We held a live AMA with Kevin Jeong, Founder of Tokamak Network on 5th July 09:00 PM (UTC+8). Here’s the recap for those who missed it.
Jack | ShinChan: Before AMA start, can you introduce yourselves and the team background?
Kevin Jeong: Hello, my name is Kevin known as philosopher in south korea community. I been working in this industry for more than 6 years. About a 2 years ago, we started layer2 blokchain project Tokamak Network and it was very successful. Our Tokamak Network Token is listed on the Upbit, which is one of the largest centralized crypto exchanges in the world, and more than millions of dollars traded everyday. To support and make it more fluent, we recently started project launchpad project, TONStarter. It is really happy to introduce the project here with yours :)
Jack | ShinChan: Can you tell us more about TONStarter and do you have any news/update about TONStarter would like to share with us?
Kevin Jeong: We recently opened our pre-page, https://tonstarter.tokamak.network and you might see the countdown. After the countdown is over, you can participate so called “TOS liquidity mining” with your tokamak network token holdings. It will started 13Days 1 hour 54min later.
AMA Twitter Section Begin:
Q1: On your website you are counting down to the launch of “TOS Liquidity Mining” . what is TOS Liquidity mining? How does this system differ from regular mining or cloud mining? Do you have any guide on how someone can participate TOS liquidity mining?
Kevin Jeong: Liquidity mining is a system that rewards participants with a set amount of allocated tokens for providing their tokens for a set time. Most liquidity mining methods provide liquidity through smart contract swaps with governance tokens. TONStarter liquidity mining, however, rewards participants with governance tokens for staking TON tokens for a set time. We are developing an application with a simple and intuitive user interface for users to participate in TONStarter liquidity mining. We will publish a guide regarding TONStarter liquidity mining along with the application.
Q2: I understand that TONstarter is a Layer 2 network, It provides the best speed benefits, but low security level, and interoperability between chains. How do you handle security issues? What makes us able to trust your project?
Kevin Jeong: Phase 1 of the project, liquidity mining, will be conducted entirely in layer 1 (Ethereum network). Thus, there is no need to be concerned about security. This problem, however, will emerge when we enter phase 4 and actively start implementing layer 2. We can maintain the same level of security as layer 1 by applying rollup protocols while increasing the scalability. Rollup protocol submits transactions after aggregating and batching which solves the issues regarding double-spending and security.
Q3: TONStarter is a decentralized launch pad based on ethereum. Unlike existing IDO platforms, how does TONStarter improve and maximize profits, capital raised, and enhance the experience of any known IDO on another platform? What are the fundraising methods you use?
Kevin Jeong: Once a project joins our launchpad, TONStarter will help you maximize the capital raised, but also a huge amount of liquidity which make your token can be freely traded right after it started. Project can get fueled reasonable amount of fund by the time schedule which is pre-defined before its fundraising round rolling. In a user’s (a raising round participant’s) point of view, they can easily commit their assets to be a part of the project partners through our beautiful and intuitive user interface. Based on liquidity mining and staking, project token naturally flows within their crypto-economic ecosystem. Especially in early staged of project, token price can be protected within our liquidity mining and staking protocol. For more detail, please refer to our whitepaper and its future updates!
Q4: Many incubator projects simply focus on supporting other projects in the launches, but can incubators really support these new projects even more? If so, could you tell us how else TONStarter will support new projects after the IDO?
Kevin Jeong: TONStarters’ IDO model differentiates itself from other IDO models by providing projects (also often referred to as DApps) in our platform with the tools to raise funds synced to decentralized exchanges (DEX) as well as appropriate infrastructure for them to develop their projects. We are confident that our infrastructure will act as a powerful launchpad and foundation for the projects on our platform. Moreover, Tokamak Network will provide timely and appropriate advice based on TON’s successful launch case.
Q5: Transparency is one of TONStarter’s main concerns. What technological mechanisms and strategies do you expect to use to guarantee transparency of your platform to your users?
Kevin Jeong: I think we can summarize and answer this question with “smart contract”. TONStarter’s mechanism is based on and driven by the Ethereum blockchain’s transparency and accountability.
Telegram Live AMA Begin:
Q6: As investors show more interest in “DEFLATIONIST” token designs, new projects pay attention to this feature in their token designs. When designing your $TOS token, did you add deflationary features that would make it scarce in the market, and did you plan burn and buyback?
Kevin Jeong: That is a very good question. I think there is a trade-off between inflation and deflation. It is not possible to unconditionally reduce the supply of tokens. Because if the token is not supplied in the right place, it is also not an appropriate token economy design. Tonstarter is inherent in both of these aspects. Once funded through Tonstarter, part of the funding is designed to be used to purchase TOS and project tokens. The tokens created like this lead to liquidity supply again, and new tokens are supplied again through liquidity supplied like this. I would say that I chose a design that was rather complex but shared both the deflationary side after initial funding and the inflationary side afterwards.
Q7: Can you explain the difference between TON, WTON-WETH, WETH-TOS Tokens? what is the use case of each token in your ecosystem?
Kevin Jeong: - TON : Tokamak Network’s Staking Token for securing Layer2 networks
- WTON : Wrapped TON for traded in Uniswap exchanges.
- WETH : Wrapped ETH for traded in. Uniswap exchanges.
- TOS : TONStarter Protocol Token to boost Tokamak Network Ecosystem more bigger and stronger.
Q8: Currently, there are many projects launched to support new projects in the crypto market, and they all make different promises for new projects. Will TONSTARTER be different from these competitors or will you compete using the same methods?
Kevin Jeong: There are a lot of project launch pads coming out, but I think the biggest advantage of Tonstarter is that it can supply large-scale liquidity from the beginning and has a mechanism to defend the price of project tokens for a certain period of time. Early recent projects are often more interested in creating a robust ecosystem based on abundant liquidity than in funding for projects themselves.
TONStarter have sophisticated token swap and liquidity mining systems, which can support huge amount of liquidity at the starting stages. These are the biggest different feature compared to other launchpad program.
Q9: Why do you think TONStarter needs the bIockchain at aII and more specificaIIy why its own token? Why can’t you just use ETH?
Kevin Jeong: This is probably the one of the most important question from here. The first thing to understand is that the currency economy is evolving from national currency to private currency. In private currency network, you can control the seigniorage, which newly minted token, and it means that you can control the incentives for goods. In TONStarter, the incentives for good is to make a new project which support Tokamak Network Layer2 ecosystem more stronger. TOS will be given to the started project liquidity pool for free traded through DEX.
Q10: How TONSTARTER platform provides Scalability to Dapps ?
Which technology is basically used for scalability ?
Kevin Jeong: Rollup. As Vitalik Introduced and we been researched for long time, it is the most suitable solution for guarantee scalability of blockchain infrastructure. Especially, we recently launched Optimism based rollup testnet, Gabriel and the next testnet(Natasha) will be launched within a several weeks.
Q11: What is the utility token for TONstarter ?
Kevin Jeong: TOS
Q12: Platforms created for newly launched projects must have a structure of really experienced and experts, because you will need to choose the right projects so that you do not shake the trust of many investors. So, is your team structure suitable for these qualifications, have you established a large and expert team, or will you expand your team over time?
Kevin Jeong: Man Power is the most important resources to make a project great. Having a large team can be a really important factor for making great product also. But recently we found out that only small but expert team can build marvelous project such as Uniswap/ Sushi swap. They started from very small team members and handle billions of dollars a day, due to the fully decentralized infrastructure, the Ethereum network. Same logic can be applied to our project, and our team have a experienced to launch Tokamak Network, layer2 infrastructure building protocol, and it becomes $300M marketcap project today and now. I think our team is fully ready to do it.
Q13: 🥇 On the home page of your website there is a counter for the launch of TOS liquidity mining Can you give us details on this? Which tokens will be initially enabled for investment?
Kevin Jeong: Only TON holders can participate our first phase, TON liquidity mining. You may lock your TON and start getting TOS. It will be started 13 days later. You’d better buy some of TON right now before its price touches high!
Q14: Adoption is very important factor that all sustainable blockchain projects should focus to be more attractive in the investors eyes. What your project has done and plans to do to achieve real-world adoption?
Kevin Jeong: There is no distinction between real and fake in this industry. You are holding REAL Ether in you account, and you can spend it to take part in DeFi or buying NFT based scarce anniversary card. Advertising with REAL usage like showing a how to buy a commodity through TOS is one way to deceive people to believe something. But we not choose to do like that. Instead, we make people believe that TON is valuable in Ethereum blockchain for more scalability, and we can prove that TOS will make Tokamak Ecosystem more powerful and stronger by developing and supporting promising projects.
Q15: What pIans do you have to educate: raise awareness and appIy in the community to make more peopIe understand about TONStarter and its technoIogy? How does TONStarter get more attention from peopIe?
Kevin Jeong: Excellent question. We have a huge Tokamak Network Token based community, and this community going to be our launchpad for our new launchpad platform, TONStarter. They are very passionate and active people, even communicating for 24 hours and contribute a lot.
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