To celebrate the launch of Sologenic’s official global Telegram groups, we hosted our first AMA and invited the Sologenic community to ask questions.
The AMA was a huge success, and we received 600 questions within two minutes! In case you missed it, here are the questions that co-founder Reza Bashash answered.
What are the Advantages of SOLO compared to other Crypto assets? What are the benefits for SOLO Holders?
SOLO is built on the XRP Ledger, which means settlements are blazingly fast. The financial industry needs fast and secure Blockchains, and that’s why we chose the XRP Ledger, designed for business purposes. Other benefits of SOLO include rewards, SOLO Cards, Staking, and other upcoming products.
How Effective Will PayID be for SOLO? What about the speed and security of transactions?
We will utilize PayID for SOLO to make it easier for users to transfer funds across exchanges. PayID works for most centralized exchanges, but we have plans in mind to have PayID for the SOLO Wallet, which is decentralized.
Staking & Mining is very popular nowadays as an incentive. Is there a Sologenic staking program? If so, what makes Sologenic staking and mining different compared to its competitors and what are the conditions for following it?
Staking is very important for ecosystems, such as Sologenic. We have dedicated funds from the Sologenic Expansion Fund (SEF) for the Sologenic Savings Program (SSP). At the end of this month, we will launch this program. Details of the program will be announced when the product goes live.
What does Tokenizing an asset mean? What are the benefits of it & why would one want to convert rights to their assets into digital tokens?
Tokenizing assets are an essential part of the modern economy. Tokenization is already happening in the non-blockchain world. Think of it this way, when you deposit “physical” cash into your bank account and use them in your credit card, and it has tokenized your assets. This way, you can use your card anywhere at any time.
Tokenizing assets on the Blockchain has the same concept. You can trade your assets at your will in the Decentralized Exchange. You can transfer your assets at any time. You can spend your assets without having to go through a brokerage firm and, in some cases waiting days for your money to arrive. Tokenizing = Modernizing the Economy.
How do you plan to spread awareness about your project in different countries where English is not spoken well? Do you have local communities for them to let them better understand about your project?
We plan to translate our websites/apps and other content into different languages. Telegram communities for different languages are already here. In addition to our English group, we have groups for French speakers, Vietnam, Indonesia, India, the Philippines, and Africa.
Total supply of SOLO token is 400,000,000. That’s a huge number of tokens. Will you conduct token burning in the future to reduce the supply of SOLO token and increase its investment attractiveness?
SOLO tokens use a deflationary mechanism to reduce the total supply. Each time a transaction is sent, some of the SOLOs in the tx are burnt. Eventually, there will be an equilibrium where the total supply will be more limited. As supply becomes more scarce, Demand increases. SOLO is needed for settlements with the outside world.
Most of the DEX platforms are not easy to use and require a high level of technical know-how. How will XPRL DEX make DEX platforms become user friendly and easy to use for traders?
We are designing a state-of-the-art UI and an interface for the XRPL DEX for people to be able to trade their tokenized assets. After all, adoption is the key, and we know it. I promise that you will see no other DEX client like the one we are working on 🙂 I am sure sneak peeks will leak out before the launch.
There are some common issues in today’s technology: scalability, adaptability and interoperability, speed, and privacy. How will Sologenic tackle these problems?
XRP Ledger.
Sologenic is Built on the XRP Ledger. Could you explain why you chose XRP Ledger for your Platform? Is there any main reason behind using XRP Ledger? How does XRP Ledger help you more than any other Blockchain platforms?
XRP Ledger is built for these. We are also contributing to the Ledger code to make it better over time.
I have a question about the nice PayID integration. Will it be possible to customize our CoinField PayID addresses? Would it even be possible? If yes would you plan to do it?
Yes, we are working on it.
What positive effect will the SOLO Cards have on the community?
The fact that you can spend your assets at any time and anywhere! Merchants have been accepting credit cards for many years, and they already built this infrastructure. We will utilize this massive network and will make it possible for users to spend their digital assets in real-time. Imagine if you hold common stock and decide you need to buy a car after a good ROI. BAM! No need to sell it in a brokerage firm, transfer the money and go through all the hassle. You can do it in real-time. Think of other possible scenarios!
Future AMAs
If you would like to participate in future AMAs and be in with a chance of winning SOLO, please join our Telegram group.
Sologenic and its Co-Founders Reza Bashash and Bob Ras can be found on Twitter. For more information about the Sologenic ecosystem, visit its website.