AMA with Shuttleone
On the 23rd of November, 2021 at 13:00 UTC, Decentralized Club had the honor of hosting MinhTam Nguyen, Marketing Manager of ShuttleOne, for an Ask-Me-Anything session on their Telegram page with a community of over 70,000 people. It was hosted by DC Admin, May.
The session was divided into four segments. Introductions were made in Segment 1, questions from the Twitter and website community were answered in Segment 2 and 3 respectively, and live questions from the community members in attendance were answered in Segment 4.
If you missed this event and would like to know what ShuttleOne is all about, you can find a recap of the interview here. Information here should be researched and should not be taken as investment or financial advice. Also note that slight edits have been made for clarity, and links in this recap lead to images, documents, or other media.
Segment 1 - Introduction
Hello, สวัสดี, 大家好, नमस्ते, Selamat!
My name is May and I'll be hosting the AMA with ShuttleOne.
Today, we have with us a guest from the ShuttleOne Team.
You're welcome to the Decentralized Club and it's an honor to have you here.
How's your day going?
Hi May, I'm doing well. Hope everyone in the Decentralized Club is having a stellar week!
Yes, yes 😊
Could you quickly tell us more about yourself and your job at ShuttleOne?
I’m MinhTam – ShuttleOne Marketing Director and I’m excited to share with everyone about us.
This is our 2nd time sharing with your community since there are a lot of developments happening right now.
ShuttleOne is a blockchain company that works vigorously to bring blockchain and DeFi to real-world adoption, especially we build the infrastructure so that any unicorn or platform startup can build their native fintech arm with Decentralized Finance.
Think of how Google or Samsung built their financial products like GooglePay or SamsungPay, but now companies can build their financial products with ease and global liquidity from crypto.
ShuttleOne attracts me to join as a member, because of their vigorous way in innovations and bringing blockchain to mass adoption.
I'm glad to have you again to talk about ShuttleOne.
Let's get right into the session. 😊
Can you tell us about ShuttleOne and the inspiration that got it started?
To put in short: ShuttleOne provide DeFi operating system for businesses that want to build their native fintech arm with blockchain
Our founding team started 3 years ago, after years of being Ethereum miners.
the bear market put into perspective how we can be builders instead of simply traders
That was 3 years ago!
ShuttleOne started with remittance solution between South East Asia, and expand aggressively into a one-stop financial system from compliance, automation to liquidity
Thanks to that, we have worked with government-linked institutions, finance over 4000 merchants in ASEAN, and won the ASEAN Fintech Startup 2021
This is great!
What innovative solution is ShuttleOne bringing to topple its competitors with similar offerings in modern FinTech and DeFi?
We work closely with government-linked institutions, traditional banks, or even fintech companies who are looking to build and tap into blockchain innovations.
Our Plug N Play DeFi products are integrable to these multi-millions ecosystems in B2B, B2C, or B2G and service to real-world users who do not need to understand blockchain to use it.
In fact, 95% of our users don’t even need to understand what blockchain or cryptocurrencies are to enjoy the security, speed, and cost that DeFi can offer.
With this product, ShuttleOne, as the only crypto company, has won the ASEAN Fintech Award of 2021 – against the biggest names in finance. This is the biggest fintech award hosted by the Central Bank of Singapore and is the sign of shifting in perspective from regional regulations and governments toward crypto companies.
From our experiences working with real-world industries that want to adopt blockchain, we come to realize that not many companies have the resources to build on blockchain due to its complexity and scarce talents.
ShuttleOne is now on its way to developing a non-code metaverse of blockchain networks that allow any projects to build on multiple blockchain networks at the same time. This product is Metachain.
What are the utilities for Metachain?
Metachain is a non-code, single API aggregator that allows Dapps and Web 3 to build on Tezos, Binance Smart Chain, and Ethereum at the same time.
Metachain removes the hassle and complexity whenever developers need to build on a new chain. Instead, the aggregator will help applications choose the best performance network at the time of transaction. You won’t need to choose a blockchain network that you would like to use anymore, instead, the aggregator will help you select based on security, cost, speed, and decentralization.
This opens a universe of multichain products that can be used across chains, from multi-chain tokens, multi-chain wallets to multi-chain bridges.
Here is a good summary of Metachain utilities:
I'll send another screenshot for those lazy to download 😜😜
$SZO – ShuttleOne will be used as the universal network currency in the Metachain.
I don’t know about you guys, but I treat my purchase of network tokens as investment assets. And it hurts me a little bit to see my investment get used to conducting other transactions. Through Metachain, you will only need to spend $SZO as a network fee. Any purchases for ETH, BNB or XTZ are kept and hold their value as an investment.
Whenever crypto projects decide to build on a blockchain network, demand, adoption rate or performance are criteria they need to consider. Why not remove these network-related factors out of your product adoption, remove friction and capture the usage demand on all networks.
Could you tell us about these features: Visage Protocol, ShuttleOne Network and ShuttleOne Analytics?
Visage Protocol, ShuttleOne Network and ShuttleOne Analytics are Microservices under the Plug And Play DeFi – the first Metachain application.
When we work with real-world ecosystems and businesses that want to adopt blockchain, we realize that they do not have the capacity and in-depth understanding to choose a blockchain network, all they care about is to use the best one. And that is why we develop Plug And Play DeFi into a Multichain product where each point of the user journey will be handled by the best blockchain network at the time of transaction.
Here is an example:
When users tokenize their real-world assets (Visage Protocol) – the transaction could run through Tezos.
When a user receives a financing offer (ShuttleOne Analytics) – the transaction could run through Ethereum.
When users decide to receive their loans in fiat (ShuttleOne Network) – the transaction could run through Binance Smart Chain.
And so on.
Our DeFi users enjoy benefits from all blockchain networks, without caring about which networks they are using.
Wow, that's amazing! 🙂
Do you have any staking or yield farming incentives?
Yes. Our Plug And Play DeFi product that is serving real-world businesses and consumers is powered by stablecoin staking pools.
You can stake your USDC, USDT, DAI, and soon kUSD (Tezos) with us and receive 10% APY. Our rate is fixed and stable, a safe product to hedge against crypto volatility, and a good introduction product for people who are getting to know DeFi products.
If you have non-tech-savvy friends who want to get into crypto.
We have something for you
in the coming weeks, you will be able to create a crypto wallet using your email
one step creation for multichain wallet across Ethereum, Binance Smart Chain (BSC) and Tezos
You will be able to deposit fiat and receive crypto in this wallet!
You will be able to interact cross-chain between these 3 networks, and more networks to come
On our roadmap, we will also release a $SZO staking insurance pool to protect our liquidity providers from defaults. $SZO is the token power of the ShuttleOne ecosystem, in which each transaction executed on ShuttleOne will use $SZO.
This is so great!
What major news should we still look forward to from ShuttleOne by the end of the year?
Metachain bridge: The first 2 ways bridge between Ethereum, BSC, and Tezos. We are planning to integrate Solana, Avalanche, Algorand, and more networks under Metachain.
This is the first public product on Metachain, you will be able to bridge $SZO between networks first, then stablecoins, and then any other tokens that want to build on these networks.
The bridge is using a non-custodian, smart contract mechanism, meaning there are no liquidity pools between networks so there is no risk of security attacks as we all know liquidity pools are at high risk of hack and attack.
Whenever you move tokens from one network to another, the receivable network will mint a new token, while the send network will burn the original token.
This means there are no duplicates of tokens between networks.
The mechanism introduces a new method in token liquidity where liquidity in one network will be different from another, and there will be a price difference of the same tokens on multiple networks.
$SZO listing on Tezos: In the next 2 weeks, we are going to IDO $SZO token on the Tezos network.
$SZO will be the first Multichain token on Metachain, where you want to easily bridge between ERC, BSC, and Tezos and enjoy chain price arbitrage as mentioned above.
Metachain – as an aggregator will be open for public development – where developers can utilize Metachain in their multichain strategies and products.
Wow, you have so many amazing things planned!
Looking forward to them all.
Can we take questions from our Twitter community now?
Segment 2 - Twitter Questions
$rat is a non-fungible token (nft) to store and verify financial documents submitted by merchants and businesses for loans risk assessment. how then can these documents be secure and accessed only when the right authority wants to?
Twitter username: @trixiesfirst
$rat token is an nft token that represents the real-world assets being collateralized in the shuttle one network
our alhasa product gives financiers the visual of the assets and its loans position
it means we can track if the same asset is being used to loan twice
the vision is to have all kinds of assets being collateralized on $rat, and financiers and defi protocol can review and approve $rat token as collaterals
at the moment, $rat is accepted by the MakerDAO community as one of the real-world assets for collaterals
In 3 years of operation, ShuttleOne has been able to solve one of the biggest problems of traditional financial services for companies: serving unbanked and underserved SMEs in the region. What are the products and strategies developed by ShuttleOne to achieve this?
Twitter username: @lestmarisv
another good one
1. we focus on building good products and deliver
less marketing but much more innovation
as mentioned, 95% of our end users don't know that they are using defi or blockchain products
in fact, they don't need to
all they see is reliable, fast, and secured financial products that they can use for their business
2. simplicity in experience
our end users may or may not know about crypto
they also may or may not know how to use technology and software properly
so we build products that are straightforward to use
just like this coming wallet
how many of you hear spend hours to walk someone through the wallet set up journey
I honestly spent 4 hours minimum 😂
now you will simply send them this link, and they can easily sign up via email
Building simplified experience with complex infrastructure is our strategy
That is why our next step is to build Metachain - the non-code, single connectivity aggregator that allows any business to connect with multiple blockchain networks at once
even the tech geeks won't be able to understand and build on all blockchain networks!
so if you are a developer, this is an open invitation for you to join our community and build on Metachain
you will be able to build on Ethereum, BSC, and Tezos networks at once
getting all of the network's demand, while spending more time building your great product!
You've built something we all need, definitely
$CAT is shuttle One's own stable coin used to facilitate payments to the businesses under its financial services. What tender is this stable coin backed by and does it have enough reserve supply to function as a stable currency?
Twitter username: @escobarDeFi
wow, insightful one!
$CAT is backed by real-world assets that are being tokenized and used as collaterals under ShuttleOne
$CAT is issued when a real-world business provide their assets as collaterals and accept loans offer from ShuttleOne
These assets could be vehicles, commodities, clothing, rice, food, etc. Basically, anything that can be moved in the global supply chain
so far, we have tokenized over $40 million of assets, across 13+ industries
so the reserve is real-world assets, when liquidity is exhausted (which it never has), these assets will be liquidated and supplied for $CAT
Website Questions coming up next.
Segment 3 - Website Questions
What exactly is the risk assessment token and how can users acquire it?
Telegram Username: @yuuriti
Risk Assessment Token is $RAT = a Non-Fungible Token that represents real-world assets on the blockchain
$RAT allows businesses to collateralized real-world assets like invoices, contracts, hard assets to ShuttleOne, and access financing from our network
As Plug And Play DeFi evolve and allow any businesses to integrate our services, $RAT is being utilized to represent more assets besides loans financing
think of real estate ownership, license, legal documents
the utilities are to get other entities to accept $RAT as a digital, unique representation of real-world assets on the blockchain
and you will open a lot of opportunities
How does Shuttle One plan on working with prospective countries and their governments given how restrictive policies are nowadays?
Telegram Username: @repmujduolc
First of all, I think as investors, you should be excited about regulations coming in
It means 2 things. 1 You and your investment will be protected from scams 2 Crypto and blockchain is being recognized and becoming legitimate
ShuttleOne has also been built to be compliance with regulators
in fact, we recently won the ASEAN Fintech Award hosted by The Central Bank of Singapore
This is the biggest fintech award in the region. And we are the only crypto company that won
this means, our technology is innovative, and regulators are accepting and open to crypto adoption
3 years ago, the Central Bank of Singapore doesn't like crypto at all
This year, during the Singapore Fintech Festival, They state that Singapore aspires to be a regional crypto hub!
Vietnam is the most adopted country for crypto. And Vietnam is also open to creating its own CBDC and nurturing crypto companies in its country
Thailand, the Philippines, and Indonesia are aiming to start regulating crypto
This is so much progress!
The future is bright!
Could you tell us a little about the ShuttleOne loan platform? Is it really required that users be holders of their credit application tokens (CAT)? If so, where will they be listed?
Telegram Username: @ehkarahan
ShuttleOne loan platform is part of our Plug And Play DeFi product, a series of DeFi products that allow any business to plug it into their existing ecosystem
Users do not need to hold $CAT token to access loans
in fact, they need to hold $SZO to conduct transactions on Plug And Play DeFi
payment, loans, earn, risk assessment, loans approval, etc. Everything needs $SZO
When a loan is approved to a borrower, $CAT will be disbursed to their wallet. And they can send it to their own bank account or vendor accounts
you can check out our demo video here: https://www.youtube.com/watch?v=AfuTBwvRJlk
ShuttleOne is a project teeming with so much potential.
It's now time to take questions from our live audience.
let's do it
In this 4th segment, I will open the group for some seconds for the live community to shoot you some pressing questions.
Try to ignore generic, vague, and copy-paste questions 😊
As a measure to deter bots and reward hunters, could you please pick two random emojis that will be included in the questions so you can tell original questions apart?
---Chat was then opened for the live community to send in their questions---
Segment 4 - Live Questions
So many good questions 😁
You can answer four now.
Kindly prioritize the questions with the selected emojis.
As you said ShuttleOne, as the only crypto company, has won the 2021 ASEAN Fintech Award can you tell me what factors made ShuttleOne win this award? is there a big role for the community in this? and what do you think the role of the community is in your opinion 😌😱
The reason we won ASEAN Fintech Award, we believe because of 2 things:
1. We are the only one that works towards bridging crypto and the real-world with live products and actual usecase
2. Our Plug N Play DeFi has created an impact on the region, especially during Covid. During time-sensitive cases in Asia, where countries need to buy Covid related products to fight Covid, there is a need for fast and secure financing and payment.
ShuttleOne filled in this gap in the global trade ecosystem that no one ever has and we did it with effectiveness.
😌😱 I see that one of your networks besides Ethereum and Binance Smart Chain is Tezos. But how do they work and do they work with this network? What are the advantages we can acquire by making movements of our cryptocurrencies through this network? 😌😱
Another good one.
Blockchain networks as of now are a closed ecosystem where you can only communicate with projects within this ecosystem.
What we aim to do with Metachain, is break these barriers, and allow crypto to move between networks with ease.
If you have been in crypto before 2017, you will know there is a thing called exchange arbitrage.
With different liquidity sizes in different networks, there will be a chance of chain arbitrage on token price.
Our metachain bridge will allow you to move tokens across these networks and get chain arbitrage to your benefit
😱😌 How does ShuttleOne generate a return on my stablecoins and Are user funds guaranteed?
We generate a return on your stablecoins by lending them out to real-world businesses.
There are real-world assets that are being collateralized whenever a loan is approved.
In case of default, we and our collateral managers will cease and liquidate the assets to recover the default.
In the future (next year), there will be an $SZO staking pool act as insurance for liquidity providers.
Tezos projects are not so popular & I believe there's a great reason for planning to launch SZO on the Tezos (XTZ) network. What was the reason your team decided to make this move? 😌😱
Tezos is one of the first successful Proof of Stake networks, and we chose to build on Tezos because of their hands-on approach in terms of compliance challenges.
This is great because we are mindful of compliance and working with government-linked institutions.
By integrating with Tezos, we created Metachain where applications and Web 3 solutions can be built on multiple blockchains at the same time.
Metachain will help developers choose the best networks at transaction time based on cost, speed, security, and decentralization.
In 2022, we are bringing more networks on Metachain.
Multichain projects will be the future of the blockchain industry.
Aaaaaaand it's a wrap! 🎉
That is super fun!
I'm super impressed with the questions!
thank you, May
Thank you too for creating such an amazing project
ShuttleOne is so impressive and I'm honored to have curated this interview.
Do you have any final remarks for our community?
$SZO will be listed on Tezos in the next 2 weeks
this will be the first multichain token across 3 networks, Tezos, Ethereum, and BSC
If you are a developer looking to build on these networks, join Metachain. We will make things simple and easy for you so that you can focus on building the best product!
That's all from me!
have a great day everyone
Amazing, thank you so much.
Our regards to the rest of the team working day and night to make ShuttleOne a success!
Until next time, do have a great day.
The AMA with ShuttleOne is now over.