Satoshi Club x Cook Protocol, March 17th

Satoshi Club x Cook Protocol, March 17th

Educational task of Satoshi Club drives us to acquaint you with all new projects. We were delighted to welcome our guest from Cook Protocol. The AMA took place on March 17th, 2021 and our guest was @kp_cook.

The total reward pool was 500$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.

Part 1 — introduction and questions from the Telegram&Bitcointalk community

Маry Satoshi CLUB: Hello Satoshi Club! We are happy to announce our AMA session with Cook Protocol!    Welcome to Satoshi Club😀

Gold Rocket | Satoshi Club: Hello, dear Satoshi Clubbers!

K P: Hi  everyone! This is Kun from cook protocol! Happy to be here

Gold Rocket | Satoshi Club: Welcome to Satoshi Club @kp_cook!😊

K P: Thank you!

Маry Satoshi CLUB: Hello! Welcome here! What will we cook today?😀

Gold Rocket | Satoshi Club: Thanks for joining!  Therefore, we expect from you interesting facts about Cook Protocol.😉 To begin with, please tell us a few words about yourselves and how did you get to be involved in crypto & Cook Protocol?

K P: Sure. So I am the strategy lead of Cook Protocol. I have done 8 years of technical product management before joining cook protocol

Маry Satoshi CLUB: When did you start with Cook Protocol?😀

K P: I got involved in crypto in 2017 more like an investor. Then I started to dig deeper into crypto and totally fell in love with the industry. At the time I did not find any good solution to help manage my crypto asset

Маry Satoshi CLUB: Yes, it’s not always easy

Gold Rocket | Satoshi Club: then you are a real crypto fan😁

K P: I totally am 😃 To answer your question and continue my story. Then a group of friends and also crypto investors came together to brainstorm and to create an asset management tool to help retail investors like us to better manage their assets. It’s about 2020 when we decided to launch Cook Protocol. I joined Cook Protocol around May/June ish last year

Gold Rocket | Satoshi Club: What is your role in the project? And also tell us a little about the team. How many people? perform what functions?😊

Маry Satoshi CLUB: Sure, you choose right time 😀

K P: Sure. I am more on the business/marketing side. But you know it’s startup. So the founding team really has no clear definition of roles. We all need to do a little bit of everything, BD, marketing, technical, product management to name a few. Our core team is mainly located in Silicon Valley and has pretty good backgrounds. I graduate from Stanford University. The others graduate from UC Berkeley, Carnegie Mellon. Several engineers from Google, YouTube and Dropbox

Маry Satoshi CLUB: Really experienced team👍

K P: We have expanded pretty quickly in the last few months. We are bout 15 people now. No longer Silicon Valley only. Globally distributed in Europe, Asia, Middle East, America. About 8 countries

Gold Rocket | Satoshi Club: You have a great team of like-minded people !!👍 Thank you very much for sharing! Ready to jump on to community questions, or would you like to add something? 😊

K P: We have quite some engineers on the team and then also teams working on the BD and marketing on the English speaking community. Since our core team, although all based in the Bay Area now, is from China originally, we have marketing/Bd team in China as well

Gold Rocket | Satoshi Club: By the way, what markets besides Asian are you also targeting?

K P: So we are targeting China since we are native in Chinese and understand the Chinese culture. But then I actually lived way more time outside of China. Grew up in Argentina and then came to states for uni. So we are global citizens and target a lot of regions as well. The main focus is the English speaking community, mainly Europe/America and then the Chinese speaking community in China. Done with my answer

Gold Rocket | Satoshi Club: Thanks 😊

K P: Yes, I am ready. Finished with the introduction!. We are a global project

Gold Rocket | Satoshi Club: Thank you very much for the great intro.👏

Q1 from Telegram user @Pratze

Cook Protocol will getting closer to have an IDO on the cross-chain platform Poolz. and you already announce that you are opening the whitelisting for IDO. so how do we possible to become of one of your whitelist? what is the requirement ? beside IDO, is there any other way to get your token?

K P: Thank you for the question. So the whitelisting rule for Poolz is listed on the medium article. bear with me one sec. trying to find the link

Маry Satoshi CLUB: Take your time 🙂

K P: https://twitter.com/cook_finance/status/1371546909219852293

this tweet actually has the details

https://cook-protocol.medium.com/cook-protocol-opens-whitelisting-for-poolz-ido-participation-b09d27e059d0

here you go. the rules and requirements are explained here, copying from the medium article

1. Follow Poolz on Twitter

2. Follow Cook Protocol on Twitter

3. Retweet the pinned tweet with a quote and tag 2 friends on the Poolz & COOK protocol Twitter account

Make sure to include cashtags $POOLZ and $COOK.

Link to pinned tweet: add link

4. Join Cook Protocol’s Telegram group and Cook Protocol’s Announcement Channel

5. Fill the whitelist form here

6. COOk IDO staking page link

we will also do IDOs on other platforms  which are to be announced shortly

Маry Satoshi CLUB: How many people already filled thx form?😉

K P: quite a bit I bet. Actually I don’t have access to the data. Poolz people are managing the form. but from the reaction of our community, we can tell quite a bit

Маry Satoshi CLUB: Oh, got it! 👍 Sure, they will manage everything in the best way!

Gold Rocket | Satoshi Club: we will be glad if you can share with us whenever possible.

K P: other than IDOs. you can also get our tokens by doing some tasks or participate in programs that will be announced in our community. so join our telegram to stay tuned

https://t.me/cook_english

yeah, totally. will announce as soon as it is ready. Join Satoshi Clubbers🚀🚀

Маry Satoshi CLUB: Thank you for your answers! Ready to proceed?

K P: Yes. Let’s proceed!

Q2 from Telegram User  @Xusuo

Could you please tell us what problem that people usually get from investment that Cook Protocol aims to solve? and what is the potential risk that Cook Protocol have for now and how do you plan to solve that problem?

K P: Great question! So what we found out is, although DeFi is pretty hot, it’s very hard for retail investors to benefit from it because of several reasons. A lot of DeFi concepts are very technical and difficult to grasp if one does not have technical background

Маry Satoshi CLUB: That’s true 😂 Also, the gas fees are outrageously high on Ethereum, which make it very unfriendly to retail investors. In addition, we also feel that a lot of the current products do not have a very intuitive UI and user-centric UX

Gold Rocket | Satoshi Club: we understand you very well😁🙈

K P: Also, a huge portion of global audience does not speak English at all, so they cannot understand the latest and greatest in DeFi. Or use some of the products actually

Gold Rocket | Satoshi Club: I really liked the interface. It is quite intuitive and uncomplicated for the user!

K P: So how we intend to solve the problem is to build a cross-chain asset management platform that is user-friendly. There are three points I will elaborate

Gold Rocket | Satoshi Club: Are there any features that you are most proud of?

K P: Yes, we are right now almost at the end of development of an index product, which basically encompasses all the top 10 major cryptocurrencies. So people can buy the index fund, which is like buying the underlying tokens. But at the same time, we are working on yield-optimized index, which means that while you can the index, the tokens that you bought will be used to do yield farming or lending to maximize returns on your capital

Gold Rocket | Satoshi Club: Looking forward to hearing more🚀

K P: So the three points that I have are cross-chain, usability and high capital efficiency

Маry Satoshi CLUB: And they are really important in assets management!

K P: High capital efficiency, I sort of touched the point on the answer above: the fact that your capital will be used in multiple places to maximize your earnings. For cross-chain, we are actively developing on Ethereum and Huobi Eco chain

Маry Satoshi CLUB: Just two or it’s for the beginning?

K P: Just the beginning. Focus now. So we announced yesterday that we got investment from OKEx

so OKExchain is a place that we are targeting as well, we will become first mover in their DeFi ecosystem, while we are more like a early mover in Huobi Eco

So Ethereum, due to its high gas fees, a lot of the operations cannot be carried out. It’s like 5000 dollars to set up a fund, which is like crazy!!

So we intend to do only index fund at the beginning

On Ethereum to minimize gas fees

Маry Satoshi CLUB: It’s unbelievable 🤦

K P: And then on Huobi Eco chain, we will do index fund but also more advanced actively managed fund because of the significantly lower gas fees

Gold Rocket | Satoshi Club: I read that you are also concerned about the IP protection

K P: yes, we are concerned about IP protection for fund managers

Маry Satoshi CLUB: they just started to form their ecosystem 😉

K P: yes. so that’s why their investment strategies can be private while what they did in term of asset allocations are publicly available. and then we will also have some presence in BSC. Polkadot is an interesting place however, their parachain is just getting ready and the DeFi ecosystem is not very mature yet .the other three chains I mentioned, Huobi Eco, BSC and OKExchain, they are all EVM compatible

Маry Satoshi CLUB: Oh, BSC is hot now🔥

K P: it’s relatively easy for us to migrate. but Polkadot might need quite some extra work. so that’s why we are having it more in the back burner

plus we are like at the top stack of the DeFi lego

so the underlying protocols, like lending and DEX need to be ready, for us to come into play .we need to interact with them. so this is the cross-chain part. for the usability part. we will have a super user-friendly and intuitive UI/UX. we have UX advisors from top notch companies that have designed products used by a lot of consumers. they are really expert in user experience, top notch company like Amazon, at the backend we will do all the complexed technical heavy lifting work to connect with all these protocols, but on the frontend, it will be very straight-forward UI/UX for people who are not very technical to interact with

Gold Rocket | Satoshi Club: thank you very much for such a detailed answer! Ready to proceed?😊

K P: sure

but one last thing. I think the second part of the question is about risks .I will briefly touch the point. so that we can move forward. the biggest risk we se is the high gas fees on ethereum , which render a lot of the operations unusable

Q3 from Telegram User @yellowchamp

In your Roadmap, I see that you will release Columbus Version Integration Testing in 2nd quarter this year and you will also release Magellan Version release in Ethereum mainnet this coming 4th quarter of this year also. So, can you give a little spoiler about the difference between Columbus and Magellan Version that you are going to release this year? Why do you need two version and why do you choose to name this Spanish native as Cook Protocol version? By the way, can you clearly explain what version in your platform is Columbus and Magellan

K P: the name explanation first

so we are named Cook Protocol to reference Captain Cook

 in the geographic discovery era in the 1500s and 1600s, a lot of captains will set sails to India/Southeast Asia/China and if they bring back spice, chinaware, silk etc, they will become super rich

back then the voyage is super costly

Маry Satoshi CLUB: James Cook – Wikipedia

https://en.m.wikipedia.org/wiki/James_Cook

K P: so that’s why they invented the crowdfunding in 1500s. they got money from citizens and then go out on sails. If they come back. The original investors will make a huge fortune like 100X or 1000X returns. this kind of crowdfunding behavior starts to get more and more standardized. and then eventually evolved into Amsterdam Stock of Exchanges

Маry Satoshi CLUB: Great story!

K P: which is the starting point of the modern financial system. so that’s the reason why we have this name to demonstrate our vision that DeFi will go on the similar path and evolve into a big decentralized financial system

Маry Satoshi CLUB: It makes sense 🙂

Gold Rocket | Satoshi Club: I really like the philosophy of your project! 🚀

K P: back to the point of differences, so for Columbus, we are mainly focused on Ethereum and HECO. We will do some index products mainly. and for Magellan, we will start to open up functionality for fund managers to set up their funds. and then expand to other chains like OKExchain, BSC and potentially Polkadot depending on how mature their ecosystem becomes. that’s it, my answer to the 3rd question

Gold Rocket | Satoshi Club: Thanks a lot! We are all a bit of a pioneer in the crypto sea and everything dreams of being realized! Ready for the next question? 😊

K P: any other follow-up questions or should we proceed to the following question?

Q4 from Telegram user @Derazy

Can you elaborate more about ckToken? you mentioned a ckToken is an LP token that represents the ownership percentage of an investment fund. Does this mean we have to invest first to have ckToken? and if the ck token is traded, does this mean there will be a transfer of ownership?

K P: ckToken is a LP token, it’s like your ownership of the fund that you invest in. and sure, you need to invest first to get the LP token. so we foresee two scenarios. for funds that are very popular and have quite some liquidity. then there will be trading happening, maybe even Uniswap trading pair and then for funds that are not that popular. liquidity is not enough. then their LP token holders might only be able to claim the underlying assets from funds. buying and selling those LP tokens might not be very straightforward. if you trade ckToken, it means transfer of ownership for sure

yeah, that’s my answer

Маry Satoshi CLUB: As continuation to all previous questions i want to ask – which features of Cook Protocol can ordinary users use?

K P: so the first feature we will launch is index feature. ordinary users will be able to use it .on HECO and Ethereum. we will launch more features later. like the yield-optimized index and more actively managed funds, in later versions of our product release

Маry Satoshi CLUB: So, let’s say we will use Columbus, right?🙂

K P: yes

Gold Rocket | Satoshi Club: Share with us please your tokenomics btw

K P: sure

so we use price-based unlocking mechanism. when price hits certain point, certain percentage of the tokens get unlocked

Gold Rocket | Satoshi Club: yes .. that sounds good! 😊 Are you planning a staking program?

K P:  yes, we will launch liquidity mining program and some other incentive program once we are listed on Uniswap

here is a file that explains our tokenomics in more details

for the sake of time, I would not go into too much details

Маry Satoshi CLUB: Thanks, we will definitely dive deeper in it after AMA!

Gold Rocket | Satoshi Club: Oh … This file has an answer to my question 😁 thanks

Gold Rocket | Satoshi Club: thanks! ready for the next question? or want to add something?😊

K P: ready

Q5 from Telegram User @AugusS7

One of the characteristics of Cook Finance is that it has three different oracles, such as “Chainlink, Band Protocol, Uniswap Oracle”, but could you explain why so many oracles are required? Could it be that by joining the services of the three, it is possible to avoid data concession problems with blockchain?

K P: yes. sorry my computer screen froze a little bit. I just got the question. we are planning to have decentralized oracle services so that we do not have single point of failure. say if one oracle malfunctions or got manipulated somehow, we can still use other oracle services to determine that something abnormal happened. also we are not limited by three. three is just an example given in the white paper. but decentralization is the point that we want to illustrateto minimize over-dependency on one particular oracle service

done with my answer

Gold Rocket | Satoshi Club: great answer! 🚀

Маry Satoshi CLUB: Didn’t you think about your own oracles creation?

K P: that’s the place we don’t want to put too much focus on since we only have so much resources. Don’t want to spread too thin. We need to focus more on creating valuable investment services for investors

Маry Satoshi CLUB: Understand 🙂

Gold Rocket | Satoshi Club: Please share with the Satoshi Clubbers your plans for the future, tell us what you have in the roadmap? 😊 please

K P: sure

it’s gonna be exciting time. we plan to list on Uniswap pretty soon like in a few weeks .we announced Poolz IDO already

will announce more soon and we will have some quite interesting campaign launched next week

Маry Satoshi CLUB: Can you give us a hint?😀

K P: it’s about NFT

Маry Satoshi CLUB: Oh, that’s my favourite 😂😂😂

K P: on the product side. we are moving pretty aggresively

Маry Satoshi CLUB: Sure, now is the best time to move! World should know about Cook Protocol 🎉

K P: being audited by Slowmist on our index product currently

Gold Rocket | Satoshi Club: Good mooooning Cook Protocol🚀🚀🚀😁

K P: will finish the frontend of our index product UI pretty soon

Маry Satoshi CLUB: Nice choice 🚀

K P: planning to launch index products on HECO and Ethereum probably around the beginning of April. right after Uniswap listing

within 1-2 weeks gap

 marketing is on full steam

for both English speaking community and in China

Маry Satoshi CLUB: A lot of events 👏👏👏

K P: yeah

Маry Satoshi CLUB: We will follow your announcements!

K P: and we will do liquidity mining for sure to bootstrap our ecosystem and products

Маry Satoshi CLUB: Thank you for your answers! Ready for the 6th and last question from this part? Really? It’s a great to join from the beginning!

K P: yes, you can join the telegram https://t.me/cook_english or the announcement channel https://t.me/cook_announcement

yes

let’s go

Q6 from Telegram User @BeaEvolet

It strikes me that one of the features of the token is that holders can choose the rates they want, the most logical thing is that users will go for almost free rates, my question is how is the Cook protocol going to be sustained ? Only with mining ?

K P: not entirely sure if I got the question right

so the rates refer to the fees that they pay?

Маry Satoshi CLUB:

Where you are planning to be profited from?

K P: I see. the revenue model

Gold Rocket | Satoshi Club: where is the finance for the development of the project .. is it possible to understand that?

K P: so first of all, fund managers will collect fees from investors for the services that they rendered. Cook Protocol will take certain percentage of the fees off the management fees that fund managers can collect

Маry Satoshi CLUB: Which fees will you have?

K P: so we intend to become a platform, so on our platform investors can send their funds to a smart contract that will be managed by professional fund managers. for them to use our platform, we will charge fees. for the fund managers side, since they will earn money by helping investors manage their funds, they will collect management fees. certain percentage of the management fees will be shared with Cook Protocol platform for the usage of our platform

Маry Satoshi CLUB: Good structure 👍

K P: so we provide a platform where fund managers can get liquidity from investors and advanced trading tools

Маry Satoshi CLUB: Everyone will be in profit😉

K P: yeah, it’s a typical marketplace design, where we charge the supply side not the demand side suppliers are fund managers for providing the service

Gold Rocket | Satoshi Club: win-win!

K P: demand is the investors that demand investment service

Yeah

and usually a good marketplace always starts with the supply side first and then demand side will come after

Маry Satoshi CLUB: That’s right ☺️

K P: so that’s why we care a lot about our ecosystem of fund managers and will do a lot of curations to ensure quality

Маry Satoshi CLUB: Thank you for your answers 👍

K P: yeah that’s my answer

Маry Satoshi CLUB: I know that our members are waiting for the live part to ask questions 🙂

Part 2 — live questions from the Telegram community

Q1 from Telegram User @JuanSB07

Cook Protocol offers ease and convenience to attract investors to its platform. What are the different investment options / plans that you offer? Are they really provided by fund managers and are they transparent?

K P: So we plan to do three phases. At phase 1, we will mostly create investment strategies on our own. Phase 2 we will curate and select high quality fund managers. phase 3 we will open up to everyone. It will be more like free market economy at that point 

Q2 from Telegram User @Rmitch

Have you thought about your crypto life? Is it better than a traditional business?

K P: I would say we are still in the early days of crypto. I like to read history. Although I am not old enough to live those days, but it’s little bit like internet in the 90s. A lot of hype and a lot of over-promises on things that they could not do in 90s but they could totally do in 2010s and a lot of massive funding. So I would say definitely it’s fun to live on the edge and upgrade fast

Q3 from Telegram User @JoanaZ

️Speak us a little bit about security, considering that Cook Protocol was made to attract huge investors, do you have the enough resources to guard those funds?

K P: for fund security, we have different measures in place. First of all, fund managers do not have withdrawal access. They can only allocate funds. Also they need to whitelist the protocols that they will interact ahead of time before anyone invests. After if they want to modify their access, they have to go through a DAO voting. In addition, we will also require COOK tokens staking from fund managers, if they mal-behave, their tokens will get slashed. Lastly, we will have insurance to help mitigate risks

Q4 from Telegram User @K2ice

Security is a difficult thing in DeFi as there have been many different attacks like security, liquidity, and strategic attacks. How much do you prioritize security at Cook protocol and how difficult do you think it will be to attack Cook protocol?

K P: this is about coding security compared to fund security that I answered in the last question. So security is the topmost priority for us. We have an awesome team from Google, Youtube and Dropbox. So we have high coding standards. We use battle-proven framework like OpenZeppelin. And we perform robust unit and integration testing. Finally, we also do audit with the industry leading audit firms like CertiK and SlowMist

Q5 from Telegram User @Garrinepotter

The Cook Protocol ecosystem has two different levels of governance, please tell us about them

K P: one is on the Protocol level and COOK tokens will be used to manage protocol level governance. Then ckTokens are LP tokens and fund-specific, therefore they will be used for fund-level governance

Q6 from Telegram User @Joshblaze

On what exchanges are you currently trading

K P: we are not listed yet. But will be on Uniswap first and some other DEXes on HECO and BSC

Q7 from Telegram User @imrealsatoshi

How many tokens will you support for to asset management?

K P: the specific number of tokens have not been determined yet, but we will initially only include the major tokens to ensure security. Later on, we plan to add smaller market cap tokens to add more potential returns given higher risks

Q8 from Telegram User @KhaleesiTheCryptoLady

What task do we need to do and which programs  we should participate for us to get Cook tokens?

@kp_cook

K P: we will launch a meme contest in our community pretty soon, like today or within a day. So that’s one example of programs. But join our telegram to learn more https://t.me/cook_english

Q9 from Telegram User @BlancaSdF

“IP protection: No need to open-source investment strategies”

Can you better explain this feature? I did not understand very well what exactly this refers to

K P: so the code will be open-source and everyone can read it and fork the codebase. However how the investment strategies that each individual fund manager adopts is kept private to themselves. Their asset allocations and transaction history will be traceable on the blockchain. But the why part of their asset allocation philosophy will not be published

Q10 from Telegram User @surendra040

Hello!

@kp_cook

Cook protocol announced a recent strategic partnership with DUCKDAO, tell us please about background of Duckdao, is it similar to project cook protocol  and what benefits would be gained from this partnership.

K P: sure. So duckDAO is a community based accelerator program for crypto projects. They are very well connected in the industry and have incubated quite some successful projects. What we gained from the partnership is their advice on marketing and overall strategies. Also, they introduced to quite some strategic partners. So far, we have announced duckDAO, Velas, Poolz strategic partnerships. They all add a lot of value to our project. And we will have many more to be announced in the upcoming few weeks.

Part 3 – Quiz Results

In the final part we tested your knowledge in terms of Cook Protocol. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.

For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club
Russian Telegram group: https://t.me/satoshi_club_ru

Spanish Telegram group: https://t.me/satoshi_club_spanish
Telegram Channel: https://t.me/satoshi_club_channel
Twitter: https://twitter.com/realsatoshiclub
Website: https://esatoshi.club/

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Telegram Group: https://t.me/cook_english

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