AMA with AlgoBlocks
1-What is Algoblocks? Can you share more details about it?
We are creating a middleware layer that is augmented by an extremely streamlined and intuitive user interface to enable any user to interact with our wide suite of DeFi products that we help connect to us.
Secondly, we simplify and streamline the experience of interacting with DeFi products to enable trades
Thirdly, we provide unlimited pre-programmed strategies and workflows at your disposal. Our all-in-one dashboard consolidates your positions and tokens from various Dexes and products into one unified view — in which you can also interact with your positions.
Lastly, we are built on a sophisticated tech stack that enables liquidity aggregation, faster trading, and cheaper trading.
2-Can you tell us what triggers you to Algoblocks? What are some of the real-world problems/ pain points that Algoblocks aims to solve?
Our drive to build this is anchored on 1 major observation and a huge pain point attached to it.
Firstly, we believe DeFi is disruptive to the traditional financial ecosystem as well as crypto. We love to see hundreds of new DeFi projects come out every day to solve a pain point that is not addressed by traditional finance. This is a huge market that has been growing exponentially and will continue to do so
However, one of the gaps that we have identified — and one of the strong drivers for us to create AlgoBlocks is the scalability issue of DeFi projects due to the pain points that the everyday crypto user faces when they try to use these Defi products. Based on our research and discovery, we found that even simple tasks like bridging and staking are intimidating for most crypto users.
We would like to reduce this friction for usage and adoption.
By providing a seamless interface with a smooth middleware that connects with other DeFi projects, we hope to contribute to the growth of the overall DeFi market.
Really interesting 🤗
Sir I am not wasting your time, if you allow me I will move on to the next question
3-Now can you tell us more about the native
token-$ALGOBLK, what’s the role of $ALGOBLK in Algoblocks and its tokenomics?
ALGOBLK token will have several utilities that will be enabled over time.
Initially, ALGOBLK token will be used to pay trading fees, deployment of trading strategies (later stage), staking, and rewards.
Voting ( community users will be voting on which strategies to be deployed based on their performance).
Later on, our project will enable ALGOBLK to be used as a “Universal Gas Token”. Essentially, you can use our token to pay for transactions on any chain given we will handle having the right gas tokens at the back end. E.g.
You won't need a purse full of MATIC, BNB or ETH separately all the time to interact with different chains. We save you from all that hassle. 🙌
4-If you were to summarize your project in ONE word, what would it be? Why?
Can you explain why?
The reason being, 🧭 Our mission is to make your interaction with a DeFi product or multiple DeFi products, seamless and easy.
5- Now, the token launch process is easy, but to develop the ecosystem, stabilize prices, expand the market is a challenge in every project. So what are your team's first steps towards solving this problem?
We were aware of these challenges when we started AlgoBlocks. We thought the best way is to be transparent in solving these challenges with our community so that everything is clear for our users.
Our first mission is to communicate: What problem we are solving and how are we solving it. Our main goal is to solve a pain point with a sustainable solution; not list the token at any costs and risk having the price of the token go down.
If we are able to develop a platform that enables us to achieve product-market fit and is loved by the community, we are confident that we will be able to build and grow and also achieve a strong token that will appreciate at price over time.
1)According to my knowledge many of the crypto enthusiast and investors are from non English speaking countries like European and Asian countries. Do you have or planning to have local communities in such countries?
At the moment we don’t have any local communities but I could say we’re definitely planning to expand our users base as much as possible. Actually, at the moment we’re working on to create our Russian community, with the help of one of our investor’s connections.
In the future planning to have more local communities. If you have experience regarding creating local communities please don’t hesitate to reach us we would like to learn more about it.
That will definitely make your project great
Let me move on to the second question
2)What do you think about the role of community in the developmental process of your project ? As this field is getting more competitive, how will you attract more investors? And as an investor how could I benefit from your project?
We believe community plays an important role in the project. Let's take it like that if the community is happy it'll trigger a positive effect on the market which will cause more community members to join the project and purchase more tokens and at the and this situation will make our investors happy. So it's always important for us to be sure the community is satisfied with the project because overall it affects the whole platform situation and investors.
We're going to have our token generation event very soon, now still in discussion with some of the launchpads so once our tokens are established we'll have many more options for our investors. Please stay tuned for that.
3)Recently many countries ( like China, India etc...) have implemented several restrictions to crypto exchanges. How will you propagate your project in such countries? I mean what are your marketing strategy in such countries?
Certainly, we would like to grow our userbase in these countries but as I explained our current focus is global growth. So we’re planning to come to this topic later on.
Thanks for the questions 🙌
Sir ans me plz,
Do you have a white paper? If yes please share it with us?
Can you share your social media links so we can keep ourselves updated?🤍🤍🤍
Sure you can learn more about on: https://algoblocks.gitbook.io/algoblocks/
🤍🤍🤍How many blockchain will support your token? Do you have plans to work with multiple blockchain networks?
We're planning to be a multi-chain platform. At the moment our plan is Ethereum for the Q1 and Polygon for the Q2.
What do you think about listing tokens on a good major exchange?Please tell me, how can I buy your token now?@moldmoldsh
We're definitely looking forward to getting listed in the major exchanges but our first purpose is to create a platform that has real-world usage. So at the moment we're in touch with few platforms for our upcoming IDO and after that surely we'll get listed on some exchanges.