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HomeAMA RecapAMA RECAP IDCRYPTO X Duet Protocol

AMA RECAP IDCRYPTO X Duet Protocol

Speaker : Molly, J. Bach and Antonio (Core Member)
Date : Tuesday, May 18th, 2021

THERE IS 3 SESSION FOR AMA
1. INTRODUCTION
2. QUESTION FROM TWTITTER
3. FREE ASKING


SESSION 1 ( INTRODUCTION )

ID CRYPTO:
Hi Molly, J. Bach and Antonio welcome to our community

Molly:
Hi everyone!

Antonio:
hello everyone, thank you for having us here.

ID CRYPTO:
Hello everyone, we come back for AMA ID Crypto with Duet Protocol.
Today we have an honored guest molly J. Bach and Antonio (Core Member)
who will explain and answer your question guys.
Thanks for attend in this AMA, we are happy with you here guys.

Antonio:
thank you, we too.

Molly:
We are also excited to do AMA here.

ID CRYPTO:
1. Please introduce yourself and tell how you started a crypto business to the idcrypto community !

Molly:
This is Molly from Duet Group, as well as a fans of Duet, so I am very happy here to share our project with you guys!

Antonio:
First of all, I would like to say since this project might fall into a security-related project, so we wanted Duet to be decentralized and resistant to regulatory scrutiny, so that’s the reason we chose to remain anonymous.
Our team is a big fan of classical music so I chose Antonio as my pseudonym name ( based on Antonio Salieri the famous Italian classical music composer).
I’m the marketing and community head for Duet Protocol and one of the core members of the team.

ID CRYPTO:
Cool, we are very proud to know you. thank you for introducing yourself guys.
2. Can you explain what is Duet Protocol and how long your project launch !? Please explain in simple sentences.

Antonio:
yes, so Duet allows users to create/trade any assets from the real world on the chain, such as stocks, commodities, futures, and bonds.
Means users can allocate capital to ANY assets with only one crypto wallet. But if you don’t have any interest in holding stock tokens you can still using these tokens to provide liquity for others and earn the system incentive, we also call it ‘liquidity mining’
Duet is a new born project with a brand new paradigm, it has a hybrid mechanism of over-collateralization and algorithm-pegging model.
For the aAsset minters, there are two ways to generate an on-chain synthetic asset (Duet Asset aka dAsset):
1. Deposite ETH/USDT/WBTC/uni LPs etc. to the minting contract, About $300 worth of crypto assets deposited can generate $100 worth of synthetic stock.
2. Buy $100 worth DUET token, sent it to minting contract, the DUET will be burnt then you get $100 of synthetic stock.



It’s not complicated, right? Don’t worry guys, DUET will be not be as hard to understand as the other DeFi protocols and our purpose is to simplify the whole process.

ID CRYPTO:
Cool, your project is very unique, I think it’s a good project to pay attention to.

Antonio:
yes, thank you.

ID CRYPTO:
3. Can you share with the community what Duet Protocol has been doing from the roadmap ?

Antonio:
From the operation side we have just finished 3 million USD seed & private funding raising, now started focusing on global community building, From the development side, the core contract and the oracle have almost done and we are now mainly in the front-end development. It is expected that the testnet will be put online this month.
We expect to do IDO at the end of this month and officially launch minting components in June.
We will deploy DUET to at least three EVM-compatible chains this year, and develop related products around the core functions of DUET as soon as possible, such as lending protocol, asset management protocol, community-based trading platform protocol, and cross-chain stock aggregation protocol, to form the DUET ecological matrix and enhance the liquidity and composability of synthetic assets.
Compared to our competitors, Duet’s goal is not a simple financial application, but a real parallel universe that enables real world asset casting, recomposition, and restructuring.

ID CRYPTO:
Interestingly, I am very impressed with projects that do development first, instead of doing IDO or ICO right away.
This is an interesting thing for me.

SESSION 2 ( QUESTION FROM TWTITTER )

ID CRYPTO:
1. Why did you choose the ZK solution as a cross-chain transaction? Can you explain more clearly.
from @FaqirSuhanda

Antonio:
In our perspective, the safest smart contract platform is Ethereum, and ZK is the ultimate pursuit of a decentralized fundamentalist.
Other current solutions are not qualified for our ultimate pursuit for protocol safety, in many cases they rely on somewhat centralized components to deliver information.

ID CRYPTO:
Sounds good sir, thanks you for your explanation.
2. Your roadmap says may 2021 you will carry out IDO and ethereum launch, where will IDO be done? do we need to whitelist kyc / aml?
from @Fairjimp

Antonio:
good question, Actually we are aiming to do the IDO on 25th May, and LBP auction on 1st June, for the IDO side they would need whitelist, users need to satisfy the platform‘s token holding requirement or complete a specific action, but for Balancer LBP, everyone could participate.

ID CRYPTO:
Good, i hope that plan will go well.

Antonio:
hopefully.

ID CRYPTO:
Thanks you, next question.
3. The multichain duo aims to leverage the global cryptocurrencies market potential, how do you combine it all? and how can you be sure it will work perfectly.
from @Frakwq

Antonio:
Each blockchain has its own ecosystem and users, as well as its own native assets on the chain. Every time we deploy on a new chain, we can access these resources and allow them to play in the Duet system.
Therefore, in fact, the Duet tokens of each chain are not fungible, and their prices may vary greatly. Because each chain has a different amount of DUET burning and collateral demand, but the synthetic stock token generated on each chain their price shall be same, but we need to swap them through a cross-chain liquidity aggregator which is already in our pipeline.

ID CRYPTO:
4. The duet uses DAO governance, so the duet holder can vote and so on. Are there any other advantages besides those mentioned in the whitepaper?
from @surazta

Antonio:
Sure, DUET token has strong real utility compare to most tokens. pls check this chart.
In simple terms, DUET tokens capture transaction fees, lending fees, tax and interest in the system.
DUET can be locked into the system as collateral, also can be used as fuel to burn a synthetic asset, and staking for governance reward is only one of the many use scenarios.
Because of the burning mechanism, as long as the synthetic assets side is growing, there will be a long-term deflationary pressure in DUET, meaning that the circulation is constantly decreasing.

ID CRYPTO:
Awesome, sounds really interesting.
Last question for this sesssion.
5. Do you have any Coin Burn / BuyBack systems or any $Duet Burn plans to increase the value of Token & attract Investors to invest?
from @Megan1y

Antonio:
Our burning plan is very aggressive.
Instead of burning with a small fee from the system, we can burn the system tokens directly to generate stock tokens, and the potential burning demand will be very strong.

ID CRYPTO:
Enthusiastic answers, we hope the community understands your explanation.

SESSION 3 ( FREE ASKING )

Amelia:
explain the function and use of dTSLA token ?, how to get it, and how does it have to do with lite minter?

J. Bach:
you can mint dTSLA token by pledge your ETH or burn equivalent value of DUET token, lite minter refers to the later one methods, it doesnt have to go through this way. But anyway, you can buy dTSLA directly from Uniswap, dont have to mint them. dTSLA will have same price movement like real TSLA stock, you can long it or short it as you wish.

Modhaz:
The name “Duet Protocol” is very interesting. Where did you find this name? And what is your focus?

J. Bach:
A ‘duet’ in music refers to a piece of music where two people play different parts or melodies. Similarly, the Duet protocol allows traders to replicate the real-world tradable assets in a decentralized finance ecosystem. Another reason is we have several core members who are all classical music fans, so we chose a name that was related to music.

@Liemm:
In the case of defi often def sells the token, how can we believe that you are really safe?

J. Bach:
Our team members have rich development experience, ranging from public chain to layer2 to defi applications. We attach great importance to security. We have been carrying out intensive code review & tests internally, and will employ university computer engineering laboratories and third-party audit companies to conduct code auditing.

Agus Agus:
When traders have replicated assets, then how does trading work in the real world?

J. Bach:
Traders only trade stock tokens on the chain, and normally the price on the chain does not affect the actual stock market price. But there could be arbitrageurs who pass on the premium or discount that appears on the chain to the real market. For example, if the on-chain dTSLA is at a premium, you can mint the token and sell it on the chain while buying 1 share of TSLA in the real market, wait for the two prices to converge, and then arbitrage is completed, at which point the on-chain premium will be converted into a purchase order in the real market.

XOXOXOXOXO Lionel Messi XOXOXOXOXO:
Im interested with the music nft u bring, so in the future what is the function of that music nft? And are u planning to make some app that we can sing or make a music that will give us the duet token or another token as a reward?

J. Bach:
We are still working on improving the utility mechanism of these NFTs within the system, basically Duet will not only provide the gamification schemes such as NFTs representing classical musicians, because most of our team members are music fanatical, but we are also planning to create product features targeting “Punk and Rock Music Fans”. Those features include “Lightning Loan”,”Burn and mint with a sound of explosion”, it’ll be fun, stay tuned!

MORE DETAIL ABOUT Duet Protocol

Oezankhttps://idcryp.to
Oezank is a Crypto Influencer who has more than 2 years of experience observing Crypto projects and strongly believes in blockchain technology in Indonesia.
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