Cook Protocol AMA Summary with Decentralized Club ✔️
Welcome to the recap of our AMA with Cook Protocol.
Our vibrant and enthusiastic community had a lot of questions to ask. To those who want to know quickly what Cook Protocol is about, we are sure this recap is gonna help you. So without further ado, continue reading 😉
✔️Introduction with Cook Protocol : 👉
Q1. Can you provide a brief introduction to the core team behind Cook Protocol? @kp_cook
We have a great core team. We are Silicon Valley veterans representing the best companies in the world like Google, Youtube and Dropbox and then also from top universities in the states like Stanford, UC Berkeley and Carnegie Mellon. The team has 100+years of combined experience in software development and 25+ years of combined experience in blockchain
And we are growing super fast
globally distributed in Asia, Europe and America
That’s a team with a solid experienced in reputed companies and institutions
Interest and trust automatically increases when such people develop a project!
Q2. Can you talk a bit about what innovations has Cook Protocol brought to the table in asset management? @kp_cook
Several innovations that Cook Protocol is exploring. We are implementing a truly cross-chain solution to address the high gas fees problem and usability issues on Ethereum. So that investors can transact on much faster and lower transaction speed on other blockchains
We are also aggregating assets from investors so that they can share gas fees on Ethereum
Each fund that investors invest also represent an asset so that it can be exchanged
Tell me more about the gas fees sharing 🙂
sure, we all know Ethereum gas fees are outrageous
but for whales, it is actually not an issue
so the idea is that retail investors pool their money into a smart contract so that fund managers can allocate their assets from the smart contract
it’s like hundreds of investors pooled together so that their money is comparable to the amount of money that a whale has and gas fees become less proportionally to everyone
Interesting and quite innovative. Thanks for making that a reality!
Q3. Does Cook Protocol specifically focuses on benefiting ordinary investors or it has facility that will benefit professional investors too ? @kp_cook
We are developing tools for both professional investors and ordinary investors. But there will be advanced trading tools like derivatives that we do not suggest that people without much DeFi knowledge use.
since these tools lead to higher risks although they bring much higher returns
but in general the majority of the tools we develop we have everyone as target user
Great. Targeting a versatile set of people
Q4. What is Cook Protocol gunning for further in 2021 ? @kp_cook
We are full steam on development. We will have the frontend ready in about a month and will do several products rollout later this year. So stay tuned by joining our telegram group.
the main product will be ready in Q2
So by mid of this year Cook Protocol will be fully ready!
The first version will be ready
Then we will add more feature to it
For more details, you can check out our website
Cool. Thanks for the detailed introduction to Cook Protocol.
🐧Community ask Questions by Twitter ✔️
Twitter question no 1.
Username : @Alicewonder1202
What other tools can Cook Protocol offer to investors and fund managers, besides what is highlighted most in your website, that is the elegant and simple interface?
We do much more than UI. On the backend we are connected to multiple DeFi protocols, so that it serves as a one-stop shop. We are a cross-chain solution as well so that people can interact with the major blockchains with thriving DeFi ecosystem like Huobi Eco Chain, Binance Smart Chain, Polkadot. Additionally, we are developing a decentralized margin trading tool.
Twitter question no 2.
Explain your plans on global expansion,is it only market you are focusing All the time,And you focus on building or developing and getting customers and users, or partnerships?
We have a globally distributed team and we are focusing on all the major markets. We are building partnerships with companies from Europe, Asia and America.
Twitter questions no 3.
Cook Protocol has lower initialization fees than other platforms, which means, the elimination of expensive legal fees, by eliminating this with which security protocol would you protect each transaction?
we still have all the security in place to protect transactions on our platform. Our contracts are all audited to ensure security and also fund managers do not have access to the funds. They can just allocate funds not withdraw
🌍 Community ask question by Website 👨💻
Website question no 1.
From : Angelo Salas (@asalas95)
I was reading that there are two tokens on your platform, the COOK and the ckToken. what are the fundamental differences between the two? why did you decide to create two tokens on your platform instead of a single token that integrates all the features you want?
These are two different tokens. COOK is the main token and it will be on the exchanges. They can be used for protocol level governance. ckToken is the lp token representing ownership of funds. It’s used for fudn-level governance. There could be a lot of different types of ckTokens. A lot of them might not even have liquidity.
Website question no 2.
From : @kherrera22
Will users need to have a certain amount of $COOK, in particular, to have the ability to decide whether to add or remove a DeFi protocol from the whitelist?
COOK tokens are used to propose changes on the platform including whitelist and also tokens are used to cast votes to pass or reject certain proposals. The amount of COOK tokens need for proposal is 1%. At least 5% of COOK tokens are needed for a proposal to pass
Website question no 3.
From : Nazmus sadat (@nazmudsadat)
Cook Finance security is guaranteed by a smart contract. My question is, why should I trust the security of a smart contract?Does it really ensure the protection of my data and funds?
First of all, although fund managers can create smart contracts, they do not own the smart contract. The ownership of the smart contract is managed through DAO by all the investors of that particular smart contract. Fund managers do not have access to withdraw any funds from the smart contract.
Also, when fund managers create smart contracts, they need to specify their investment strategies and what things they can and cannot do. Everything will be transparent since it’s all on Ethereum. However, if the fund manager needs additional access, he will need to request it through fund-level governance.
additionally for question 3
There were quite some DeFi attacks associated with flash loans and manipulation of Oracle services. So first thing first, we have a pretty strong engineering team from Google, Youtube and Dropbox, top notch Silicon Valley engineers. So we have high coding standards. Second of all, we use already battle-tested industry standards such as OpenZeppelin for smart contract development.
Also, we will perform robust unit test and integration testing. We will have the industry leading audit firm CertiK audit our smart contract to minimize security risks and vulnerabilities. In addition, we also provide insurance options so that investors can opt to purchase insurance to protect their investments.
Security perspective everything possible is thought of for sure .
✍️ Telegram live Questions answered by Cook Protocol ✔
While you build your project, do you take into account community feedbacks and demands?
We do take our community feedback very seriously. And we have a big community of supporters from telegram and also Chinese supporters on WeChat
One of the main barriers for users is difficult to use products. Its user interface allows easy use, while offering a short learning curve?
We intend to provide intuitive UI and straightforward UX. Also we will have comprehensive tutorials to onboard new users
Most DeFi projects especially those ones offering yield farming are driven up by hype and scarcity, so when the hype dies the project dies. What’s the key to sustaining Your Project yield farming ?
We are beyond pump and dump. We are working on concrete products. Initial liquidity mining is a great way to bootstrap the ecosystem but after that we can create long term value with our truly useful products not by hypes
We all talk about Positive points/Pros/Good Points & Features of any Project, no one Project tell about there Cons. So can you tell us Honestly the Cons & Lacks of Cook Protocol ?
Sure. This is a great question. I would say some of the risks that we might face is the extremely high gas fees on Ethereum which renders a lot of DeFi services unusable for ordinary investors. To mitigate the risk, we are expanding to other blockchains like Huobi Eco chain, Polkadot to minimize transaction fees and make sure our services do not bear high transaction fees there