On the 21st of September 2022, Rob (@overcrpytocal) conducted an AMA with the incredible CryptoMiners community. The event was successful and we were able to showcase Amulet to a large audience and demonstrate the importance of DeFi cover for all users.
With the help of one of the AmuNation (our community), we’ve been able to capture the text and turn it into a blog.
We’ve uploaded it for your reference. If you have further questions, we are available on Discord.
Recap:
Text version of the AMA session 21.09.2022
Hello everyone 👋 Welcome to Our Another AMA session With Amulet Protocol
— Thank you for having me 🙂
Welcome here Rob. Thanks for bringing Us Amulet Protocol ❤️So First of all Can you introduce yourself to us?
— I’m excited to answer all the questions. Absolutely so I’m Rob and im in charge of the marketing activity at Amulet Protocol, I’ve spent the last half-decade marketing within predominantly web3 and DeFi projects but also spent some time away. I’m from the UK (Manchester) but live in Spain (Barcelona). I’m very passionate about what we’re doing so i’m excited to teach more about who we are 🙂
So let’s talk about Amulet Protocol 😃
1.Give a concise and brief introduction about Amulet Protocol. How does the decentralized risk protection protocol works in Amulet?
— Amulet is simple and reliable cover for everyone in web3. We hear every single day about an exploit within DeFi and although cover protocols exist, we’ve arrived with a unique model (PCR) and we’re focused on Rust-based ecosystems. We’re expected to launch on the mainnet in a weeks time, we’ll start on Solana and we were backed by Solana Ventures in our seed funding round. We have arrived to provide web3 users that extra level of security to keep your assets safe.
2. What are the features of Amulet Protocol that makes it superior and special as compared to its competitors?
— I’ll correct here to Amulet Protocol! haha! We have redefined cover and risk protection models. Protocol Controlled Reserve (PCR) is our way to ensure that when we pay out, the money comes from a yield rather than stakers. If you look at the recent UST crisis, other cover protocols like Unslashed and InsurAce paid out big bucks as they offered stablecoin depeg situation. They upset stakers in the process and had to come up with exciting reward programs to make up for it. Payouts coming from a yield avoids us having to have this issue. We’re also the first in Solana and we’re focused on Rust, we think this will create more opportunities in the future from a product perspective than other cover protocols.
3.Now Can you Provide a Overview about AmuNation App. How can people earn from AmuNation?
— Indeed! Our community is epic and it’s growing every single day. AmuNation is what we call our community members and the app was designed to show our uniqueness from day dot. The app is a gamified incentive program where you can earn your way to valuable rewards such as our NFTs. Tasks are updated regularly and you can earn AmuPoints depending on the task you do. There’s a leaderboard and also a Jackpot slot machine. Join our campaign here: http://amunation.amulet.org. Refer all your friends too, it’s a once in a lifetime opportunity to earn rewards with genuine and real use case value.
4. We heard that amulet testnet is now live, So What are the functions that available in testnet? ? and How People can join?
— Indeed and there are tasks on the AmuNation app to use our TestNet so you can earn while also testing our functionality etc. TestNet is open already and we’ve had incredible responses. Access: testnet.amulet.org and you can provide feedback in our Discord channel: discord.gg/AmuletProtocol. All the functions are available to test, cover, underwrite and earn.
Now let’s move to our last question from this segment
5. What Amulet Protocol achieved so far and what important updates and developments we’ll get in coming future in Amulet?
— We announced our project in April and since then we’ve focused on building our product and community. I’m quite proud of our Discord server and we’ve got plenty of language channels to include everyone. We have roles and Early Contributors and Community Champions are doing a brilliant job right now. We’ve launched our roadmap, we’ve announced partnerships, we’ve got something going every day. Our audit comes out tomorrow. We have games nights for community (Poker tomorrow too! Come!) Our blog is the BEST place to catch up on everything: amulet.org/blog
Thanks Rob for this well detailed introduction about Amulet Protocol 🤩That’s the wrap up of our the first part of the AMA session ✅Let’s now proceed to our Twitter Questions section
1.I read that Amulet Protocol is based on Solana. Can you tell us why you chose to release Amulet on SOLANA? What are the advantages of SOLANA in terms of energy efficiency to the Amulet? Can you tell us about the different advantages and benefits that Solana brings to Amulet?
— Absolutely! We’ve been following Solana and analysing its growth since the launch. We believe Rust is a powerful technology and Solana epitomises that. With faster growth metrics, low gas fees and quicker transaction costs — we saw this as a real opportunity. We were then backed by Solana Ventures and our business started due to conversations at Solana Breakpoint last year. We do plan on being a multi-chain cover protocol though, so we will launch on Solana before moving onto others early next year!
2.Collaboration and partnership are some of the most important cornerstones to help improve adoption. So tell us about the existing partners of project your plans for the partnerships, and how everyone will benefit from these partnerships?
— Absolutely! We’ve already announced some awesome partnerships already (Francium, Serum, Tulip, Port to name just 4) and you’ll see more coming over the coming weeks and months. Each partnership will differ and could range from providing cover for their protocol or to collab on marketing activity. Kudelski have done our audit as they’re also on the list. We’ve just brought on Hakon who will be focused on bringing in partnerships but not just any partnership, they have to be right for us and them!
3.Saw that #AmuletProtocol is creating the industry’s first Protocol Controlled Subscription(PCU) approach. However if I’m being honest,I don’t really know what a PCU is,so can you give us more details about it? What exactly is a PCU & what kind of benefits does it provide?
— Great job reading our Litepaper! We’ve actually amended this name now and it’s PCR (Protocol Controlled Reserve). Right now, risk protection protocols face a dilemma when a payout is due. Staked funds are used for payout and they have to either damage their credibility by not paying or payout and upset those who staked within the platform. PCR is a sustainable and scalable solution to the industry-wide problem. Payouts will come from a yield pool and it opens it up for more automation and happier users and stakers
4.Can you tell us more about the cover program of Amulet? How are cover funds funded? What are the funds used for? Will you be testing before going live to help ensure safety? Also, how will the platform look and what kind of insurance services will you offer on Amulet?
— This question is a little bit tougher to answer in the time frame! As mentioned, funds will come from yield rather than stakers. I’ve briefly touched on these points in the earlier questions so I think the best way to answer this is by allowing you to test all the functions: testnet.amulet.org
5.What are you focusing on right now? Building and developing products or engaging customers and users? Could you please share it with us?
— We’re focused on building! That’s exactly why we’re here today with all of you! We’re building an insane community. I’m not just saying it because of my role! I genuinely am proud of our community and their efforts. Our product is being worked on and should be LIVE next week so this is the great time to join us! (discord.gg/amuletprotocol) and we’re always open to new ways to build and engage future users, so please come and suggest! You will be rewarded. We’re also doing a lot of work re-partnerships and a successful launch.
That’s the wind up of our twitter segment. Now Moving on to our last segment — Live Q&A
1.Can you share some of the background of your team?
— Absolutely! Right now within the team you have Project Lead — Rupert, a serial entrepreneur with over 15 years experience. He has been within this sector for a while! He had a successful fintech startup called pink and has recently moved to Portugal where you can see him in Rainbow Starfighter (the Amulet Tesla). We’ve got Shin whos our CTO and looks after our developers, Jimmy whos a former artuary and is in charge of product, I’ve inroduced myself and we’ve recently welcomed Martin (Pinto) as our community manager and Hakon whos working on BD and partnerships!
2.IS YOUR PROJECT A COMMUNITY only for English speaking an countries or for users not of other languages?please, tell me details?, SIR🔸
— Absolutely not! We will provide simple, reliable cover to everyone in web3 and we mean everyone! regardless of their language. Our CIS language community is extremely strong — we have some of the most valuable community members including Meison and Ilya amongst many many others (I mention those 2 as i have the most contact with myself) but they’ve done incredible at supporting me as I can’t speak the language! We’ve set up channels for multiple communities (I moderate spanish!) including chinese, vietnamese, russian, ukrainian, hindi and much more — come and join here: discord.gg/amuletprotocol
3.Where can I get your tokens and NFTs?
— I’ve published a blog about that this week so check it out:
https://amulet.org/blog/how-to-win-an-amulet-nft/
Join the AmuNation app — amunation.amulet.org
Earn AmuPoints and earn your NFTs — tasks done daily so this isn’t just a quick win! You have to really earn them! Logging on every day is the best way to get your hands on one!
We don’t have tokenomics in place YET as our NFTs will be incredibly valuable
4.Hello 👋👋👋👋How will like to know how well safe users are on your platform, do you have AUDITS CERTIFICATEs?
— Wen Audit? 😝
Here’s a Crypto Miners exclusive!
Tomorrow!
follow us on Twitter: www.twitter.com/amuletprotocol
Join our Discord: discord.gg/amuletprotocol
This time tomorrow you’ll be able to find the audit report that we will release publically!
5.Hello. when is the bounty deadline?
When the mainnet opens?
what to expect from the project in the future?
— Hey Andrew! I usually end on our different socials but i’m going to choose yours instead!
There is no deadline set yet but that’s exactly why you need to join it now! (amunation.amulet.org)
Mainnet should be launching next week BUT we have no issues delaying this should there need to be a delay! Quality over speed here and also devil in the detail. As of today, we have full expectations to launch the mainnet and we will have a presence at token 2049 so definitely reach out if you’re there!
What to expect? Well, if you ask us, we have plans to be the leading multi-chain cover protocol in the whole industry by this time next year. You’d be silly not to be a part of it from now 🙂
Thankyou so Rob For your valuable answers and information about Amulet Protocol ❤️
— No problem! Thank you very much for having me 🙂
Is there anything else you would like to share or you want us to know?
— Just to make sure you’re all aware of what to do next!
Follow our twitter: www.twitter.com/amuletprotocol
Join our Discord: discord.gg/amuletprotocol
Follow our announcement: https://t.me/amulet_announcement
Follow our Linkedin: https://www.linkedin.com/company/amuletprotocol/
Then earn rewards with App: amunation.amulet.org
Try out our tesnet: testnet.amulet.org