AMA Cryptoscreen With Paribus

On 2 August 2021, Paribus conducted an AMA in the Cryptoscreen Community. Our guest is Wilson Davis of Paribus.

Lots of questions as usual from the Community about Paribus progress. The Paribus team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Cryptoscreen community. If you missed the AMA in person, read this recap for a deeper insight into Paribus.

Let’s take a look at the most interesting points of our conversation.

INTRODUCTION

Syaiful :
Okey🥳, Before I start the first session can you introduce yourself to our community?

Wilson Davis :
Of course, my name is Wilson. I’m the COO and Co-Founder at Paribus. Before I transitioned to crypto, my experience and background was in the traditional finance field. I’m looking forward to telling you more about Paribus today

Syaiful :
Q1). Can you tell the members a little about Paribus?

Wilson Davis :
Paribus is a cross-chain lending/borrowing platform on Cardano. With a dynamic interest rate algorithm we aim to unlock liquidity across chains through a range of crypto assets such as liquidity positions, synthetics, virtual land and NFTs. Our ethos is “if it has value, it can be modeled, if can be modeled then liquidity can be generated off it” This is a simple rule that will guide the vision of Paribus going forward. Done

Syaiful :
Q2). Can you explain how Paribus and what kind of services it offers to users?

Wilson Davis :
Yes for sure, Paribus will offer its users the ability to borrow and lend from an extensive list of crypto assets. We will offer a variety of services that will either have Annual Percent Rate (for borrowers) or Annual Percent Yield (for lenders). Based on the asset type that is being used, our dynamic interest rate model will calculate a fair and competitive rate that will be applied. All done

Syaiful :
Q3). What products does Paribus have and in the future, will you add more products?

Wilson Davis :
As mentioned previously, we will have a large variety of conventional and unconventional borrowing and lending products, such as liquidity positions, synthetics, virtual land and NFTs. Our architecture design will allow us to keep adding new asset types in a modular way. With a focus on interoperability and inclusion, we will take an adaptable approach to include whatever new crypto assets the future brings. The future is exciting at Paribus and we aim to be the leading borrowing/lending platform on Cardano. Done 🙂

Syaiful :
Q4). How do you solve liquidity issues and how to ensure user asset security?

Wilson Davis :
This is an important question for us. We will generate liquidity off of the assets on our TVL, our customers will have access to liquidity without having to outright sell their assets. We also have a large focus on security, we will continue to leverage mature tool stacks and aim to use stable and mature versions of whatever piece of technology we’re using to develop. Given Cardano is an evolving and young ecosystem in terms of smart contract capabilities, we are working closely with the community on KEVM and Plutus to reassure ourselves that whatever tool we use is secure. We additionally of course be going through vigorous and extensive testing during development. On top of that any code being deployed will be subject to audits from external firms who we are already in touch with. Done

Syaiful :
Q5). Have you met all your goals in the roadmap till now? And were there any difficulties that you didn’t expect and were not prepared for?

Wilson Davis :
We are on track to meet all of our goals that we have internally. There have of course been many challenges along the way. I would say that one challenge is working with aspects of Cardano, in that it’s still in early phases of development, but it is one challenge that we are more than prepared to handle. Our experienced team and advisors are helping overcome these obstacles. We will continue to work with the Cardano ecosystem and will exchange ideas on proposals to stabilize the ecosystem for all future iterations to come. Done

QUESTION FROM TWITTER

Syaiful :
Q1).What are the advantages of doing it this way and not with a fungible token? I would also like to know what we can do with them and if we can sell them in the NFT marketplace?

Wilson Davis :
Paribus will work with unconventional and conventional assets alike. We take all the advantages of the standard crypto borrowing/lending platforms and add extra capabilities. In this way we will cover assets such as ADA and ETH but also more exotic assets such as NFTs and virtual land. I hope this clarifies things for you. Done ✔️

Syaiful :
Q2). Paribus uses the Cardano blockchain to run the ecosystem, but in your website says that you’re a multi-chain platform, so apart of Cardano, which others blockchains can be used by you?

Wilson Davis :
We will be using KEVM to bridge into Cardano. Being that our code will initially be built in Solidity, KEVM will be a convenient way to access Cardano. This flexibility will also give us the ability to be multichain, this would give us access to any EVM compatible chain too. We have not announced what other chains we are interested in using, but our focus remains to be on Cardano. All done

Syaiful :
Q3).All project coins have their main Utilities & real-life usecase! So, Can you tell us what are the main role of your coin in your ecosystem? Explain it’s Utilities & Real-Life usecases? and Why should i invest in your coin for long term?

Wilson Davis :
Sure. Our tokens have three primary use cases. 1) Holders will have Better Borrowing Rates within our platform. 2) Profit Sharing, any PBX holders taking part in our liquidity programmes will get to share profits. 3) Governance, our vision of Paribus is to become a DAO. PBX holders will be able propose, vote and implement new features and/or edit existing functionalities with the power of PBX Governance. Done

Syaiful :
Q4. Launching projects in a bull run is obviously much profitable than during the bear cycle. In a bear run where most of the projects fail and sometimes gone into oblivion, how will PARIBUS stand the test of times? What strategies do the project employ to mitigate possible losses?

Wilson Davis :
This is a very understandable concern. During bear markets we see that only the strongest projects with a real use case survive. We believe that our vision, team, advisors, product and community will help usher Paribus into the crypto space even during a down trend. If we didn’t think there is a strong use case for Paribus we wouldn’t be confident to launch in such a time. We’ll be sharing our litepaper and roadmap before IDO, this will give potential investors all the information they need to make a decision about Paribus, and show why we believe it will succeed! Done

Syaiful :

Q5).Currently, most investors are just looking for more gains, but ignore the long-term benefits in crypto. So what would you tell them about why they should buy and hold your token / coin over the long term?

Wilson Davis :
We built Paribus with the goal of long term growth within the crypto space. Our technology is made to be adaptable to whatever new crypto assets the future will bring. We aim to be the leading borrowing/lending platform on Cardano. We have all the right ingredients and a clear path to become the next big project on Cardano. We believe in Cardano and its expansion within the crypto ecosystem. Having a such a decided team on a blockchain that as such a community backing and room for growth are key aspects to why Paribus will succeed in the long run. Done ✔️

LIVE\ FREE QUESTION

Q1. What is the next big step for your project?

Wilson Davis :

We have many important key step leading up to our IDO next week. Next steps will be continuing our outreach to communities, releasing our litepaper, tokenomics, and roadmap soon. All while continuing work on the project itself, in preparation for the MVP. These are exciting and busy times for us!

Q2. Whats the total supply of the token ? Could you share a detailed tokenomics of mainnet token’s supply distribution?

Wilson Davis :

Our total supply for Paribus will be 10 Billion PBX. We will be happy to share our tokenomics coming this week, so keep up to date. We hope you will see the thoughtful planning that went into this.

Q3. What do you think is the biggest problem Paribus will solve that no other project is solving now, and why is the problem important to solve?

Wilson Davis :

At Paribus we take a different approach. We don’t want to build a platform that is siloed or limited in what assists it can use. We saw this lacking in the current offerings in the borrowing/lending space. This is why we decided to take all the advantages of the current model and add the extra abilities. The importance of interoperability is key to us too, Cardano will be a great blockchain to use for this purpose, and this is why we decided to make them our blockchain of choice

Q4. Your foundation idea is very new, so it takes a lot of formula and takes a long time to develop. This must have a tricky point for you? Do you agree that the strength of the community will lead your project to grow globally?

Wilson Davis :

We are happy to be working with these new ideas. The challenge excites us and we want to be part of the first movers in this area. We know that community is vital to the growth and development of Paribus. This is why we created the PBX token with such a strong governance aspect, this will allow for users to truly participate and help shape the direction of Paribus into the future.

 

 

 

 

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