This blog contains the transcript and the audio from our 3rd AMA which took place on Tuesday 24th May 2022. We’ve worked hard to try and reduce any spelling and grammatical errors in this transcript but please be aware that some may exist. Our AMA’s are bi-weekly and we are always available on Discord to answer any questions.
Audio Recording:
Written Transcript:
Rupert – Amulet
Hello.
Rob – Amulet
Hello, Welcome, How are you both?
Shin – Amulet
Great.
Rupert – Amulet
All good. YEAH. Here’s Jimmy.
Rob – Amulet
We’ve got Jimmy. So I guess I’ve put the notice in, then, so I guess we can get started because we’ve all got busy days.
Rupert – Amulet
Well, you are the hostess with the mostest today.
Rob – Amulet
I know. So, Good morning. Good afternoon and Good evening, everyone. I’ve always wanted to say that a bit like The Truman Show. So yeah, today is our AMA, I will give a bit of a background since the last time we spoke. We’re doing these at the moment currently bi weekly. So every two weeks, probably since the last one. There’s been a lot going on in the industry overall, but a big first major achievement. It’s officially been a month since we announced Amulet live. And as well, in that time we’ve we’ve generated 1000 Twitter followers, we’re building the community slowly, but we’ve had quite a lot of PR mentions in that time period, as well. We we work time since that time, information about why Amulet would be different, particularly with the UST de peg crisis that happened quite recently. I’d say they were the two major updates unless you’ve got anything to add Rupert there.
Rupert – Amulet
Nope, nothing. Nothing. Major from me not in those last two weeks. I mean, the I think we did get to talk a little bit about the Depeg crisis in the last AMA, but I think it was just unfolding. From memory.
Rob – Amulet
Yeah, it was. And then, when it started to get worse, we kind of produced our own blog post to to help people understand, I guess our perspective from it as a team. So I guess from there, we might as well start with the AMA. And questions that that have been asked. I will start with the first one, which is pretty much aimed at me. So I’ll start and then i’ll talk, and then I’ll go I’ll go on to the next. So the first question was, hello. Are you planning going Ambassador programme? Well, we’ve been I’m gonna answer that one. I always regularly write. If and when it will happen, it will be announced here first, what I will say now is it will definitely be a whenn rather than an if. But the other question to add to that is how At Amulet, we want to do things with quality. And so therefore, we’re not going to rush through what the programme looks like entails there’s going to be a lot of planning towards it. We’re doing that planning is underway. When the plan when we’ve got a plan that we all like as a team, and we all agree we’ll we’ll start releasing that type of information to allow people to get involved particularly on Discord. I’d say that’s where we’re at right now, I’d say Just please be a bit patient with it. Because we have only recently launched and sets up this community and this is all part of the process. Cool. So second question. I guess I can I can throw this one out there because it’s a bit of a general question, which is from fat crowd, which is are you planning to build your own NFT collection? I’m gonna
Rupert – Amulet
It’s a good question. I’m actually not going to take this one on at all. I think. Shin we talked about it earlier. Why don’t you take this?
Shin – Amulet
right, yeah, of course. I mean, NFT which is I mean, when we talk about technical term you just what they call a body which to contain a piece of art but I mean, on in our perspective, we can make it more like diversified depends on our needs. So you can be a gesture of the either a membership programme you can be I mean, provide a lot of like utility or touch a lot of utility on top of that, to make him more than just a meme token. But I mean, this is still early stage. I mean, we still focus on our interests product rather than I mean, NFT, which is more like 30 beers. But anyways, please stay tuned. And we will bring you more surprise on that.
Rupert – Amulet
Oh, sorry. Can you hear me now? Yeah, perfectly. Yeah, sorry about that. Yeah, to summarise what Shin was just just saying, as I kind of threw him under the under the bus. We were talking earlier about well, the possibility of whether or not we we do integrate one as as potentially the ambassador programme or other perks we do. In Yeah, but in short, we haven’t worked out the mechanism just yet. For sure, it will be more than just a little pretty picture. That’s, that’s for sure. But you know how we integrate it into the product is going to be the the the kind of core thing. But if you’ve got any ideas on what we can do with NF T’s and how we can do it and how you’d like it to be, you’d like it to be seen to be used, and we’d like to take your input from the community. And, yeah, tell us,
Rob – Amulet
absolutely. My DMS are open, not always the quickest replies to the DMS, because I get quite a lot of them. But if you’ve got those ideas, for sure, come come at me with them. And we will discuss them as a team. So I really, really would encourage you to come and send me as many direct messages as you want to. Awesome. So the as part of, they’ve got three questions grouped together. So I’m gonna do the second one now, which is, what stable coins do you use for savings? And then in brackets on behalf of the project?
Rupert – Amulet
Again, that’s a bit of a good question. It depends on where in the product. You mean, if it’s going to be inside the Treasury, the majority of our treasury is denominated in Seoul. Obviously, there was a there was an investment element to that, that we will be starting at a later stage. But, you know, it’s not actually kept in stables initially, although there will be different ways that we invest into alternative projects in order to create a better return back for what’s held in the treasury. In terms of what we use internally, we hold in USDC, predominantly some in a little bit in USDT, but predominantly, everything’s held in USDC. Most centralised most regulated, but it is the Izalco the safest token out there at the moment. That is not financial advice. That’s just my own feeling and opinion. Is that clear?
Rob – Amulet
I think that makes absolute sense. Yeah.
Rupert – Amulet
Jimmy told me if I’ve just stuck my foot in my mouth.
Jimmy – Amulet
No,
Rupert – Amulet
All good. Great. Awesome.
And if Jimmy was to slide his views to put his foot in his mouth, you’d have a slider with it. That was a joke but it didn’t work. Also, so the next question, I’m gonna throw it to either Shin or Jimmy, whoever wishes to, to answer it first. But I feel like you two will be the, the experts on this side. It’s how long has protocol controlled underwriting been tested so far, and how many users are using it?
Jimmy – Amulet
So it’s, it’s a novel concept, right? To be very honest, like we, if you think about, like how we came up with it, we really had to look at like a lot of DeFi cover projects. And really think about things from from the ground up. So in short, like, no one’s really tested it. So this is a bit of a financial experiment, but we’re really reasonably certain that it will work. Because it’s just, it’s a similar model to like what you’ve seen, but it’s just got a lot more like risk layers and protection for users. So it’s just an improvement, like, think of it like a V two. So there’s no reason why it shouldn’t work. In terms of development, like we’ve been building it for last like six, seven months or so. And user wise right now, it’s just the core team. So we’re like experimenting with things, we’re trying to try to break the model and constantly giving Shin more more feedback. So that you can go back to, to building but it is it is quite exciting. From from our perspective, because this is never really been done before. And you’re pretty much trying to build a cover platform like visibly in like in the public. Which is really different from like traditional cover where like, you really don’t know how much assets and how much like liabilities a risk protection company holds between quarters in between their reporting. So yeah, pretty, pretty excited. But it is it is new.
Rob – Amulet
And shin do you have anything to add?
Shin – Amulet
Yeah, just so I don’t beat on I mean, put in a little bit details here. So I mean, this is just a well, I will say this is more than what we call tools, but it’s more like mechanism or methodology where we expect menting So in Trelawny, we are keep running like simulations to like simulate the extreme conditions, tried to break the system in our I mean, we with our own white box testing, and also we are working with our auditor. So they will be running the threat modelling as well as I mean the detailed code review and also the trying to break the season before we finally went on life. And also with the third stage, we are going to open to like maybe we’ll launch the test net and allow the user to come in and see how it works. So I mean, we saw this round a multiple rounds of testing, and we’ll make sure that is fully I mean, bulletproof, and then we’ve gone to launch on the main net. So yeah, she’s fresh rest assured that I mean, the system will be fully tested and functional.
Rob – Amulet
Cool. Awesome. Thanks. Thanks. Thanks for the answers. Cool. So I’ve got another couple of questions, which I guess they’re referred to me. So I’m going to ask them and then answer them. ones about international international channels. Well, I’ve been speaking to a couple of people that are within this community at the moment. We’ve had, we also set up the contribute channel on here where people have kindly contributed with Spanish and Russian translations. I’m currently in the process of currently in the process of discussing, discussing was not the word I wanted to use. I’m currently in the process of reviewing the DMS that people have sent me with regards to this. And there should be so much action very shortly. With regards to that. The other question was to do with NF T’s. But we’ve answered that previously, in this session. And I did have another question which I said I would answer, which is pretty much what I covered at the beginning, which is to do with a discord incentive. So that again, would be the same as what I said earlier, if there was a presale for discord members, the answer to that is, we’re still just going to work through it and make sure it’s quality, we want to make sure it’s right for us, for you and for the community as well. So we will, we will not rush, the type of plan that we have, we will make sure there’s quality within it. And then within that will be incentivize you to really, really want to get involved and something also potentially, specifically within within the cover side. So we’ll work hard on getting that and then potentially just getting your opinion on it as well. You know, you’re at the beginning guys of a community. So you can have have your say on that. When I when I make that public. I’m trying to think is there any more questions that I’ve gotten to I don’t know if any of any of you received any questions at all, particularly, I’m looking at you Rupert of any came through over the last couple of days that you might wanted to bring up?
Rupert – Amulet
Nothing direct here. No, we we, there were a couple in general, but I think you might have caught those and handle them. There’s anybody listening right now that would like to answer, ask a question, please do write it in the the chat unless you’re able to come off, mute and ask write it in the general channel chat. And we will, we’ll have a look for it. Just having a look here now. I can’t see oh, there was a I think this was in the last one where Prakash asked about the roadmap and partners.
Rob – Amulet
And that’s exactly what I was looking at. I think it might have got sent late. So I don’t think we did actually, we didn’t actually cover that. Well,
Rupert – Amulet
I’ll cover it all for for this one. So the roadmap right now is we pushed out a little bit in terms of when we’re delivering the product. We’ve been held up with smart contract audit and other things going on in the industry. delay this somewhat. But in short, we’re going to be delivering in q3 Now, as opposed to our are very hopeful, q2. And, yeah, we should have a very lovely product to go at that stage. In terms of the rest of the roadmap, we do need to work on that and deliver something to to you guys so you can see it. It will come we will be delivered on on here first. And yeah, we should be able to do that in the next couple of weeks or so. Beyond that, in terms of partners, we’re going to be releasing information to the people that we’re working with. I mean, beyond the investors that came into the project. We’ve also got other partners that we’re working with about the the early products and we’ll be releasing those over the next month or so, ahead of our launch and just generating a bit more buzz and a bit more excitement about the product. Getting people ready to to be able to buy it really yeah That’s, that’s the I suppose the the easiest answers on those.
Rob – Amulet
Cool, awesome. And just before the event, anything that maybe Jimmy Shin or anything you wanted to add, that I might have missed while hosting?
Rupert – Amulet
Well, one slight thing, as we look forward to the future, is we’ve got our first event that we’re actually co hosting. So we are officially going to be sponsoring or co-sponsoring the defi retreat in Austin as part of consensus. And so if there’s anybody in in Austin, in addition to that there, I think believe it’s the sixth week commencing the sixth of June, then come on down, come say hi to the defi retreat. We’ll post a link in here and on our Twitter for getting people to sign up and say hi. And yeah, we will look forward to meeting people in person.
Rob – Amulet
Sounds awesome. It’s gonna be very hot there though. June in Austin..
Rupert – Amulet
Shorts only weather as anybody who’s seen me on camera so far, you’ll notice that I’m not particularly adept in the sunshine. So yeah, I’m not particularly looking forward to it. But we’ll, we’ll get through. I’ll suffer.
Rob – Amulet
Awesome. Cool, so many of the other amas that we did go on much longer than we anticipated. So we’ll keep this one short and sweet because I know we’ve all got various meetings and things to do this afternoon. Or morning or evening, depending on where we are. So yeah, so yeah, thanks very much for the people that joined and thank you for the team for joining and we’ll see you in two weeks.
Rupert – Amulet
See you then. Cheers, buddy. Awesome.