AMA Recap: Gem Chasers & Solomon
Below is a full-recap of the AMA, for the gem chasers who couldn’t make it, or for anyone that’s interested. Feel free to have a read!
Telegram: https://t.me/GemChasers
Twitter: https://twitter.com/GemChaserz
Gem Radar ✪:
Okay @gemchasers to start off today or end the night where you may be! We have an AMA with @solomondefi which is the lead founder of The Solomon Project, welcome!
Solomon Official:
Hello everyone, very excited to answer your questions today
Gem Radar ✪:
Perfect, can we please start by a brief introduction of you personally? before start talking about Solomon..
Solomon Official:
Sure thing. My team and I are experienced developers and tech entrepreneurs, with the most experienced among us in blockchain since 2013. We are based in LA, SF, HK, and beyond.
We were particularly excited about the progress of DeFi in 2020 and think it will be the most important sector in 2021 and beyond.
Gem Radar ✪:
Excellent, I also think the same. DeFi is here to stay and what is more valuable to me is projects connecting real world use cases with DeFi. For example your project. It’s about Decentralised E-Comm. So I guess what is actually Solomon? If you had to describe it’s key and core functions how would you tell it to someone that knows little about crypto for example?
Solomon Official:
That’s a very important question, because the future of crypto must accomodate a mass audience who are just starting to trust blockchain now. That is where the future of Solomon lies. Solomon will bring about the mass adoption of crypto payments in ecommerce. We do this by being the first project to offer the same protections current ecommerce customers are used to, such as chargebacks and escrow, but in a completely decentralized and secure way. That’s why we call this future “Decentralized Ecommerce”.
Instead of banks and credit card brands holding all the cards at the expense of both merchants and customers, Solomon enables any entrepreneur to use our payments plugin to reach new customers and enjoy the benefits of crypto. Any issues that arise with customers are mediated by members of the Solomon community. This way, disputes are arbitrated in a fair, democratic way.
100% of payment processing fees and revenues go to the community, not our company or any entity. This way it is truly decentralized.
Gem Radar ✪:
Awesome, so if 100% goes back to the community, this is also a governance token correct?
Solomon Official:
At its simplest explanation, yes. I encourage everyone who wants to learn more to read our white paper or blog, all accessible from the home page of solomondefi.com
Gem Radar ✪:
perfect, can you give us some insight on the structure and tokenomics of your pre sale?
Solomon Official:
The pre sale round 1 will take place this Friday 19:00 UTC, January 8th, 2021. The breakdown is as follows:
50% presale
25% development (24 months vesting)
15% rewards and promotions (12 months vesting)
10% team (24 months vesting)
Gem Radar ✪:
Great and there is 3 rounds in total right? How much will 1 $ETH get investors in $SLM as well as what will the listing price be?
Solomon Official:
That is the plan. 1 ETH = 25,000 SLM. The listing price will be announced shortly, rest assured it is most beneficial to participate in this first round by a significant margin.
Gem Radar ✪:
Okay that sounds great. And has your team worked on any past crypto or defi projects before? I can see that you are an anon team. Will you be providing any security measures to be taken in place to ensure a rug free experience? Is this something you have thought of?
Solomon Official:
Yes, we all have prior experience working in both defi and blockchain projects, as well as traditional finance and Silicon Valley tech including crowdsourcing platforms. In fact, many of us recently left or are in the process of leaving companies and projects in the same blockchain/ecommerce space, hence the need for some sensitivity regarding us starting a competing project. Rest assured once we are able to do so, we have no issue with KYC with a trusted (and publicly known) third party.
At the same time as I mentioned, this project will be 100% owned by the community and the payments plugin will be open-sourced, so ultimately this is a project owned and operated by the community.
Gem Radar ✪:
That’s amazing. You are open to KYC’ing yourself and most importantly your actually product is open source. So is your plugin ready to use once launched or is it still in development?
Solomon Official:
The plugin will be ready for beta release already this year. Much of the technology is built, and our lead dev has prior experience in escrow-type smart contracts so we are really quite well-positioned and far along compared to other new projects.
Gem Radar ✪:
How about partnerships, do you have any partnerships lined up connected to the corporate or traditional E-Comm world to gain adoption at a faster rate?
Solomon Official:
Yes we have a turn key ecommerce service provider partner and a merchant processor like Cliq that we plan to deploy and work with. More partnerships are in the works and is a top priority.
Gem Radar ✪:
This is great to know. So we can see a fully working product fairly quickly. It is exciting really. What about for the DeFi community, what are some benefits of holding $SLM? Where would the buying pressure incentive be coming from?
Solomon Official:
1. Using SLM grants merchants a discount on the fee that they pay to process payments via the plugin. This is similar in concept to Binance Coin.
2. SLM holders may stake their coins to become Custodians of the community. In return, Custodians split the fees generated by the plugin according to the size of their stake. As adoption grows and more fees are generated, there will be more demand to stake SLM and grow your share of the fees. Custodians enjoy other feature benefits as well.
Again I encourage everyone to visit solomondefi.com to check out at least this section of the white paper.
Gem Radar ✪:
This is some great info, and yes for those of who are serious about investing in this coin. Please read the white paper a lot of information is provided there. Okay so we have some community questions, I’d like for you answer. We have pre selected three questions for you from the community. Are you ready?
Solomon Official:
Lets do it.
Gem Radar ✪:
@HienThe8 asks, would you be exploring the options of getting listed on other exchanges besides Uniswap? Could we see $SLM in a CEX in the future?
Solomon Official:
We will do whatever is in the best interests of the community. While Uniswap will be the immediate first step, sure we could see SLM in a CEX in the future.
Gem Radar ✪:
@ALAMSP asks, “Our online plugin will allow any merchant to easily accept cryptocurrency and inspire widespread consumer confidence with chargebacks, preorders, and escrow.”. All countries are not ready to accept crypto payments yet, do you have any similar ideas or solutions that will allow your investors or community to properly use your platform?
Solomon Official:
I’m not sure I understand the question fully, and I would like to ask why should it be the case that some countries are not ready to accept crypto yet? I think this is an assumption we have all had in the crypto community for many years, that it is so far for those who truly understand it and not the average consumer.
But the mission of Solomon is to break down those final barriers so that people will be ready. User experience has improved dramatically over the last few years — now the average user simply has to grow trust in crypto. And with chargebacks and other features familiar to them, they will begin to realize crypto now can have that with Solomon, plus all the many other benefits of crypto like security, speed, universality, etc.
If I misunderstood your question, please feel free to DM me separately or ask again in our Telegram channel.
Gem Radar ✪:
What an awesome way to answer this question. And I completely agree with you. Solomon is actually making it easier for the real world to connect with crypto 😂
@UPDATEDBLOCKSs asks, I’m a developer, and I’m interested in contributing to Solomon Defi alongsides earning, Do you have any Bug Bounty to check for vulnerabilities?
Solomon Official:
Thank you for your interest, and yes we are open to your contributions. We will not have Bug Bounties available yet, and as of this point the most advantageous way to get into the system and future portion of fees is to join our presale in the first round coming this Friday. Thank you.
Gem Radar ✪:
Okay well thank you for spending your time with us today and dedicating your busy schedule to explain to us about The Solomon Project and giving us a further explanation about how the presale would run, along with the projects visions. I encourage everyone to join @solomondefiproject for further information about the presale!
Solomon Official:
A huge thanks to your community for the questions and their time. 2021 will be undoubtedly a huge year for Solomon and DeFi as a whole!
