WeBlock AMA with Combo Recap

On September 28, the WeBlock Community (https://t.me/WeBlockEnglish), a crypto dedicated functional Community (A full-service blockchain accelerator), played host to a prominent guest from Combo (comboos.com), Jack in a live Ask-Me-Anything (AMA) session on the platform. The 80 minutes long chat was aimed at unravelling the story behind the success of Combo in its foray into the Defi world. The resource person wasted no time in settling down and doing justice to the series of questions he was asked.

The below transcription from Jack, Co-founder of Combo live stream has been condensed and edited slightly for clarity

GUEST INTRODUCTION

Jack is originally from Armenia but has been working in China for over 5 years now. He majored in Business with a focus on Finance and Accounting. His interest in the tech world grew the day he travelled to China. Jack got into cryptocurrency around 2016, when he was introduced to Bitcoin by a colleague whom he was doing business with in Huaqiang Bei area of Shenzhen city. He decided to gradually get more immersed into Bitcoin, the technology he had fallen in love with. After years of work in and around the crypto world, he decided to take his influence further by joining a unique project called Combo.

ABOUT Combo

Combo (COMB) is an aggregation protocol for DeFi derivatives developed based on the Kuchain public chain, which includes an aggregation platform for various protocols such as liquidity mining, synthetic asset issuance, collateral mining protocols and oracle machines, etc. The Combo project serves to provide a bottom layer of DeFi development, which enables traditional financial assets including legal tender, bulk commodities and stocks to seamlessly chain assets through blockchain technology. Combo is completely decentralized and admission-free, for the purpose of making it easy for all users to participate, and provides a solution channel that leverages traditional financial assets and more diverse and complex transaction strategies.

Host Q&A Session:

Aina@WeBlock:
Q1: There is a constant upsurge in new coin mining. What is the reason for Combo to list on KuChain? What are the advantages of Combo?

Jack: At present, there is a phenomenon in the industry that each chain only supports the distribution of tokens for projects in its own ecology. For example, TRC20 supports the distribution of TRC20 tokens, but the blockchain should not build an island. Multi-chain assets owned by users at the same time should have equal opportunities to participate. In this context, we launched Combo to gather multi-chain assets and distribute tokens fairly.

What chain is KuChain? KuChain is the public chain of KuCoin, and Combo is developed based on the “four-layer network” technology logic of the KuChain public chain. It is a new decentralized financial derivative aggregation protocol, including liquidity mining protocol, synthetic asset issuance protocol, and pledge mining. The oracle machine provides a decentralized financial development bottom layer for traditional financial assets to be seamlessly chained through blockchain technology. Combo allows users to bet on the price index of assets without holding actual assets, including but not limited to cryptocurrency assets, foreign exchange, commodities, oil, and stocks; Combo is completely decentralized and free of access. The purpose is to allow all users to easily participate, and use traditional financial assets and more diverse and more complex trading strategies to provide solutions.

Aina@WeBlock:

Q2: Why did you choose Combo for the first phase of KuChain’s DeFi project?

Jack: Well, it goes this way actually. Kuchain and Kucoin picked Combo for the first phase of its DeFi project! For KuChain, Combo is the project most in line with the DeFi concept. As a community-driven economic ecological project, Combo’s COMB issuance method is based on user behavior except for early investment. There is no pre-mining, and ecological participants will eventually become stakeholders who pursue long-term networks. Any project that does not require fundraising and only distributes initial tokens can be realized through Combo. Combo supports them to acquire initial user groups across multiple chains or multiple assets.

Aina@WeBlock:

Q3: What is the difference between Combo and other DeFi projects? What are the advantages of Combo?

Jack: The advantage of Combo refers to the support of cross-chain, which can assist the KuChain ecological project to complete the initial token distribution and value discovery. The Combo aggregation protocol will set up a liquid mining bonus pool, and users can deposit stable currency encrypted assets into the decentralized trading platform as Combo funds. The pool provides liquidity, thereby obtaining Combo trading tokens. And Combo not only supports USDT, ETH and other tokens on Erc20, but also supports KuChain ecological projects to participate in the liquidity mining of Combo.

Aina@WeBlock:

Q4: Combo is listed on KuChain, what benefits will it bring to KuChain?

Jack: Astro Boy ATOM is the representative currency of CosMos. KuChain and CosMos have established a mutual foundation to do cross-chain + DeFi. Combo becomes the first DeFi project of KuChain, and Combo will support one-click liquidity mining of all projects on KuChain in the future. The Combo program enriches the KuChain ecosystem and also provides a new application scenario for KuCoin exchange holders.

Aina@WeBlock:

Q5: After Combo goes live on KuChain, what is the next development plan?

Jack: Combo will launch the voting governance page afterwards to support the governance mechanism for Combo holders to participate in the public beta activity network. The voting governance function can provide services in advance for all non-mainnet projects, allowing users to participate in governance in advance and feel the justice of decentralization. Voting governance includes voting to open pledged mining pools, liquidity mining pools, oracles to determine objects, etc.

After completing basic business operations and product polishing, Combo will gradually transfer the ecological governance rights to the community. And we will also start to build governance nodes and invite the community to further develop and improve the decentralized Combo business and node mechanism and other criteria.

Aina@WeBlock:

Q6: What are the advantages of KuChain in attracting Combo to go online?

Jack: KuChain’s consensus mechanism is based on the IBC protocol and PBFT-like consensus engine, which can bring faster processing speed, larger transaction capacity, shorter confirmation time, lower fork risk and more expansion plans; It is necessary to jointly maintain a set of trusted ledgers off-chain and on-chain. KuChain can complete the off-chain matching safely and effectively at the settlement layer. The on-chain ledgers are mainly used to synchronize accounts according to the latest block; KuChain breaks small coins. This kind of liquidity threshold, the liquidity interaction between each other is satisfied efficiently and at low cost, which effectively solves the problems of liquidity and pricing power monopoly that still exist in decentralized transaction scenarios.

Aina@WeBlock:

Q7: Can you introduce the liquidity mining of Combo?

Jack: As we mentioned earlier, the Combo aggregation protocol will set up a liquid mining bonus pool, and the liquid mining reward will be divided according to the liquid mining pool share.

Among them: liquidity mining pool share = user liquidity mining token parameters / liquidity mining token total parameters × 100%

Here is an example: There are two users in the Combo pledge platform. Alice has pledged 100 COMB transaction certificates for 10 days; Bob has pledged 200 COMB transaction certificates for 5 days;

Alice liquidity mining Staking Token parameter=100×10=1000

Alice’s liquidity mining pool share: 1000/2000×100%=50%

Bob liquidity mining Staking Token parameter=200×5=1000

Bob’s liquidity mining pool share: 1000/2000×100%=50%

Liquidity mining Staking Token total parameters = 1000 + 1000 = 2000

Every time liquidity mining is performed independently, it will mark its start time. Therefore, if two pledges of mining are performed and then withdrawals are made, the first and second may have different bonus amounts. Withdrawal will return the principal and the number of COMB obtained by liquidity mining to the user address.

Aina@WeBlock:

Q8: Why should Combo’s aggregation protocol join the synthetic asset protocol?

Jack: Synthetic asset is a financial instrument that simulates other instruments, and is based on a combination of one or more assets/derivatives on Ethereum. Encrypted synthetic assets can connect the world of encrypted assets and traditional financial assets, and create liquidity for the encrypted market.

The operation of the Combo Synthetic Asset Agreement is supported by Combo. When a Combo holder enters the Combo-Mint platform (a synthetic asset platform that interacts with Combo smart contracts), the Combo is used as collateral at a mortgage rate of 650% (the mortgage rate is Changes will be voted by Combo users) to mortgage, then synthetic assets can be generated, and the mortgage rate can be increased or reduced through the community governance mechanism in the future. Combo mortgagors will generate debts when they create Combo synthetic assets. To exit the system (that is, unlock the pledged Combo), they must repay the debt by destroying the synthetic assets. Synthetic assets are synthetic assets that track actual asset prices.

For example: It is necessary to synthesize a synthetic asset of US$100 through a synthetic asset aggregation protocol, and a COMB with a value of more than US$650 must be mortgaged (with a mortgage rate of 650% for mortgage). Once the debt is cast, after the debt is allocated to the mortgagor, the COMB platform will instruct the target “synthetic asset” to issue a new amount through the synthetic asset issuance collective agreement, add it to the total target “synthetic asset” supply, and then add the new. The minted “synthetic assets” are distributed to the user’s wallet. Synthetic assets can be freely circulated, can be used for long-term investment, can also be used for trading profits, and can also be remitted to others. In the future, Combo’s synthetic asset protocol will support various cross-chain projects as collateral, and Combo users will determine the type of collateral.

Aina@WeBlock:

Q9: What are the considerations for Combo to join the pledge mining protocol?

Jack: In pledge mining, the nodes in the blockchain system do not need too high computing power. They only need to pledge a certain amount of tokens. After running for a period of time, new currencies can be generated, and the new currencies generated are obtained through pledges. income. This is equivalent to depositing money in the bank and getting a certain amount of interest every year.

Anyone who has participated in Bitcoin mining knows that it takes cost to have their own mining machine to mine, especially buying mining tools such as mining machines, graphics cards, chips, etc. This is beyond the reach of ordinary people. The emergence of pledge mining has made mining more popular. As long as there is a hard disk, mining can be carried out, which greatly reduces mining costs. At the same time, POC mining uses hard disk capacity to replace computing power and improve calculations. The threshold of power centralization, even if there are super miners, ordinary retail investors can continue to earn profits.

Aina@WeBlock:

Q10: If the Combo does not use the predictor function, what impact will it cause?

Jack: Assuming that the “data source” in the real world and the “data interface” in the blockchain are two countries that use different languages, the oracle is the intermediate translator. Through the oracle smart contract, it can communicate with off-chain data. Barriers to communication.

The blockchain is a closed environment, and the real world data outside the chain cannot be actively obtained on the chain. Mainly because the smart contract on the blockchain passively receives data. Secondly, the smart contract is not actually “smart”, it only reaches the trigger state program when the corresponding conditions are met. At the same time, the final execution of the smart contract requires the signing of the private key of the contract participants, and the smart contract itself cannot be automatically executed. When the triggering condition of the smart contract depends on the information outside the blockchain, the information needs to be written into the record in the blockchain first, and the oracle must be used to provide the information outside the blockchain. If Combo does not add the function of the oracle, these will not be realized.

Aina@WeBlock:

Q11: How are COMB Tokens distributed?

Jack: The total issuance of Combo tokens COMB is 1,000,000,000, and the token issuance path is ERC20. Fundraising is mainly divided into two rounds, PrivateOffering (3%) and GeneralOffering (4.5%). The unlocking mechanism is as follows: 1.Private round goes online to unlock this part 25%, the remaining part will be released in eight months, that is, 9.375% will be released every month; 2. The General Offering round will not be locked. The remaining 92.5% of the token mining output, the mining part is mainly provided to users for mining by participating in pledge mining, liquidity mining, synthetic asset casting mortgage, or participating in other scenarios in the later development of the project.

Aina@WeBlock:

Q12: What do you think is the reasonable price of COMB?

Jack: As a public chain, this is an ecology governed by the community. The price is determined by everyone who holds COMB. The price is determined by the market. The job of Combo or KuChain is to listen to the voice of the community and the market. , Do a good job in technology, do a good job in the ecology of the chain, and use some substantial foundation to support the decision-making of the community to achieve a common goal for everyone.

Aina@WeBlock:

Q13: When will Combo’s mainnet plan go online, and will COMB log on to exchanges such as KuCoin?

Jack: This question and the previous question are actually a bit duplicated. As I mentioned just now, Combo completely entrusts itself to the community. Throughout the second public beta network process, the official launch time of Combo is determined by everyone. Of course, whether Combo will be listed on the exchange is also determined by the community. The choice lies with everyone who holds COMB or when Combo holders feel that this chain is not doing well, this economic model is problematic, and this governance mechanism lacks logic. As the Combo creation community, everyone has the right to vote to say that Combo is done again, and that Combo is not On the exchange, we, as the KIT (Kratos Iteration Team), will technically support such a decision. Of course, the rights and interests of the community must be protected technically.

Community Q&A:

1. It is unfortunate that some projects remain half way because their developers abandon the concept because they cannot achieve the desired capitalization in the long term; how do COMBO plan to make this project sustainable for its development?

Jack: As we mentioned in our AMA session, KuCoin and KIT are in full support of our project. Being the first ever DeFi project running on KuChain, this will be a huge deal for KuCoin let alone the community supporting it! Our development phase is fully supported by KuCoin. They will provide everything needed ‘technically’ to succeed as a project!

2. Most investors simply focus on the price of the TOKEN in the short term, and not on the real value of the project. Can you tell us about the motivation and advantages of token investors in the long term?

Jack: Unfortunately, long term results are clouded by short term goals for most investors out there.

We, at Combo, would advice all Combo token holders to think about our long term goals. After all, we’ve all heard of endless stories of some early investors regretting short term greed over long term gains!

3. Can you list 1 or 2 killer features that make your project stand out from its competitors? What competitive advantage does your platform have that make you feel the most confident?

Jack: The first feature or rather advantage we have in the market is the support from KuCoin and KuChain. Being the first Defi project to run on KuChain will make Combo one of KuChain’s pillars to success!

The second feature we would like to point out is CosMos. CosMos is an extremely robust blockchain product and the partnership between KuChain and CosMos makes us think of Moon shot!

4. At this point, do you think you need exchanges such as Binance to keep growing? Or is it better to forget those things and focus on other activities.

Jack: We know for one we already have KuCoin sealed as our first partner!

We will announce everything at the right time.

5. As we know, every successful project has a few stories behind the scene, what’s the story behind your project success? Are there any special prototypes or upcoming updates that you want to show/share with us?

Jack: Our projects success is reflected by the support we got from KuCoin. Such partnership rather shapes the future of a project.

We are extremely dedicated to further develop this project and disrupt traditional markets a new completely new way!

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