can deposit DMC to mine Fil last week.
Rufus Jiang:
Other things on the agenda for this year, adding support for more blockchains, like BSC.
Rufus Jiang:
Adding more IPFS mining power providers.
Rufus Jiang:
Adding support for ETH and BTC mining power.
Segment 2 From TWITTER
Idal Vernando:
Q1. Mining energy financial services platforms often have very high entry barriers and this makes it difficult for users to enter. How high are DMEX’s entry barriers and how is transparency in mining processes?
Rufus Jiang:
DMEX actually makes buying mining power really easy.
For joint mining, there is no lower limit on how much investors can invest.
We support deposits of HUSD, Fil and DMC to mine Fil. The annual return is around 70%.
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 thansactions can be verified on the blockchain.
The contract has been audited by 3rd party auditors. The auditing report can be found through our home page.
Idal Vernando:
Q2. We all talk about Positive points/Pros/Good Points & Features of any Project, no one Project tells about their Cons. So can you tell us Honestly the Cons & Lacks of DMEX ?
Rufus Jiang:
Understand. We always think that we have things to continuously improve to add value to the platform.
Earlier, I talked about adding more IPFS mining providers. We’ll support more public chains. We would like to add ETH and BTC support.
We also need to ramp up our international expansion.
Speaking of international expansion, we just launched our Early Pioneer Program not too long ago. I would encourage everyone to take a look and participate in the program. The link of the program is here:
https://dmex.medium.com/dmex-is-about-to-launch-the-early-pioneer-program-92b1915fedba
Idal Vernando:
Q3. For project development, the main priority is to have sufficient funds. Is your team financially able to carry out this project? Do you have sufficient funds for development? Can you tell us how your project is turning a profit?
Rufus Jiang:
As a high quality project and the pioneer of decentralized mining power financial platform, DMEX project has secured millions of dollars of investments from AEX Anyin, LinkVC, Zhizhen capital, ChainFor capital, WaterDrip capital, and several other well-known venture capital institutions.
So we’re fortunate that we’re in a position that we don’t need to worry too much about our research and operational cost.
Our focus has always been and will continue to be how to continue to build up the mining power liquidity community and increase the value of the platform and for our investors.
Idal Vernando,:
Q4. How useful is the NFT really in mining energy? or is it really what allows access to the different levels of mining energy? If so, does mining power cost thousands of $? since that is the value of the NFTs.
Rufus Jiang:
We believe the concept of tokenizing mining power as NFTs is essential for DMEX and extremely innovative for the mining power community.
It is one of the few NFT projects that solves a real world problem with tangible benefits.
What DMEX allows us to do is to provide necessary liquidity to the mining powers.
Prior to DMEX, once you purchase some mining power from a mining power provider or a centralize market, you really don’t have an easy way to sell it if you need the fund urgently.
By converting the mining power to NFTs, DMEX provides investors with the opportunity to trade the mining power as needed.
On top of that, DMEX also provides more mining options and reduces the entry barrier for investors to participate in the mining market through joint mining which there’s no lower limit for investment. Investors can aslo receive more return through liquidity mining.
Idal Vernando:
Q5. After the dao is launched, the community can re-elect the co-managers of the wallet through the proposal and voting mechanism. How often these re-election could happen and what proposals can be made through it?
Rufus Jiang:
The community would hold these re-election as the community demand
The examples of approval requests can be something like approval of adding new mining power vendors.
Or something like authorization of the use of the community insurance trust if needed.
Segment 3 LIVE questions;
Q1.As we all know, there are many mining power products on the market. Moreover, the operation is relatively stable. Compared to other mining power platforms, what is the unique advantage of DMEX?
Rufus Jiang:
I will take this one first. The answer will cover August’s question too.
As a world first decentralized mining power finance platform, we have a bunch of advantages. I will discuss a few below.
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.
Related to August’s question, there are also mining power providers and centralized markets that their operation is opague
You don’t know how much exactly you bought and when the mining rewards are distributed
There’re a lot of things are not transparent in this industry if you dig deeper
Second advantage for DMEX, 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.
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, community insurance, and joint mining
A few more. DMEX greatly reduced the entry barrier to mining for the average users. Investing with DMEX is both secure and profitable. Users can withdraw their incomes without delays.
The DAO communal governance is designed to protect all users’ rights.
Q2.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?
Rufus Jiang:
I will also address this one
We will buy back and burn DMCs continuously
DMEX platform will collect part of the mining income from joint mining and 1/1000 of the dToken repurchase and destruction amount as the platform fee on a daily basis.
The platform will use 80% of the total platform revenue to repurchase and destroy the platform coin DMC on a monthly basis until the total quantity of remaining DMC tokens is 21 million.
Q3.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:
I will also address this one.
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.
In that case, DMEX does have a risk sharing fund managed by DAO to deal with this kind of situation.
Q4.Can you please explain how is your Tokenomics Distribution? How many tokens will be minted and how many tokens will be locked by the team?
Rufus Jiang:
And this one.
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.
Q5.in your media, you said that DMEX offers a joint mining product similar to Alipay’s Yu’er Bao. Actually, I don’t know them at all, can you explain more details about what their mining product is, and why did you compare it with Alipay’s Yu’er Bao, are they their main competitor?
Rufus Jiang:
I will also take this one.
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 fund 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 to 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.
Smart contract will automatically distribute the mining incomes to all users
On a related question I saw, you can use all of the features in the 3 versions of the product. All features are available under the same UI. They were just released at different time.
