We conducted our bi-weekly Amu-Nation AMA on the 19th of July on our Discord voice channel.
To our largest audience yet, we covered:
🧿 Amulet Exposure
🫂 Community Activity
🤝 Partnerships
🚀 Launch Plan
🔒 Audits
☀️ Why Solana?
⛓️ Multi-Chain?
💸 PCUV model
🖼️ NFTs
🛡️ Web3 Cover
So it’s definitely worth the listen! The audio and the full transcript are below.
If you haven’t already, we’d love for you to join the Amu-Nation
Join us on Discord: discord.gg/AmuletProtocol, where you can connect with our community and the team.
Rob – Amulet
Hello, good morning. Good afternoon. Good evening. How are you?Hi, Shin. How are you?
Shin – Amulet
Hey Rob, Hey Jimmy, Hey guys.
Rob – Amulet
I think we’ve got Rupert in here as well. Just waiting awesome. I’ll give it another minute and then we can get started.
Rupert – Amulet
Okay, can you guys hear me now?
Rob – Amulet
Yeah, absolutely. Now we can hear you. Well, I’ll just a couple of people seem to be joining. So I’ll just leave another 10-15 seconds Cool. So if you’re ready, we can we can kick off and go if that’s cool with you guys. I was gonna say i’ll take no answer an as an answer. So I’ve got a few questions. Actually, we’ve got, we’ve got the main one, which I’ll start with on the thread. If anyone’s new that doesn’t know me, I’m Rob, I do the marketing here. We’ve also got goop at the project lead, Jimmy, who does BD and a lot of other stuff, product stuff, and Shin who is leading our tech and the tech team. I’ve got, I’ll start off with the question that we got into the thread and then I’ll move into well, I’ve got five really good questions, too, in particular, that was sent through on Twitter. So and then we can open up to anyone in case they want to start it. So the first question that we had, which was in the thread, which is “Hello, Team, great work with the projects and development so far. My question is, what are the plans to get more people to discover the project and also grow the activity in the community for the long term?” Now, I should probably start off this one says, you’re just going to be hearing me talking for the first two seconds. So you might have noticed recently, there’s been a lot more activity, particularly on Discord and Twitter, we’re working with different external communities now that that have the right audience for amulet, and I’m currently penetrating those communities with some AMA’s. Another one is going to be tomorrow, you will see that announcement just after this AMA today. But that’s part of the work that we’ll be doing to try and raise the exposure, and to bring more people within the Amu-Nation to the project. And you’ll see we’ve also stepped up our game with regards to finalising our official partnerships. There’s a lot more to come with that I’ve been working quite hard the last couple of days to get some of these ready and prepared for some of them are coming out. And there’s also going to be more stuff which will be able to include you guys in but we’ll I would say we would have to wait another week or two before we can actually reveal the details of that because we’re still doing some of the working-outs there. So that pretty much covers it. Would you says anything to add at all, there Rupert?
Rupert – Amulet
No. Now other than that there’s a lot more to come. And so we’ve recognised that the community, although it’s growing like well, there’s not a lot for you guys to do. And that’s, you know, it’s down to our standards being a business, and is the one thing that we want to change. So we want to get you guys involved a lot more. And I’d say there’s the there is a big campaign in the works around that. And various people on this call are part of that. And they will be releasing it in due course.
Rob – Amulet
Absolutely. I think I think, you know, it’s we’re going to do as much as we can to get you involved before the the test net and the main net launch. So I’ll do I’ll head over to the questions that I’ve got on Twitter. So I’ve got one here from Ryan, it’s quite a simple question. “How it starts it I will ask a simple question. When are you going to launch and what is your plan for IDO?” I know the answer but I’m going to pass it over to you Rupert.
Rupert – Amulet
So the launch for the product or at least to those in the community you’ll be able to see the product in August date to be decided but we’re very, very close on that which is quite exciting. As I said before, we’re in smart contract audit at the moment. So that’s why the we’re waiting until that we’ve gone through, we’ve patched any holes and bugs that we can find in that process. And me really sad for you guys, and you guys want to play and let us know what you think in terms of launch to the wider community, we are looking to do that at the end of September and do a big song and dance and show about that. Again, there’s more information to come on that as when we have it. And then, in terms of an audio that is not set, right now, we’re probably very tentatively say that we might be looking around something in q1, but we’re not going to commit us to to that. And I’m gonna caveat that heavily. It really depends on two things. One, we want a lot of traction through the product first. And two we want to be in market conditions are favourable to an IDO or an IEO. And yeah, making sure it’s beneficial to everybody, that I the one thing I can say is by being in the community this early on. And by getting involved with the various campaigns that we’re gonna be releasing over the next couple of months, you will benefit greatly by sticking with us and being part of the Amulet journey.
Rob – Amulet
Thanks for that. Awesome. Um, you know, I’m going to as I’m going to skip, because you mentioned audit, one of the questions that came through was about an audit. So I’m going to jump forward to that question, because then you mentioned that the actual question itself, I’ll read it as it was written, because that’s only fair. “So it’s do you have audits? Do you have any audit certificates? Are you working to audit your whole project, so that security of the project becomes much more secure and reliable?” I think because you touched on it a bit. I know Shin did some work with regards to this. Is that right?
Shin – Amulet
So for our we are currently working with Kudelski on the auditing, so he’s working progress. So we in the phase of I mean, we are supposed to split this into two phases. First of all, we will be doing the threat analysis, threat modelling. And second phase will be called auditing. But I mean, we will stop there. I mean, we also looking to like, maybe our second audit, so and continuously bug bounty programme as well.
Rob – Amulet
Awesome, great. Go out and roll obviously update when, when when that all becomes available. And I think this kind of links into those two crashes in general. The third one that we got from PlayOrange, is what are your key major milestones on your roadmap, both things you have already achieved and things that we can look forward to? Well, I’d say you covered the fact that we’ve got the test net launch coming in, in August and the main launch at the end of September. We have a we’re still working on a specific roadmap. And I’d say obviously, we’ve I’ve said some good considering, you know, we announced our projects on April the 20th. I’d say there was some the partnerships that we’ve already announced with Tulip, Port and Francium that they they’re part of I’d say they’re great achievements because of the projects that they were, that they are. And also because they have all Solana, well built on the Solana blockchain, which obviously very important to ourselves. Would you do you have anything to add to that viewport considering you’re the big man?
Rupert – Amulet
So my connection just dropped off? Just as your question.
Rob – Amulet
It was just about what about things that we’ve already achieved and things that we can look forward to? So I covered the what you mentioned earlier anyway, about the launches and the partnerships. It’s just a case of if there’s anything additional you wanted to to add to anything we’ve achieved so far, and anything that might be coming other than those two launches?
Rupert – Amulet
Yeah, I mean, honestly, I super pumped about the progress that we’ve made over the past six months or so. So just to reiterate to to those who are new on the call, and new to Amulet, we only started back in November of last year. So we are really at the very very early stages of this process. You know, we are a new team that’s come together to build this and in that time we have raised our first round which we were quite public about we can obviously we’re building in stealth up until that point and then came out and and started off the community around about the kind of March point we developed some extremely strong relationships with the Solana team and the Solana, various individuals at Solana which helped for our development, but it also has As with these various partnerships that Rob has been talking about, and you know, we’re at a point right now is when we go to launch in may do in around the September point that we’ve actually got so much demand for our products, just privately through them through projects coming to us and naturally, in finding us and wanting that the product that our our biggest focus is going to be growing our thinking capacity. And Jimmy and I have been working very hard on that in the background, we’re doing extremely well, I don’t really want to kind of give out too many numbers at the moment. But suffice to say we’ll be at launch, we aim to be one of the largest if not the largest cover protocol in the in the market, which is very exciting prospect, given that we’ve just come out of the gates, we’ve only been able to do that because of our strong links or good quality team, the, you know, the the effort and energy we put into every single part of this project. And so people see that and they see the quality and they and they naturally follow along with us. And so is there any other stuff that I can say other than that? No, not right at this moment. You guys will be the first to know at any point, we’ll always release it to the community first, and in the meantime, thank you for your support.
Rob – Amulet
Awesome, great. I’ve got a question here that I think is going to bring Jimmy into the AMA, which is great. I really like this question and say this is from mullet mullets. I can’t pronounce it. So I’m just going to not avoid not attempting to pronounce “it is regarding the PCUV approach, I read that you ensure that your subscription capabilities are controlled by the protocol, making it more sustainable and scalable than traditional models. How is that achieved?”
Jimmy – Amulet
By subscription I think they mean, they mean covers and the the policies that are being purchased. So yeah, I mean, right now, what’s happening is we’re creating in DeFi, there’s like a creation of like a PvP model like player versus player. Where on one side, you have your stakers. And on the other side, like you’ve got your cover buyers, right. And these two parties are kind of pitted at each other. Because if a claim comes in stakers want to deny, and claimants want, obviously, full full payment. And so there’s always this like, tug of war between the two. And it’s, you know, heads I win tails, tails, you lose type of proposition, and you can’t really satisfy like either person, or either party. So what we’ve done with like PCUV is we’ve said, Okay, well, let’s put in like a couple of like intermediate layers here. So that like, if a claim actually does come through, you don’t, you don’t actually expose as much of the stakers capital, to loss. So that’s really like, fundamentally, that’s what it is like it serves the PCUV, it’s made up of like a bunch of different components. But that’s ultimately its purpose is to serve as like a intermediate buffer between the two parties. And by doing this, stakers don’t really have to worry about the way they vote on a potential claim, because they know that it’s not going to hurt them. And on the other hand claimants know that they’ll likely get paid out for the policy and they don’t have to worry about like stakers not wanting to pay them out. So fundamentally, that’s, that’s what it that’s what it is. So in terms of the actual components, there are three like kind of main components here. So first one is the yield back claims. So that is collateralizing. future revenues that come into the platform. That’s the first layer. Second layer is actually our treasury, or our claims reserve. And third layer is the DAO ecosystem reserves. What for when we actually launch a token, but that also includes the tokens that will potentially do token swaps with other communities for but yeah, just want to, I guess, say again, that the whole point of PCUV is just to insert some I wouldn’t call it friction but maybe a padding between stakers and and claimants.
Rob – Amulet
Cool. Awesome. Thanks for that. I’m gonna move on to something that we I think we we’ve covered briefly before. But I think it’s always good to cover even if it was in every ama because of our comp, because of because of who we are and what we do. So obviously, I’m guessing it’s quite a long worded question. So I’m just going to simplify this one. It’s basically saying, why have we chosen Solana to build on? And more importantly, do we think we can implement other networks to our ecosystem to in the future to achieve a wider adoption? I’m going to hand that one over to you, Rupert, if that’s okay.
Rupert – Amulet
Yeah, no problem. So we’ve, we’ve answered this question a couple of times. And you can probably find it in our in our other notes, but I’m always happy to answer again. So why did we choose salon in the first place? Well, at the time will be made the decision, Solana was growing at five times the rate of the ethereal ecosystem, and actually is still growing at a substantially faster rate than to that of Etherium. And all other ecosystems, for that matter, that principle reason why we identified that this was a a chain that we could dominate and it doesn’t have any native cover protocols on it at the moment. And and that’s why we wanted to kind of take that position and move forward. Other than that, the, you know, can we work on two additional chains? Yeah, absolutely. So we’ve always been built with the intention of working in the Rust ecosystem for other rust based chains. What that next chain looks like we’re not entirely sure, we have been considering multiple others out there, including there as an example. Polka Dot, Cosmos, even, you know, there, there are alternatives that we can have a look at what really kind of drives our decision making process on that is what the ecosystem looks like, is it worthwhile as building on it? Is there enough, DeFi TVL or TVL, in general, or any particular market sector where we want to work into that? has, you know enough benefit for us spending that much time and money developing out onto that onto that chain? So that’s our focus, but we’ll, we’ll probably launch our second chain, I’d like to say in q1 That might be a little bit delayed, depending on what we get up to during that time period. And what it takes a higher priority. But obviously, first priority, where we started where where we are growing the fastest. And that’s Solana. And that’s what we’ll be, we’ll be expanding out to initially.
Rob – Amulet
So I’ve had one more pre-submitted question. And I’m going to open it up to whoever wants to answer it after I ask it. Because I yeah, I’ll I’ll answer I’ll ask the question is, “as we all know, NFT’s are the hottest topic in the crypto space right now. Do we have any plans to implement them?”
Rupert – Amulet
Is that one aimed for me or are you going to take that? Well,
Rob – Amulet
I said, I said anyone who wants to answer and I think because you’ve unmuted you’ve just done volunteer yourself.
Rupert – Amulet
Short, yes, we do have a plan because we’re actually working on it as we speak. And the thing that we want to make sure that we do when we release our NFT is that they actually have utility, let’s not forget that we are a cover protocol in the in the first place. So whilst these will be pretty cool to look at, and I’m very excited about having them. And without leading anywhere, you know, my icon is probably an indicator. But the what I’m trying to suggest is that we there will be pretty cool looking entities, they’ll have utility around them and most importantly, they’ll have value. And there’ll be a point to holding on to our NFT’s long term. And if you want to do want to sell one in the future, they will have real value to other people that want to interact with the amulet protocol. And that should be pretty substantial value in the future. If you can believe in our future, believe in our roadmap, and believe what the is a nifty to do, then it should be, you will want to get hold of one eye on that. And so would there will be a number of tasks that you could do to get hold of a party. And I really encourage you to do everyone as best as you can, because it’s going to be super, super valuable to have one of these suitably over, over talked
Rob – Amulet
Well, no, the thing was the reason I didn’t want to ask that questions, obviously, I’ve seen certain things, and I feel I would get too excited and give too much away. So I think you answered that. Wow. That was that was the reason why I didn’t want to answer. Some years, just sent through a. Okay, cool. So Sandy has just asked a question it’s to do with I’m looking, I’m looking forward to launching the product marketing campaigns. When do I expect the introduction of the introduction of roles, I want to work out the project. I mean, Sonya, we’ve definitely noticed you that you’re the the meme game King. So don’t worry about that. We, as mentioned earlier, we’re working quietly in the background or something. This week, next week, there will be something that will get announced very, very soon with regards to that. And we’ve, me, obviously, it’s a really good turnout today. But we’ve obviously noticed people like yourself. So we will, though, people we’ve taken notice, especially because you’ve joined us in this early stage. And we will be looking and we’ll be seeing what, what is good. But we’re just still working on that initial plan as of now, because we want it to be exciting and incentivizing for yourselves aswell. So I think as well with the next question that’s been asked if it may be a simple overview, I think we’re being asked for a maybe a web3 cover. Top End description. I would guess with that final one, there’s someone saying they’re not not too. They can’t really understand what web3 cover is. Anyone wants to try and explain it in simple terms.
Rupert – Amulet
Yeah, I’m gonna throw that one to Jimmy, because you’re you’re excellent at doing this one chap.
Jimmy – Amulet
Sorry, can you just say, question again? What? Contract Cover or?
Rupert – Amulet
Yeah. Can you did the quick and simple overview of the products that we’re offering initially? And why people would want to have those products?
Jimmy – Amulet
Okay, okay. Gotcha. Yeah, I was just trying to like find the the actual question too, Rob where are you getting these, pulling them out of nowhere.
Rob – Amulet
This one’s now on the on the general channel. No, but there’s some of the ones you can’t see is because they get sent to me via Twitter, that all but this one is in the chat now.
Jimmy – Amulet
Gotcha. Yeah, so two main products. Right now. smart contracts and stablecoin depeg to start with so I think a good way to think about like, smart contract cover, is companies of the future. So you know, you can think about like, have a as your as your bank or soul and as your as your bank and, you know, maybe no, like a tulip as a, where you’re, where you’re earning, right, or where you’re doing your investments. So these companies of the future are all like written as pieces of code, right? There, their smart contracts or programmes. And these programmes, they’re basically written by people, right, I don’t think we’ve got to a point where it’s being written by, by by the machines yet, but people and no matter how experienced they are, people are kind of prone to making mistakes. And whether that is on purpose, or by accident, it it happens, right. And we’ve talked to some of the best coders and hackers like all around the world. And they’ll readily admit to, I think, somewhere around for every, like seven lines of code, there’s a bug in it, right. And that’s just a general general stat that we’ve, that we’ve heard, but I’ve kind of held that one to heart. So anyways, what smart contract cover is, is it allows users who are interacting and playing around with, say, a soul and to basically protect themselves, right? So in the case that a solenoid gets hacked, and you’ve got $1,000 in there, after the hack, maybe you only got, you know, 500 bucks. And so, the smart contract cover allows you to come back to our protocol and say, Hey, ate like, this was the hack. This is the amount of funds I had in the protocol before the hack. And this is the amount that we had after the hack. And please pay me my difference, right? Right now there is no safety net for users who are interacting with the different protocols and different companies in on the blockchain, and what we’re doing is we’re creating that like financial safety net right now. So that’s, that’s smart contract cover, kind of in a big nutshell. The other product is stable coin de peg. So of course, like we’ve we’ve all seen, and some of us had sat on the front lines for like, the UST depeg. But basically, stable coins are paid, typically one on one with the US dollar. But what happens is, sometimes they can trade off Peg, Right. and in extreme cases, it can completely depeg. And that’s pretty material consequences by especially if you’re holding a lot of your assets in these types of stable coins. So stablecoin cover, depeg cover allows you to basically get paid out in the event of an extreme depeg. In terms of other products that we’re working on, we’re thinking about how to include. So first step would be an NFT cover. And the second step is Gamefi cover. So we’re still working on those two ideas in the background. And drawing out like the proof of concept, but we get a bit closer and closer every day. But I don’t want to reveal too too much about that. So I’m going to keep my mouth shut. Yeah, hopefully, that’s a good overview of different products.
Rob – Amulet
I think that was really helpful. That was really good. So those are the pre submitted questions. I’m gonna open it up in case anyone wanted to take themselves off the microphone and ask anything on here. Or feel free to type anything more. But yeah. Feel free to open, unmute yourself and ask a question if you have any. Maybe not, yeah. Okay. Cool. So I did get some feedback, though. From my 74 year old uncle, which I’ll share with my team. It’s mainly aimed at you, Rupert, that one of your interviews with the heavily bearded man makes cover sound fun, is the feedback from my uncle.
Rupert – Amulet
Well, that’s that’s, that’s good today. That’s a good, good feedback. Did he understand that?
Rob – Amulet
Completely. He said he saw the bi weekly report yesterday, because, and he had a good stalk, and he was particularly impressed with everything that he’s seen so far. So but he said, he really enjoyed the one of the interviews that he watched with you.
Rupert – Amulet
Excellent. Well, that’s, that’s good to know. Yeah, I mean, at the end of the day, you know, We’re under no illusion that cover solutions aren’t exactly the most exciting subject, but if we can be the funnest, best cover provider, then that’s what we want to be like it is, it’s something that’s a necessity, it’s something that’s part of life, it’s something that is, you know, we can’t guarantee that, you know, these protocols are not going to be hacked, and funds aren’t going to be stolen, but what we can do is we can provide some of that capital back to the, you know, that what, what does get stolen? And, you know, that’s what we’ve built out the whole protocol to be like, and I’m super excited about the future and the opportunity that we have in you know, not only in defi, but just cover in general I mean, for those who are new to ambulate we’re changing I an industry that is 300 plus years old, right? You know, cover options really started when they people started shipping stuff around the world and they want to do cover the value of the ships in the value of the cargo and they did that by leveraging you know, great big family estates and people with loads of money against the value of the ships and and on the ships went down they ended up you know, selling these these bigger states and to pay back for the ship for the ships that’s, that was the origins as I understand it, of cover. Jimmy tell me if I’m wrong, there, you’d be even more in the weeds of the industry for longer than I have.
Jimmy – Amulet
Sounds about right. But sorry, guys, I actually do have to drop off. But you guys keep keep going. It’s good, good, good history lessons there.
Rupert – Amulet
Yeah, be up beyond the history lessons. And you mean by all means yet or whenever you’re, he’s gone, he’s gone already. You know, we are changing something that’s been around for a very long, long time. And we’ve actually got a new video that we’ve been together with some of the guys in the community that we’re going to put on the website and obviously released out to the community here as soon as it’s ready. But actually, it talks about that, that, that history, like, we haven’t changed anything for the last 300 years. And now we’ve got all this technology, we’ve got a great opportunity to change it. And I suppose that’s what we’re here to do. It’s, it’s fun being disruptive. And it’s you know, it’s clearly clearly working in some respects, because we are getting so inundated with people, all protocols, which I say wanted to ensure their entire community with, you know, the old amulet over here and so very quickly, it’s not gonna be little old amulet. It’s gonna be, you know, huge, hulking beast Amulet. I think I mean, we’re already growing like clappers already. So I kind of go a little bit off subject. Yes, we’re fine. I like it
Rob – Amulet
As I’ve noticed that there’s one or two as people just does anyone else have an additional question that they want to if they wanted to unmute themselves, just because there’s a couple of people that when I asked that last time, are now in it. And so what I’ll do, as per usual, we’ll do a transcript and the audio of this will be available tomorrow. And it was really good session today. Quite a lot of people. So thank you very much for joining.
Rupert – Amulet
Guys. Thanks for joining and any other questions, please do ask us to us in the meantime, or alternatively, put them in the next thread for next ama in two weeks time and we’ll see you right back here. Thank you, everyone.